If you guessed $621.1 billion, then you are absolutely correct and probably work at the GAO. These statistics come from GAO report released today, which was a brief provided to Senate HELP committee staff on audit policies and procedures for FFEL and Direct Lending programs. Based on my earlier post today, I wonder if they might include a review to ensure that federal student loans are not being unreasonably withheld from students.
So, here are the overall numbers, based on data from the National Student Loan database:
In Billions | |||
6/30/2007 | 6/30/2008 | 6/30/2009 | |
FFEL | $ 401.9 | $ 446.5 | $ 480.0 |
DL | $ 106.8 | $ 122.6 | $ 141.1 |
TOTAL | $ 508.7 | $ 569.1 | $ 621.1 |
Y/O/Y Growth | 2007-08 | 2008-09 | |
FFEL | 11.1% | 7.5% | |
DL | 14.8% | 15.1% | |
TOTAL | 11.9% | 9.1% |
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