Volume 1 of this document reports the results of a telephone survey of approximately 3,600 student and parent borrowers who originated loans during the 1994-95 academic year using two Title IV Federal student loan programs, the Direct Loan and the Federal Family Education Loan (FFEL) programs. The objective of the survey was to provide baseline comparisons of borrower satisfaction and experiences with each program. Survey results were analyzed separately for four respondent groups: Direct Loan student borrowers, FFEL student borrowers, Direct Loan parent borrowers, and FFEL parent borrowers. Differences in borrowers' experiences were examined over time and by several key borrower and institutional characteristics, including: age of student borrowers; race or ethnicity; the category of school attended (proprietary/private/public); the incidence of problems with timeliness, explanations, and awareness of repayment schedules; and satisfaction levels concerning orientation and counseling. Findings indicate that Direct Loan borrowers were more likely than FFEL borrowers to cite their l994-95 loan experience as positive; on other measures no significant differences were found between Direct Loan and FFEL programs. Volume 2, the technical appendices, contains detailed tables of survey results, distribution tables of responses and response rates; the questionnaire and item response frequencies; and survey methodology and instruments. (BF)