Federal Credit Supplement — Budget of the U.S. Government, Fiscal Year 2027 (Office of Management and Budget)
Summary
This Office of Management and Budget document is the Federal Credit Supplement to the Budget of the U.S. Government, Fiscal Year 2027. The introduction says the Supplement provides summary information about Federal direct loan and loan guarantee programs subject to the Federal Credit Reform Act (FCRA) of 1990, as amended by the Balanced Budget Act of 1997. The tables cover subsidy rates, obligations, commitments, average loan size, assumptions underlying subsidy estimates, subsidy reestimates, and disbursement rate assumptions. Listed programs include Export-Import Bank loans and guarantees.
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Cite this document
“Federal Credit Supplement — Budget of the U.S. Government, Fiscal Year 2027 (Office of Management and Budget).”
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Budget of the
U.S. Government
Federal Credit
Supplement
Office of Management and Budget
Fiscal Year 2027
Budget of the
U.S. Government
Federal Credit
Supplement
Office of Management and Budget
Fiscal Year 2027
TABLE OF CONTENTS
Page
INTRODUCTION ............................................................................................................................................................................................................ iii
GLOSSARY OF TERMS ................................................................................................................................................................................................... v
Credit Program Supplementary Tables
Table 1 - Direct Loans: Subsidy Rates, Obligations, and Average Loan Size .......................................................................................................... 1
Table 2 - Loan Guarantees: Subsidy Rates, Commitments, and Average Loan Size............................................................................................... 5
Table 3 - Direct Loans: Assumptions Underlying the 2026 Subsidy Estimates....................................................................................................... 9
Table 4 - Loan Guarantees: Assumptions Underlying the 2026 Subsidy Estimates ............................................................................................. 13
Table 5 - Direct Loans: Assumptions Underlying the 2027 Subsidy Estimates..................................................................................................... 17
Table 6 - Loan Guarantees: Assumptions Underlying the 2027 Subsidy Estimates ............................................................................................. 21
Table 7 - Direct Loans: Subsidy Reestimates ........................................................................................................................................................... 23
Table 8 - Loan Guarantees: Subsidy Reestimates .................................................................................................................................................... 67
Table 9 - Direct Loan Program Disbursement Rate Assumptions Underlying the 2027 Subsidy Estimates .................................................... 103
Table 10 - Loan Guarantee Program Disbursement Rate Assumptions Underlying the 2027 Subsidy Estimates ........................................... 107
i
INTRODUCTION
The 2027 Federal Credit Supplement (Supplement) provides summary information about Federal direct loan and loan guarantee programs
subject to the Federal Credit Reform Act (FCRA) of 1990, as amended by the Balanced Budget Act of 1997. The credit activities of programs
exempt from FCRA do not appear in the Supplement, such as the credit activities of certain agencies providing deposit insurance.
Tables 1 and 2 provide 2026 and 2027 subsidy rates, obligations, commitments, average loan size for direct loan and loan guarantee programs,
and programs’ respective classification as discretionary or mandatory spending under the Balanced Budget and Emergency Deficit Control
Act of 1985 (BBEDCA), as amended. Programs and risk categories with legislative proposals are displayed with one line showing program
data under existing law and a second line showing program data under the legislative proposal. For more information on the BBEDCA and
credit reform concepts, see Chapter 6, “Budget Concepts,” in the Analytical Perspectives volume of the 2027 Budget.
Tables 3 and 4 provide information about the major components of 2026 subsidy rates, including the characteristics of direct loans and loan
guarantees, respectively. Tables 5 and 6 provide the same information for direct loans and loan guarantees included in the President’s 2027
Budget request. The subsidy rate reflects the net present value cost for each dollar of credit assistance. The subsidy rate is comprised of four
components: defaults, net of recoveries; interest; fees; and all other. Loan characteristics describe the terms of the loan agreement between
the borrower and the agency or lender, as well as the estimated nominal default and recovery rates. Loan maturity and grace period data are
expressed in years; all other characteristics are expressed as a percentage. The grace period data may be for repayment of principal and/or
interest.
Tables 7 and 8 provide information on the lifetime reestimates of direct loan and loan guarantee cohorts from 1992 through 2025 by agency,
bureau, program, and risk category. The tables show the following for each cohort: the original subsidy rate at the point of obligation or
commitment; the current reestimated subsidy rate; the change in subsidy rates due to interest and technical updates; dollar reestimates for
the current year; net lifetime reestimate data; lifetime disbursements through September 30, 2025; and the total principal outstanding as of
September 30, 2025. Some cohorts displayed in the 2026 Supplement have closed—there are no outstanding direct or guaranteed loans in the
cohort and no further activity is expected. These cohorts are identified with a footnote and will not be displayed in future Federal Credit
Supplement volumes.
Tables 9 and 10 show the rates at which the 2027 cohorts of direct loans and guaranteed loans are expected to disburse.
