Just my personal opinion, but I'm thinking the FAA will mostly be looking at the CFI in this situation. He was the more experienced pilot and he is supervising the flight while the student is learning the maneuvers. Also I am guessing that he was the agreed upon PIC as well, thus placing the responsibility more on him than the student who is focused on learning his flight maneuvers. I would advise the student to file the NASA report and to be humble and honest with the FAA. They might assign some remedial training depending on the circumstances, however they might just give you a talking to over the phone if you have the right attitude. Good luck with it and don't worry, this is far from a career killer.