Americans are concerned about the cost of a college education and the impact of student loan debt, particularly in difficult economic times. They want a high-quality education, and they want it to be affordable. This two-page brief on student debt is intended to provide context for the conversation about this important issue, particularly with respect to Association of American Universities (AAU) institutions. The data show that: (1) among a large national sample of Americans with outstanding student loans, median student debt is less than $13,000; and (2) students at AAU institutions are less likely to graduate with debt than those at all four-year public and private non-profit universities, and their default rates are significantly lower.