The William D. Ford Federal Direct Loan (DL) program, authorized under Title IV, Part D of the Higher Education Act of 1965 (HEA), as amended, is the primary federal student loan program administered by the U.S. Department of Education (ED). The program makes available loans to undergraduate and graduate students and the parents of dependent undergraduate students to help them finance their postsecondary education expenses. For FY2016, ED estimates that 20.4 million loans (not including Consolidation Loans) totaling $109.2 billion will be made to students and their parents through the DL program. Federal Family Education Loan (FFEL) program loans are no longer being made; however, outstanding FFEL program loans are due to continue being repaid over the coming years. FFEL and DL program loans are low-interest loans, with maximum interest rates for each type of loan established by statute. FFEL and DL program loans have terms and conditions that may be more favorable to borrowers than private and other nonfederal loans. This report discusses major provisions of federal student loans made available through the DL program and previously made through the FFEL program. It focuses on provisions related to borrower eligibility, loan terms and conditions, borrower repayment relief, and loan default and its consequences for borrowers. These topics are principally discussed with regard to loans currently being made through the DL program, or made in the recent past through either program. The report also provides detailed historical information on annual and aggregate borrowing limits, loan fees, and student loan interest rates.