William D. Ford Federal Direct Loan Program

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Funding Status

Appropriations

Fiscal Year 2011 -$21,094,226,424
Fiscal Year 2010 -$7,581,110,000
Fiscal Year 2009 -$6,712,511,000
Fiscal Year 2008 -$652,462,000
Fiscal Year 2007 $264,613,000

Note: The appropriations amounts listed provide the federal subsidy costs associated with new Direct Loans each fiscal year. It is the volume of loans made, however, that is often more relevant to those seeking student aid. Loan volume, including Direct Consolidation Loans, was $42.3 billion in FY 2009, $101.8 billion in FY 2010, and is estimated to be $135.6 billion in FY 2011.

Note: The appropriations amounts listed provide the federal subsidy costs associated with new Direct Loans each fiscal year. It is the volume of loans made, however, that is often more relevant to those seeking student aid. Loan volume, including Direct Consolidation loans, was $16.5 billion in FY 2007, $46.4 billion in FY 2008, and is estimated to be $38.3 billion in FY 2009.

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The Direct Loan Program costs are estimated consistent with the Federal Credit Reform Act of 1990. A negative subsidy occurs when the present value of cash inflows to the government is estimated to exceed the present value of the outflows. In FY 2009, FY 2010, and FY 2011, the Direct Loan Program reflects a total negative subsidy due, in part, to reduced discount rates that lower the federal government’s borrowing costs, while borrower repayments contribute to increased cash flows as collections to the federal government, helping to offset federal costs.


Awards Information

2011

Amount of Aid Available: $135,635,354,287 (for FY 2011)

Amount of Aid Available represents the amount of funds awarded to participate in this program. This total includes federal loan capital.

Number of New Awards Anticipated: 24,265,840
Average New Award: $5,590

2010

Amount of Aid Available: $88,359,371,000 Amount of Aid Available represents the amount of funds awarded to participate in this program. This total includes federal loan capital.

Number of New Awards Anticipated: 15,232,000
Average New Award: $5,801

Loan Type
Amount of Aid Available
Number of New
Loans Anticipated
Average Award
Award Range
Direct Stafford
$27,706,905,000
6,801,000
$4,074
Up to $8,500
Direct Unsubsidized Stafford
$33,680,309,000
7,007,000
$4,807
Up to $20,500
Direct PLUS
$12,141,876,000
983,000
$12,349
Cost of attendance less other aid.
Direct Consolidation
$14,830,281,000
441,000
$33,658
n/a

2009

Amount of Aid Available: $38,267,148,000 Amount of Aid Available represents the amount of funds awarded to participants in the Federal Student Aid programs. Depending upon the program, this total may include federal appropriated dollars, institutional or state matching dollars, and federal or private loan capital.

Number of New Awards Anticipated :

Loan Type
Amount of Aid Available
Number of New
Loans Anticipated
Average Award
Award Range
Direct Stafford
$8,463,896,000
2,047,000
$4,134
Up to $8,500
Direct Unsubsidized Stafford
$9,596,055,000
2,150,000
$4,464
Up to $20,500
Direct PLUS
$3,775,715,000
339,000
$11,122
Cost of attendance less other aid.
Direct Consolidation
$16,431,482,000
470,000
$34,980
n/a

2008

Amount of Aid Available: $18,220,000,000 Amount of Aid Available represents the amount of funds awarded to participants in the Federal Student Aid programs. Depending upon the program, this total may include federal appropriated dollars, institutional or state matching dollars, and federal or private loan capital.

Number of New Awards Anticipated :

Loan Type
Amount of Aid Available
Number of New
Loans Anticipated
Average Award
Award Range
Direct Stafford
$6,248,000,000
1,526,000
$4,093
Up to $8,500
Direct Unsubsidized Stafford
$5,307,000,000
1,086,000
$4,887
Up to $20,500
Direct PLUS
$2,549,000,000
245,000
$10,410
Cost of attendance less other aid.
Direct Consolidation
$4,116,000,000
176,000
$23,396
n/a

2007

Amount of Aid Available: $18,062,000,000
Amount of Aid Available represents the amount of funds awarded to participants in the Federal Student Aid programs. Depending upon the program, this total may include federal appropriated dollars, institutional or state matching dollars, and federal or private loan capital.

Number of New Awards Anticipated :

Loan Type
Amount of Aid Available
Number of New
Loans Anticipated
Average Award
Award Range
Direct Stafford
$5,944,000,000
1,503,000
$3,954
Up to $8,500
Direct Unsubsidized Stafford
$5,159,000,000
1,094,000
$4,715
Up to $18,500
Direct PLUS
$2,493,000,000
242,000
$10,300
Cost of attendance less other aid.
Direct Consolidation
$4,466,000,000
200,000
$22,292
n/a

Note: The Department is not bound by any estimates in this notice.


 
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Last Modified: 12/16/2011