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Fast Facts

In recent years, taxpayers have provided an additional $7 billion to the Direct Loan program because the government has significantly underestimated the cost of the program.

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QUOTES

"Millions and millions of poor and middle-income students rely on student loans to pay for their education. Without these loans, these children and young adults would be left behind."

Sen. Harry Reid (D-Nevada)
Senate Majority Whip
April 29, 2002


"Our nation's higher education loan system under the Federal Family Education Loan Program (FFELP) is an example of government at its best. By working in partnership with students, parents, colleges and universities and private sector loan providers, the federal government has made the dream of college a reality for more than 50 million Americans since 1965."

Rep. Tom Davis (R-VA)
December 19, 2001