This 2-volume report summarizes a study that examined the satisfaction of borrowers who were repaying student loans originated through the Federal Direct Loan and Federal Family Education Loan programs. Volume 1 presents a summary of the report's findings. A total of 1,328 respondents from a nationally representative sample of 3,000 borrowers in repayment who had originated their loans between 1994 and 1997 completed telephone interviews regarding loan satisfaction and awareness of select terms and repayment options. Ninety percent of the respondents expressed satisfaction with their overall repayment experience; respondents also expressed great satisfaction with the effectiveness of exit counseling in helping them understand the terms of their loans and indicated a greater awareness of the conditions required for a deferment and the consequences of default than borrowers in the grace period. The majority of respondents (82 percent) chose not to consolidate their loans. Most borrowers (78 percent) experienced no problems during the repayment period; of those who did, 62 percent reported difficulty in making their loan payments, 9 percent had problems with change of address forms, and 8 percent had problems with inaccurate amounts being billed. Overall 91 percent of borrowers were satisfied with their contacts with Department of Education or other loan servicers. Volume 2 presents a set of 3 appendices that includes: (1) response rates and survey methodology; (2) a questionnaire determining borrower satisfaction and its responses; and (3) the text of the 1998 telephone interview of student borrowers in repayment. (MDM)