This document presents seven papers that address several aspects of the new direct lending federal loan program established by the Student Loan Reform Act of 1993. Among the topics examined are the following: (1) the experiences with implementing new student aid programs; (2) the policy questions involved in lending in proprietary (profit-making) trade and technical schools; (3) a review of the problems and prospects of the components of the old system of guarantee agencies; (4) questions concerning the use of the Internal Revenue Service as a vehicle for student loan repayment; (5) the development of a management system to permit evaluation of policy outcomes; (6) the issue of consumer education about the new program and other information; and (7) the technical issues of evaluation that surround the enactment of direct lending. Papers and their authors are as follows: "Policy Implications of Direct Lending - Possible Unintended Consequences" (Martin Kramer); "Proprietary Schools and Direct Loans" (Richard W. Moore); "Summary of Student Loan Reform Act of 1993 - Projected Effects on Guarantee Agencies" (Peter Keitel); "Issues in How Federal Student Loans Will be Repaid in the Future" (Arthur M. Hauptman); "Driven Management Information System - Identifying Information Requirements for Evaluating Policy Outcomes" (Ray Haines); "Direct Lending and Consumer Information" (Sandy Baum); and "The Federal Direct Student Loan Program - New Era or Old Error?" (Elizabeth Bauer Hicks). (Contains 10 references.) (GLR)