This report (the first in a series of five) explores congressional efforts to mitigate that risk and encourage informed borrowing by enacting statutes related to student loan counseling. After introducing the relevant contemporary policy context, it examines how federal rules governing student loan counseling evolved over time to embrace online counseling while expanding the list of specifically mandated topics. It also reviews literature relevant to financial counseling to outline the key considerations for effective student loan counseling. Considering the counseling statutes in light of these principles, the report suggests that mandated counseling efforts suffer from overly prescriptive legislation that does not properly account for borrower's needs and circumstances. Three appendices are included. [For the related reports, "From Passive to Proactive: Understanding and Improving the Borrower Experience with Online Student Loan Exit Counseling. Research Report," see ED579880; "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 report was written with the assistance of Chris Fernandez, Carla Fletcher, and Jeff Webster.]