Student loan counseling and debt management are discussed in three papers, six commentaries, and a panel discussion from a College Scholarship Service colloquium. In "Fulfilling the Institution's Responsibilities to Student Borrowers," Theodore J. Marchese discusses a shift in student financial aid marked by the ascendency of loans instead of loans and work study, and the consequences of this shift. Commentaries on the article are offered by Michael H. Halloran and John B. Lee. The second paper by Dennis J. Martin, "Long-Term Implications of Student Borrowing," reviews the findings of a recent study conducted by the National Association of Student Financial Aid Administrators as well as other research on student loan programs and borrower traits. Commentaries by Jerry S. Davis and Kathleen W. Little are included. In "Determining Student Capacity to Borrow," Dwight H. Horch identifies goals and activities of effective debt counseling, with an example for a private college senior. Debt burden and undergraduate overborrowing are also addressed. Commentaries on the paper are provided by Hedy Chang and Cheryl Wilkes. The title and participants of the panel presentation are: "Mechanisms That Work: State and Institutional Models for Student Loan Counseling" (Donald McM. Routh, Paul G. Barberini, Roberta S. Popik, and Sylvia Simmons). (SW)