As federal student loan debt has grown, policymakers have put forward a number of ideas designed to help struggling borrowers keep up with their monthly payments. The goal of this article is therefore to step back from the overheated rhetoric and more clearly articulate potential solutions to the problems many student borrowers face. The authors argue that because higher education is an expensive and risky investment that lacks collateral, federal loan programs should feature common-sense protections that safeguard borrowers from downside risk.