In FY2011, there is projected to be a total of $116.4 billion in new direct student loans issued.[1] There were approximately $487 billion in FFEL loans outstanding at the end of FY2009, and $149 billion in direct loans outstanding at the end of FY2009.[2] In FY2010, there were issued $35 billion in new FFEL loans and $73.5 of new direct loans.[3]. Therefore, the total at the end of FY2011 should be $522 billion in FFEL loans, and $339 billion in direct loans, for a grand total of $861 billion (less whatever has been paid back over those two years).
I can't find a better number at this time, so that is what I will go with. My point is that $861 billion is a federal obligation and should be added to the total national debt.
[1] http://www2.ed.gov/about/overview/budget/budget11/justifications/t-loansoverview.pdf, page T-13.
[2] Ibid, page T-7.
[3] Ibid, page T-13.
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