There are two parts to managing rips: preventing and treating. You're at the "treating" stage. Our coach clips the loose skin and then dabs metholated spirits on the rips. They seem to heal pretty quickly, but it's definitely an old school method of treatment. The kids will then tape them under their guards and go back to work, or if it's really bad, move on to loops for the night.
Once home, we just let the rips air dry as much as possible and try not to rip again - not easy when the kids train 6 days a week.
The best way to prevent rips is for the kids to look after their callouses. In the shower after training, they should rub their callouses with a pumice stone and if there are any sharp bits clip them back with nail scissors. We have a tub of salt scrub from the Body Shop that is great too. My daughter will regularly scrub her palms with this after her shower to not only rub down the callouses but deeply moisturise the skin. The chalk really dries their skin out, so you have to be careful to rehydrate the skin but not make it too soft so it rips again.