<p>“In 2010, Congress passed and the President signed into law a bill that eliminated the FFEL program for all new loans made as of July 1, 2010. All federal student loans have been made under the Direct Loan program as of that date. The Congressional Budget Office estimated that the elimination of the FFEL program under the law would generate $68.7 billion in savings over the next ten years. These savings were used to increase funding for the Pell Grant program.” - New America Foundation</p>