This week, we learned that defaults on federal student loans declined in 2013 for the first time in years. 13.7 percent of student borrowers *who were in their third year of repayment defaulted on payments after they started coming due, that’s about a point lower than last year. But defaults are still far above what they were before the recession. Student loans can be scary and emotional… but key to getting an education.

How would you redesign student financial aid?

Here’s what students at the University of Southern California had to say.

*CORRECTION: A previous version of this article did not clarify that this applies to borrowers who were in their third year of repayment.