Federal Student Loan Programs Data Book FY94-FY96 / Table 5: Federal Direct Loan Program (FDLP) annual and cumulative commitments, by loan program: FY94-FY96
Federal Student Loan Programs Data Book FY94-FY96
Table 5. Federal Direct Loan Program (FDLP) annual and cumulative commitments, by loan program: FY94-FY96
This table shows summary information for tables 26-29. The annual loan volume, the percent change from prior year, the percent share of FDLP total, the average student loan, and the cumulative loan volume are presented for the FDLP program by the three loan types: Stafford Subsidized, Stafford Unsubsidized, and Parent Loans to Undergraduate Students (PLUS) loans.
Since its inception in FY94, the FDLP has made over 4.1 million loans worth nearly $15.4 billion. Over 60 percent of this total loan dollar volume was committed in FY96.
- FDLP annual loan volume increased 11-fold between FY94 and FY96 (from 210 thousand to 2.6 million loans and from $915 million to $9.4 billion in commitments). This trend was similar across all FDLP loan programs.
- The Stafford Subsidized loan program consistently committed the majority of FDLP dollar volume from FY94-FY96. For example, in FY96, the Stafford Subsidized loan program committed 59.3 percent of the available funds, while the Stafford Unsubsidized loan program committed 30.7 percent and the PLUS loan program committed 10.1 percent.
- Overall, the FDLP average loan amount decreased by 17.8 percent between FY94 and FY96, declining from $4,357 to $3,582, respectively. All of the FDLP loan programs experienced a decrease in the average loan amount during the period.
NOTES: FDLP commitments in FY94 include only one-quarter of that fiscal year, and FDLP loans were restricted to a small number of institutions. The FDLP makes loans directly available to students, while the FFEL program makes loans available to students through private lenders and guaranty agencies. Both programs offer the same types of loans: Stafford Subsidized, Stafford Unsubsidized, PLUS, and Consolidation loans.
Table 5. Federal Direct Loan Program (FDLP) annual and cumulative commitments, by loan program FY94-96