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As of 2020, about 42.9 million Americans owed a collective $1.7 trillion in outstanding student loans — a crisis that touches families across the nation, particularly in communities of color. Some lawmakers have advocated for forgiving student debt to help those struggling to make ends meet. But critics argue there’s a cost to forgiveness, and taxpayers will pay for it. This episode of CBS Reports' "Speaking Frankly" series examines the rising costs of a college education and the growing demands to cancel student debt. Watch more CBS Reports documentaries that take a deep dive into the key issues driving the national and global conversation here: https://www.cbsnews.com/cbs-reports/ CBS News Streaming Network is the premier 24/7 anchored streaming news service from CBS News and Stations. It's your destination for breaking news, live events, original storytelling and programs from CBS News and Stations' top anchors and correspondents working locally, nationally and around the globe. Subscribe to the CBS News YouTube channel: / cbsnews Watch CBS News: http://cbsn.ws/1PlLpZ7c Download the CBS News app: http://cbsn.ws/1Xb1WC8 Follow CBS News on Instagram: / Like CBS News on Facebook: / cbsnews Follow CBS News on Twitter: / cbsnews Subscribe to our newsletters: http://cbsn.ws/1RqHw7T Try Paramount+ free: https://bit.ly/2OiW1kZ For video licensing inquiries, contact: [email protected]