Sheila C. Bair is familiar with the hardships that debt can bring. For five years, including during the subprime-mortgage crisis, she served as chair of the Federal Deposit Insurance Corporation. A year ago she became president of Washington College, a 234-year-old private nonprofit institution in Maryland, and she has turned more of her attention to student-loan debt. How can students, especially those from poorer families, get a good liberal-arts education and not pay too high a price for it? She shares her strategies here.