Federal Student Loan Programs Data Book

Federal Student Loan Programs Data Book - FY 1997-FY 2000
Part IV FFEL Program and FDLP Defaults and Collections	CONTENTS < BACK NEXT >

Table 49.
Federal Family Education Loan (FFEL) program annual and cumulative default dollars and collections: FY 1986-FY 2000

This table shows the total number of default dollars and collections for each FFEL program. In addition, the percent change from prior year, percent share of FFEL program total, and cumulative totals for default and collection activity are also provided for total FFEL program and each of the FFEL programs for FY 1986-FY 2000.

In FY 2000, guaranty agencies paid $2.1 billion default dollars to lenders and collected $4.7 billion.

The annual default dollars paid to lenders fluctuated between FY 1990 and FY 2000. For example, default dollars increased by 20 percent in FY 1991, then experienced declines until FY 1996. Although default dollars increased by more than 10 percent in FY 1996 and FY 1997, default dollars decreased somewhat in FY 1998 and considerably in FY 1999. The 31 percent decline in default dollars in FY 1999 was due, in part, to the change in the definition of default from the Higher Education Amendments of 1998.

In contrast to default dollars, collection dollars increased each year between FY 1990 and FY 2000, with the exception of FY 1997. For example, collection dollars increased by 26.9 percent in FY 1998, 30.2 percent in FY 1999, and 18.8 percent in FY 2000.

Since FY 1990, Stafford Subsidized collection dollars increased in all but one year, and default dollars decreased in all but three years. In FY 2000, defaults were $1.1 billion, and collections were $3.6 billion.

Since the program’s inception, Stafford Unsubsidized collection dollars have increased every year, and default dollars increased in all but one year. In FY 2000, defaults were $513 million, and collections were $236 million.

Annual collection dollars for Parent Loans for Undergraduate Students (PLUS) loans increased every year from FY 1986 through FY 2000. Default dollars paid to lenders increased every year from FY 1986 though FY 1996, but decreased each year starting in FY 1997. In FY 2000, defaults were $66 million, and collections were $191 million.

Although the Supplement Loan for Students (SLS) program ended in FY 1994, default and collection activity continues for these loans. In general, SLS default dollars have decreased and collection dollars have increased annually between FY 1990 and FY 2000. For example, in FY 1990 SLS default dollars stood at a high of $636 million, and collection dollars were $33 million. By FY 2000, SLS defaults decreased to $91 million, and collections increased to $212 million.

Annual collection dollars for Consolidation loans increased every year from FY 1990 through FY 2000. In addition, annual default dollars increased every year from FY 1988 through FY 1998. But in FY 1999 and FY 2000 Consolidation loan default dollars decreased by 32.6 and 3.6 percent, respectively. In FY 2000, defaults were $358 million, and collections were $485 million.

To view the following table in an accessible format please go to http://www.ed.gov/finaid/prof/resources/data/fslpdata97-01/table49.xls.
These files are in Microsoft Excel format. If you do not have Excel, you can access the files by downloading the free Excel viewer at: http://office.microsoft.com/downloads/2000/xlviewer.aspx.

