(THE COLLEGE FIX) -- Outstanding federal student loans now top a whopping $1.5 trillion, with more than four-fifths of that concentrated in one program and millions of new applications for loans already being processed.
The Federal Student Aid office of the U.S. Department of Education released updates Friday to account for data through Sept. 30. It also said it updated “servicer performance allocation metrics” starting Sept. 1.
Eighty-two percent of those loans are clustered in the federal government’s William D. Ford Federal Direct Loan Program. Loans under that program come directly from the Department of Education. The portfolio of federal direct loans has increased by about 8 percent per year in recent years.
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