Electronic versions of the Supplement in both PDF and Excel formats are available at https://www.whitehouse.gov/omb/supplemental-
materials/.
iii
GLOSSARY OF TERMS1
Subsidy Rate, Obligations, and Average Loan Size (Tables 1 and 2):
Subsidy rate refers to the estimated lifetime cost to the Government of a direct loan or loan guarantee calculated on a net present
value basis, and expressed as a percentage per dollars disbursed. This includes the sum of all components of the subsidy rate (defaults,
net of recoveries, interest, fees, and all other).
Assumptions Underlying Subsidy Estimates (Tables 3 through 6):
All other (as a component of subsidy) refers to the portion of the subsidy rate that is not attributed to interest, defaults, net of
recoveries, or fees as defined below. All other is primarily attributable to uncategorized inflows and outflows which vary by program.
Borrower rate refers to the estimated or average contractual interest rate paid by the borrower for a loan.
Defaults, net of recoveries (as a component of subsidy) refers to the portion of the subsidy rate attributable to payment defaults,
net of projected recoveries, on a present value basis.
Default rate refers to the gross nominal amount of defaulted payments (for direct loans) or the gross nominal amount of claims (for
guaranteed loans) divided by the amount of actual disbursements, excluding any actual or projected recoveries. Default rates and their
underlying assumptions vary by program and risk category.
Fees (as a component of subsidy) refers to portion of the subsidy rate attributable to fees. This includes subsidy attributable to
upfront, annual, or other fees paid to the Government.
Grace period refers to the number of years, before repayment of interest or principal payments begin, following initial disbursement
for direct loans or obligation for loan guarantees. The specific terms of grace periods vary across programs and risk categories.
Interest (as a component of subsidy) refers to the portion of the subsidy rate attributable to the difference between the borrower’s
interest payments due to the Government and the Government’s estimated cost to finance the direct loan on a present value basis. For
guaranteed loans, this refers to the amount of the subsidy rate attributable to interest payments paid to a private lender from the
Government, on behalf of a borrower, on a present value basis.
Loan maturity refers to the estimated time, in years, between initial disbursement and final repayment of the direct or guaranteed
loan.
Percent guaranteed refers to the percentage of the face value of a loan which is guaranteed by the Government.
1 Ordered by set of tables in which a term first appears.
v
Recovery rate refers to the projected gross, nominal payment defaults that are subsequently recovered, to projected payment defaults.
In some cases this figure may exceed 100% due to the estimated recovery of fees, capitalized interest, or other amounts.
Subsidy Reestimates (Tables 7 and 8):
Reestimate refers to the difference between the estimated cost of a cohort and the estimated cost of the same cohort in the previous
Budget. Each year, the reestimated amount is a reflection of updates for actual information about the cohort’s performance since the
previous year.
Current reestimate amount refers to the amount of reestimate dollars to be executed in the current fiscal year. Reestimate amounts
may be positive or negative, indicating an increase or decrease over the prior year’s lifetime cost estimate for a cohort of loans.
Current reestimated rate refers to the most current subsidy rate (see entry for subsidy rate above) reflecting the most current actual
and expected performance of a cohort of direct or guaranteed loans.
Net lifetime reestimate amount refers to the total amount of reestimates for a given cohort since obligation. This figure is an
indication of the total impact on the deficit of upward or downward adjustments to the cost estimate of a cohort to date.
Net lifetime reestimate amount excluding interest refers to the total amount of reestimates excluding interest effects. This figure
is an indication of how far off the original subsidy obligation is from the current total cost estimate in nominal dollar amounts for a
given cohort.
Outstanding balances refers to total outstanding principal, including capitalized interest as of September 30, 2025. For direct loans
this represents loans receivable. For loan guarantees, this represents the face value of guaranteed debt outstanding. Outstanding
balances may be zero under specific circumstances. For instance, in some guaranteed loans, outstanding amounts may have been
written off, but further collections could still be possible. Outstanding balances may also exceed disbursements, for example, in the
case of capitalized interest.
Percentage point change due to interest refers to the difference between the original subsidy rate and the current reestimated
subsidy rate that is attributable solely to the difference between the Government’s actual cost of financing (the applicable Treasury
rates at the time of disbursement) and the cost of financing projected in the budget as part of the President’s Budget economic
assumptions.