Fiscal year	Default dollars paid to lenders (in 000,000's)	Percent change from prior FY	Percent share of totals	Annual collections (in 000,000's)	Percent change from prior FY	Percent share of totals	Cumulative dollars (in 000,000's)
Table 49. - Federal Family Education Loan (FFEL) program annual and cumulative default dollars and collections: FY 1986-FY 2000
Fiscal year	Default dollars paid to lenders (in 000,000's)	Percent change from prior FY	Percent share of totals	Annual collections (in 000,000's)	Percent change from prior FY	Percent share of totals	Defaults	Collections
FISLP¹
1986	$80	9.8	5.9	$129	92.5	30.7	$1,196	$525
1987	31	-60.7	2.3	123	-4.7	22.9	1,227	648
1988	20	-35.3	1.4	97	-21.1	15.3	1,248	745
1989	19	-7.2	0.9	83	-14.4	11.1	1,266	828
1990	17	-7.5	0.6	70	-15.7	7.6	1,284	898
1991	17	-1.3	0.5	55	-21.4	5.2	1,301	953
1992	12	-32.2	0.4	55	0.0	4.0	1,312	1,008
1993	9	-26.7	0.3	43	-22.3	2.9	1,321	1,051
1994	7	-17.9	0.3	35	-18.1	1.8	1,328	1,086
1995	4	-42.9	0.2	20	-42.9	0.9	1,332	1,106
1996	1	-75.0	0.0	7	-65.0	0.3	1,333	1,113
Stafford Subsidized
1986	$1,262	32.9	92.9	$289	61.8	68.8	$4,405	$874
1987	1,295	2.6	95.9	410	41.7	76.3	5,700	1,283
1988	1,378	6.4	94.8	531	29.4	83.5	7,078	1,814
1989	1,675	21.6	82.2	650	22.5	86.9	8,753	2,464
1990	1,952	16.5	72.8	807	24.0	87.8	10,705	3,271
1991	2,436	24.8	75.6	916	13.6	86.2	13,141	4,187
1992	2,032	-16.6	76.5	1,160	26.6	84.4	15,173	5,347
1993	1,892	-6.9	75.8	1,271	9.6	85.0	17,065	6,618
1994	1,756	-7.2	73.1	1,735	36.5	90.3	18,821	8,353
1995	1,580	-10.0	68.9	2,088	20.3	89.8	20,401	10,441
1996	1,723	9.0	64.7	2,452	17.5	88.5	22,123	12,893
1997	1,734	0.7	58.0	2,044	-16.6	84.6	23,857	14,937
1998	1,631	-5.9	55.4	2,534	24.0	82.7	25,489	17,471
1999⁴	1,079	-33.9	53.2	3,197	26.1	80.1	26,568	20,668
2000⁴	1,074	-0.5	51.1	3,615	13.1	76.3	27,642	24,284
Stafford Unsubsidized²
1993	-	-	-	-	-	-	-	-
1994	$1	-	0.0	$0	-	0.0	$1	$0
1995	11	1679.7	0.5	0	4040.0	0.0	12	0
1996	95	742.1	3.6	4	884.8	0.1	107	5
1997	288	203.2	9.6	21	419.1	0.9	395	26
1998	423	47.0	14.4	65	206.7	2.1	818	91
1999⁴	377	-11.0	18.6	141	116.6	3.5	1,195	231
2000⁴	513	36.1	24.4	236	68.2	5.0	1,708	468
PLUS
1986	$6	112.4	0.5	$1	238.4	0.2	$11	$1
1987	7	11.7	0.5	2	93.6	0.3	18	3
1988	20	188.1	1.4	3	71.3	0.5	37	6
1989	32	62.1	1.6	5	56.5	0.6	70	10
1990	40	23.7	1.5	8	65.2	0.8	109	18
1991	67	69.6	2.1	13	73.9	1.2	177	31
1992	78	15.1	2.9	24	83.2	1.7	254	55
1993	89	15.2	3.6	35	45.6	2.3	344	90
1994	96	6.8	4.0	35	1.2	1.8	440	125
1995	98	2.6	4.3	52	46.0	2.2	538	177
1996	113	15.4	4.3	74	43.5	2.7	651	251
1997	113	-0.1	3.8	86	15.4	3.5	764	337
1998	101	-10.7	3.4	131	52.6	4.3	865	467
1999⁴	72	-28.5	3.6	143	9.4	3.6	937	610
2000⁴	66	-8.2	3.2	191	34.1	4.0	1,003	801

