This summary report presents major findings of a study comparing repayment of student loans and the impact of educational debt on students' life decisions in 1985 and 1991. A survey was sent to a random sample of approximately 3,000 borrowers during repayment of their student loans in both 1985 and 1991. Useable surveys were received from 628 borrowers in 1985 and 551 in 1991. Small samples of defaulters were also contacted. Among findings were: 70 percent of 1991 respondents said loans were essential for their enrollment in college; average debt increased by 50 percent between 1985 and 1991; average annual loan repayment as a percentage of income increased from 5.4 percent to 6.3 percent for undergraduates and from 6 percent to 11.3 percent for those who borrowed as graduate students. The report addresses the following issues: increases in loan debt, amount of annual payments, growth in income, trends in debt service as a percent of income, other loan programs reported by Stafford borrowers, borrower debt and demographics, degree to which debt affected borrowers, borrower debt and income by highest degree obtained, income and payments by debt levels, and loan program variables at the time of borrowing. Also included are a brief history of federal student loans, respondents' comments suggesting program changes, and sources of loan information. Summary tables provide additional detail. (DB)