This table (last updated 02/07/05), available in PDF and MS Excel, shows the budget impact, on outlays, of student aid-related Higher Education Act reauthorization proposals included in the FY 2006 President's Budget. All estimates reflect economic and technical assumptions used for the Budget. The table begins with a baseline reflecting estimated program costs under current law. Individual proposals are then shown for the student loan (Federal Family Education Loan and William D. Ford Direct Student Loan), Perkins Loan, and Pell Grant programs, respectively. Contributions reflect policies that reduce program costs, thus contributing funding to help offset policies that increase program costs, which are shown under Uses.
For the FFEL and Direct Loan programs, estimates for a given fiscal year reflect the net present value of all future costs or savings associated with a policy's effect on loans made in that year. Modifications of Existing Loans, which are shown in the current year, reflect costs or savings associated with a policy's effect on loans made prior to 2006. Interactive Effects reflect budgetary effects that cannot be assigned to a specific policy, but rather result from the interaction of two or more proposals.
For Perkins Loans and Pell Grants, estimates for a given fiscal year reflect costs or savings projected to actually occur in that year.
Discretionary funds are those subject to the annual appropriation process. Mandatory funds are authorized for automatic appropriation in a given fiscal year, and do not count against discretionary scoring caps. To learn more about discretionary and mandatory spending in the Education Department, please see Budget Process and Calendar.