More than 40 percent of students and recent graduates with high levels of student debt report that they never received the loan counseling required by federal law, according to a new survey released by NERA Economic Consulting and Young Invincibles. The overwhelming majority of such students favor recent Education Department initiatives to standardize aid award letters so students have a better idea of college costs, and what they may need to borrow. Far too many student borrowers "lack adequate counseling and do not understand basic student loan terms," said Rory O’Sullivan, policy director at Young Invincibles and co-author of a report on the survey.