Fiscal year	Default dollars paid to lenders (in 000,000's)	Percent change from prior FY	Percent share of totals	Annual collections (in 000,000's)	Percent change from prior FY	Percent share of totals	Cumulative dollars (in 000,000's)
Table 49. - Federal Family Education Loan (FFEL) program annual and cumulative default dollars and collections: FY 1986-FY2000 (continued)
Fiscal year	Default dollars paid to lenders (in 000,000's)	Percent change from prior FY	Percent share of totals	Annual collections (in 000,000's)	Percent change from prior FY	Percent share of totals	Defaults	Collections
SLS
1986	$10	58.1	0.7	$1	332.9	0.3	$19	$2
1987	17	67.4	1.2	2	70.2	0.4	35	4
1988	35	107.9	2.4	5	123.1	0.8	70	9
1989	299	756.6	14.7	10	96.3	1.3	370	19
1990	636	112.5	23.7	33	225.7	3.6	1,005	52
1991	630	-0.9	19.6	75	129.3	7.1	1,636	127
1992	441	-30.1	16.6	126	67.6	9.2	2,077	254
1993	384	-12.9	15.4	131	3.7	8.7	2,461	385
1994	374	-2.6	15.6	99	-24.4	5.1	2,835	484
1995	383	2.4	16.7	135	36.8	5.8	3,218	619
1996	387	1.0	14.5	195	44.1	7.0	3,605	814
1997	317	-18.1	10.6	173	-11.5	7.1	3,922	986
1998	237	-25.3	8.0	181	4.6	5.9	4,158	1,167
1999⁴	128	-46.0	6.3	198	9.7	5.0	4,286	1,365
2000⁴	91	-29.0	4.3	212	7.3	4.5	4,377	1,578
Consolidation³
1987	-	-	-	-	-	-	-	-
1988	$1	-	0.1	$0	-	-	$1	$0
1989	12	994.0	0.6	0	8285.6	0.0	13	0
1990	35	199.6	1.3	1	500.4	0.1	48	1
1991	72	106.2	2.2	4	187.7	0.3	119	5
1992	93	29.6	3.5	9	149.2	0.7	212	14
1993	123	31.8	4.9	17	84.9	1.1	335	31
1994	169	37.8	7.0	17	4.4	0.9	504	48
1995	217	28.1	9.4	29	64.7	1.2	721	77
1996	343	58.4	12.9	39	36.1	1.4	1,064	115
1997	538	56.8	18.0	92	135.6	3.8	1,602	207
1998	551	2.5	18.7	153	67.5	5.0	2,153	360
1999⁴	372	-32.6	18.3	311	102.7	7.8	2,525	671
2000⁴	358	-3.6	17.1	485	55.8	10.2	2,884	1,156
FFEL Program Total
1986	$1,358	31.7	100.0	$420	70.7	100.0	$5,630	$1,401
1987	1,350	-0.6	100.0	537	27.7	100.0	6,980	1,938
1988	1,454	7.7	100.0	636	18.4	100.0	8,434	2,574
1989	2,037	40.1	100.0	748	17.7	100.0	10,471	3,322
1990	2,680	31.6	100.0	918	22.7	100.0	13,151	4,240
1991	3,223	20.2	100.0	1,063	15.8	100.0	16,373	5,304
1992	2,655	-17.6	100.0	1,374	29.2	100.0	19,029	6,678
1993	2,497	-6.0	100.0	1,496	8.9	100.0	21,526	8,174
1994	2,402	-3.8	100.0	1,922	28.4	100.0	23,928	10,096
1995	2,293	-4.5	100.0	2,324	20.9	100.0	26,222	12,419
1996	2,662	16.0	100.0	2,771	19.3	100.0	28,883	15,191
1997	2,990	12.3	100.0	2,415	-12.9	100.0	31,873	17,606
1998	2,943	-1.6	100.0	3,064	26.9	100.0	34,816	20,669
1999⁴	2,027	-31.1	100.0	3,989	30.2	100.0	36,844	24,659
2000⁴	2,102	3.7	100.0	4,740	18.8	100.0	38,946	29,399
- No default collection activity in this year.¹ The Federal Insured Student Loan (FISLP) program ended in FY84.² The Stafford Unsubsidized program began in FY 1993 ³ Consolidation loans started in FY87⁴ As a result of the Higher Education Amendments of 1998, effective October 7, 1998, the definition of default changed from 180 days of delinquency to 270 days of delinquency. NOTES: Collections data for Stafford Subsidized and for FFEL program totals include mandatory assignments and IRS offsets. Details may not add to totals due to rounding. Calculations are based on numbers before rounding. 0 indicates a number less than 500,000. 0.0 indicates a number less than 0.05. Data for earlier years appear in table A-49 in appendix I. SOURCE: U.S. Department of Education, Office of Postsecondary Education, ED Form 1130 and Office of Student Financial Assistance Programs.

Part IV FFEL Program and FDLP Defaults and Collections	CONTENTS < BACK NEXT >
Federal Student Loan Programs Data Book - FY 1997-FY 2000