Legally mandated student loan exit counseling attempts to prepare borrowers of federal student loans for the repayment process; yet, researchers hypothesized that the online modules most borrowers use for this purpose have significant shortcomings. This report (the second in a series of five from TG Research) describes a study in which researchers observed, recorded, and interviewed student loan borrowers as they went through federally mandated student loan exit counseling using online counseling modules. By coding and analyzing data from these interviews, researchers identified how borrowers' attitudes and ideas about their loans, combined with different content and design factors, produce behavioral patterns that impair effective learning. Based on these findings, researchers offer recommendations for counseling module designers, financial aid practitioners, and policymakers. Three appendices are included. [For the related reports, "Informed or Overwhelmed? A Legislative History of Student Loan Counseling with a Literature Review on the Efficacy of Loan Counseling. Research Report," see ED579985; "A Time to Every Purpose: Understanding and Improving the Borrower Experience with Online Student Loan Entrance Counseling. Research Report," see ED579881; "Above and Beyond: What Eight Colleges Are Doing to Improve Student Loan Counseling. Research Report," see ED579872; and "Effective Counseling, Empowered Borrowers: An Evidence-Based Policy Agenda for Informed Student Loan Borrowing and Repayment. Research Report," see ED579879. This article was written with the assistance of Carla Fletcher, Kasey Klepfer, and Jeff Webster.]