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Table 42. Federal Family Education Loan (FFEL) program cumulative cash reserves and reserve ratio, by guaranty agency: As of September 30, 1994 and as of September 30, 1995

This table shows the cumulative cash reserves and the corresponding reserve ratio for 45 guaranty agencies for FY94 and FY95. The formulas used to calculate these numbers are also provided

• Between September 30, 1994 and September 30, 1995, the FFEL program cumulative total cash reserves increased 23.5 percent, rising from $1.5 to $1.9 billion. The reserve ratio also increased (from 1.4 to 1.6) during the same period.
• The United Student Aid Funds, Inc. (USAF) reported the largest cumulative cash reserves for both FY94 and FY95 ($215.8 and $377.9 million, respectively). In contrast, the Virgin Islands reported the smallest cumulative cash reserve for FY94 ($297,870) and Idaho reported the smallest cumulative cash reserve for FY95 ($1.2 million).
• North Carolina reported the largest reserve ratio for both FY94 (3.3) and FY95 (3.4). Nebraska reported the smallest reserve ratio in FY94 (0.5) and Idaho reported the smallest reserve ratio in FY95 (0.6).
• Between FY94 and FY95, the reserve ratio increased at 18 guaranty agencies, decreased at 12 guaranty agencies, and remained the same at 11 guaranty agencies. Indiana, Maryland, and the Virgin Islands did not report any cash reserves in FY95.

NOTES: Cumulative cash reserves are calculated by subtracting an agency's cumulative use of funds to pay for claims, operating expenses, and lender fees, among others, from that agency's cumulative sources of funds from insurance premiums, state appropriations, and federal advances, among others. Complete lists of both sources and use of funds are listed in table 42 under the "Formulas" column.

Table 42. Federal Family Education Loan (FFEL) program cumulative cash reserves and reserve ratio, by guaranty agency: As of September 30, 1994 and as of September 30, 1995

Table 40-41

Table 43