A report on the Guaranteed Student Loan Amendments (H.R. 14070) to Title IV of the Higher Education Act of 1965 considers the problems behind and implications of the loan program. Chief among the problems are the default rate, access to loans, the schools as lenders, and the role of the states in administering the program. Changes recommended include encouraging the states to establish loan agencies, limitations on the lending capacities of the schools, loan limits, interest benefit eligibility changes, default prevention measures, improved data collection, restrictions on setting the special allowance rates, and prevention of discharge of loan responsibility through student bankruptcy. A cost estimate is provided, as are the legislation text, explanations of the text, and opinions of individual legislators. (MSE)