Congress passed a version of the Direct Loan program under President George H.W. Bush, but Bush promised to veto it. Candidate Bill Clinton promised that he would sign such legislation into law if elected, and the Direct Loan program was one of the first laws he signed in 1993. Some of the more fiscally-conservative Republicans have fought to end the program or make its terms less attractive to students once Republicans took over Congress in 1994. Notably, U.S. Rep. John Hostettler of Indiana was a leader amongst these. Over 700 students at Indiana University plus the entire Bloomington City Council signed a petition in 1995 to oppose Hostettler's plan to abolish the program. The Indiana University Student Association passed a resolution in opposition to his plan by a margin of 38-3 in February of 1996.
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Funding for the Federal Direct Student Loan Program has decreased from just over $7 billion in 2006 to $509 million budgeted for 2008.
Democrats made more student-favorable Direct Loan terms part of their platform, which contributed to their retaking Congress in 2006.
In comparison, other countries have also experimented with government-sponsored loan programs. New Zealand, for instance, now offers 0% interest loans to students (retroactive for all former students who had government loans), who can pay their loans back as a percentage of income after they graduate. This program was a Labour Party promise in the 2005 general election.
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Federal Student Loans are easier to pay and brings less long term hassle and panic if these debts are converted into Federal Student Loan Consolidation. Consolidating your loan means that all the different types of student loans you acquired will be combined in one loan. Doing so has many advantages. Since federal student loan interest rates are currently at their lowest, loan consolidation actually means that the interest rate used for the whole duration of your loan is fixed.
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However, there are also disadvantages when one avails student loan consolidations. It all depends on you, really. If you think it would take you a longer time to pay off your student loan, you will then consequently pay more interest during the course of your whole loan repayment. However, since in consolidating your loans, there are really no penalties in prepayment and if you continually pay the same amount of payments before actually consolidating your loans, the interest you will incur would not increase. You will be able to pay the student loan off faster than when you did not consolidate your loans.