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["Current and Proposed Federal Student Loan Program Models"]
[null,"FFEL",null,"Direct Lending",null,"Administration",null,"Sallie Mae",null,"NASLA",null,"NASFAA"]
["Loan Funding Source","Private capital",null,"U.S. Treasury",null,"U.S. Treasury",null,"Private capital and the U.S. Treasury. Loans made with private capital would then be sold to the Department of Education",null,"N/A",null,"New \"Education Finance Bonds\" available to the general public. The Department of Education would then cover any gap in financing needed"]
["Loan Origination","Individual proprietary systems handled by lenders",null,"The Department of Education's Common Origination and Disbursement System",null,"The Department's Common Origination and Disbursement System",null,"The Department's Common Origination and Disbursement System  or by a private lender selected by a college",null,"N/A",null,"Handled by a single entity determined through competitive bidding"]
["Loan Servicing","Private lenders holding the loan title",null,"Affiliated Computer Services, the winning bidder on a contract selected by the Department of Education",null,"Private sector servicers selected by competitive bidding",null,"The originating lender or one of the private servicers competitively chosen by the Department of Education and then selected by the college",null,"N/A",null,"Private sector servicers selected by competitive bidding"]
["Servicing Accountability","Whoever holds the loan title at the time of default loses an amount equal to a few percentage points of its balance",null,"Performance-based pricing that takes into account success in averting default and customer satisfaction, among other factors",null,"Servicing volume will be allocated based on performance measures that will be provided later",null,"If a loan defaults within four years of entering repayment, and the servicer has overseen it for at least two consecutive years, then servicers must pay the Department an amount equal to 3 percent of a loan's balance",null,"N/A",null,"Compensation tied to \"default success rates calculated over multiple years\""]
["Subsidies for lenders","Quarterly special allowance payments, insurance against the vast majority of default losses",null,"None",null,"None",null,"No quarterly special allowance payments, but lenders receive a 0.60 percent fee for holding a loan before selling it to the Department, plus $75 once that sale goes through*",null,"N/A",null,"None"]
["Subsidies for guaranty agencies","Several annual or one time fees for loan processing and issuance, account maintenance, default aversion assistance, and defaulted loan collection and rehabilitation ",null,"None",null,"None",null,"A \"new program that redirects guaranty model cash flow origination and account maintenance to financial literacy and default aversion programs,\" but lacks specifics",null,"Guaranty agencies, or borrower advocates, receive $3 a month per borrower beginning with disbursement until a loan defaults or is repaid",null,"None"]
["Loan Default Prevention","Performed by a guaranty agency",null,"Affiliated Computer Services",null,"Private sector servicers selected by competitive bidding",null,"Handled by loan companies under either the same or a separate servicing contract",null,"Guaranty agencies would assist borrowers with selecting repayment options and also averting delinquency and default",null,"Handled by servicers or other default prevention specialists, such as a guaranty agency"]
["Collection on Defaulted Loans","Primarily performed by a guaranty agency",null,"The Department's Debt Management Collection System",null,"Private sector servicers selected by competitive bidding",null,"Private collection agencies selected by the Department of Education based on their relative success in loan collection",null,"No longer handled by guaranty agencies",null,"Handled by the Department's Debt Management Collection System"]
["Role for nonprofit lenders/guaranty agencies","Nonprofit lenders receive higher subsidies than for-profit ones. Guaranty agencies administer lender default insurance and help borrowers avert default, among other activities",null,"None",null,"State or national agencies already providing college outreach and information activities can use the new $500 million a year college access and completion fund to continue paying for these programs",null,"Nonprofit lenders could keep participating if they met the Department of Education's servicing guidelines",null,"Guaranty agencies would become borrower advocates that provide both informational and technical assistance to students, families, and schools",null,"Could offer special benefits for borrowers or purchase borrowers' loans and assume liability for them to offer benefits. Guaranty agencies can also bid for servicing or default prevention rights"]
["Loan Limits","N/A",null,"N/A",null,"N/A",null,"N/A",null,"N/A",null,"Equal to the maximum Pell Grant award"]
["Pell Grants","A maximum award of $5,350 for the 2009-10 school year",null,"A maximum award of $5,350 for the 2009-10 school year",null,"Maximum award set at $5,550 for the 2010-11 school year with subsequent annual increases of the CPI plus 1 percentage point",null,"Maximum award depends on CBO score of proposal's projected savings",null,"N/A",null,"Maximum award set at $12,900, which is 70 percent of the weighted average of in-state tuition, fees, room, and board at four-year public colleges and universities, rounded up to nearest $100**"]
["Pell Financing Source","Mandatory and discretionary funding sources",null,"Mandatory and discretionary funding sources",null,"Mandatory funding only (financed by the elimination of subsidies for private student loan companies and guaranty agencies)",null,"Savings from this proposal would be directed into Pell Grants",null,"N/A",null,"Use savings from eliminating ACG and SMART Grants, as well as the Perkins Loan Program"]
["Estimated Cost/Savings***","N/A",null,"N/A",null,"Savings of at least $20 billion over five years, according to OMB estimates",null,"Awaiting CBO score",null,"Roughly $522 million annually, according to NASLA estimates",null,"None provided"]
["*Fees will be determined by an auction process beginning in the 2013 federal fiscal year"]
["**Increase is phased in over five years"]
["***Relative to current cost of the two loan programs"]

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