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Briefing on the National Default Rates September 16, 2003

Briefing on the National Default Rates September 16, 2003. For more information visit: www.ed.gov/offices/OSFAP/defaultmanagement/cdr.html. Annual Operations – Fiscal Year 2002 12 million aid applications 8 million aid recipients $56.5 billion delivered in total new federal aid

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Briefing on the National Default Rates September 16, 2003

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  1. Briefing on the National Default Rates September 16, 2003 For more information visit: www.ed.gov/offices/OSFAP/defaultmanagement/cdr.html

  2. Annual Operations – Fiscal Year 2002 12 million aid applications 8 million aid recipients $56.5 billion delivered in total new federal aid $32 billion delivered in consolidation loans 34 million inbound and outbound customer service phone calls 25 million Direct Loan borrower payments processed 20 billion hits to FSA Web sites 41+ million pieces of mail alone sent out to aid applicants during the most recent annual cycle FSA OVERVIEW Scope of Operations

  3. Current Student Loan Portfolio 22 million borrowers with outstanding loans $287 billion in outstanding loans Includes: Direct Loans held by ED Federal Family Education Loan Program (FFELP) loans held by lenders Defaulted FFELP loans held by guaranty agencies (GAs) Defaulted loans (all programs) held by ED Perkins Loans held by schools FSA OVERVIEW Scope of Operations

  4. PROGRAMS AND STATISTICS Total Federal Student Loan Portfolio $287 Billion

  5. PROGRAMS AND STATISTICS Distribution of Aid Types – Fiscal Year 2002 2% 24% 74%

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