Percentage point change due to technical assumptions refers to the difference between the original subsidy rate and the current
reestimated rate that is attributable to changes in the actual and expected future performance of the direct or guaranteed loan for all
factors other than the difference between actual and projected costs of funds (see percentage point change due to interest). This includes
changes in borrower performance, expected default collections, or other changes that increase or reduce payments to and from the
public resulting from the loan obligation.
vi
Table 1. DIRECT LOANS: SUBSIDY RATES, OBLIGATIONS, AND AVERAGE LOAN SIZE
(Dollars in thousands)
2026 2027
Agency, Bureau, Program and Risk Category BEA Category Subsidy rate Subsidy rate
Obligations Average loan size Obligations Average loan size
(percent) (percent)
Department of Agriculture
Farm Service Agency:
Agricultural Credit Insurance Fund:
Farm Ownership ............................................................................................ Discretionary 1.27 2,580,000 301 2.47 1,241,992 304
Farm Operating .............................................................................................. Discretionary -0.81 1,633,000 91 -0.55 1,633,000 96
Emergency Disaster....................................................................................... Discretionary 6.95 50,000 461 7.38 50,000 563
Farm Storage Facility Loans:
Farm Storage Facility Loans .......................................................................... Mandatory -0.17 500,000 148 -0.51 500,000 150,000
Sugar Storage Facility Loans......................................................................... Mandatory -0.39 68,500 15,000 -1.20 68,500 15,000
Rural Housing Service:
Rural Community Facilities:
Community Facility Loans.............................................................................. Discretionary -3.53 1,250,000 3,740 -1.37 1,250,000 5,892
Rural Housing Insurance Fund:
Section 502 Single Family Housing ............................................................... Discretionary 13.06 939,288 280 13.29 1,058,939 288
Section 515 Multifamily Housing ................................................................... Discretionary 30.26 30,000 2,733 33.28 38,251 2,311
Section 504 Housing Repair .......................................................................... Discretionary 17.33 23,751 9 17.08 25,000 10
Section 514 Farm Labor Housing .................................................................. Discretionary 31.74 43,904 2,246 33.71 16,001 2,311
Section 524 Site Development ...................................................................... Discretionary 10.04 1,265 742 ...... ...... ......
Section 523 Self-Help Housing...................................................................... Discretionary 13.13 762 301 ...... ...... ......
Single Family Housing Credit Sales .............................................................. Discretionary -1.53 500 42 -2.99 10,000 43
Multifamily Housing Revitalization Seconds .................................................. Discretionary 59.86 45,000 1,211 64.71 20,862 1,246
Multifamily Housing Revitalization Zero......................................................... Discretionary 53.15 38,000 1,623 55.28 27,135 1,670
Native American Single Family Relending Pilot ............................................ Discretionary 42.50 5,000 681 ...... ...... ......
Rural Business-Cooperative Service:
Rural Microentrepreneur Assistance Program:
Rural Microenterprise Direct Loans ............................................................... Discretionary 16.09 15,021 366 ...... ...... ......
Intermediary Relending Program Fund Account:
Intermediary Relending Program................................................................... Discretionary 27.72 9,002 569 ...... ...... ......
Rural Economic Development Loans:
Rural Economic Development Loans ............................................................ Mandatory 16.85 53,527 1,056 16.81 50,000 1,087
Rural Utilities Service:
Rural Water and Waste Disposal:
Water and Waste Disposal Loans ................................................................. Discretionary 4.76 1,004,540 3,926 7.16 843,953 4,040
Water and Waste 1% ..................................................................................... Discretionary 25.84 15,000 2,916 ...... ...... ......
Rural Electrification and Telecommunications Loans:
Treasury Electric Loans ................................................................................. Discretionary -1.04 4,133,000 76,338 -1.93 4,533,000 78,552
FFB Electric Loans......................................................................................... Discretionary -4.42 2,667,000 139,449 -5.04 2,867,000 124,651
Treasury Telecommunications Loans............................................................ Discretionary 1.02 350,000 13,927 ...... ...... ......
FFB Telecommunications Loans ................................................................... Discretionary -3.00 200,000 5,606 -2.95 200,000 5,606
Rural Energy Savings Program ..................................................................... Discretionary 16.80 36,905 10,290 ...... ...... ......
Consumer Oriented Operating Loans............................................................ Discretionary -2.48 200,000 129,999 ...... ...... ......
1
Table 1. DIRECT LOANS: SUBSIDY RATES, OBLIGATIONS, AND AVERAGE LOAN SIZE – Continued
(Dollars in thousands)
2026 2027
Agency, Bureau, Program and Risk Category BEA Category Subsidy rate Subsidy rate
Obligations Average loan size Obligations Average loan size
(percent) (percent)
IRA Section 22001 ......................................................................................... Discretionary 36.73 1,117,917 19,506 ...... ...... ......
IRA Section 22004 Blended........................................................................... Discretionary 11.87 5,765 5,765 ...... ...... ......
IRA Section 22004 Zero ................................................................................ Discretionary 32.07 15,771 15,771 ...... ...... ......
Distance Learning, Telemedicine, and Broadband Program:
Broadband Treasury Rate Loans .................................................................. Discretionary 13.69 502,703 17,343 ...... ...... ......
ReConnect Direct Loans................................................................................ Discretionary 22.33 72,548 8,058 ...... ...... ......
ReConnect Grant Assisted Loans ................................................................. Discretionary 9.61 41,276 11,460 ...... ...... ......
Department of Commerce
National Oceanic and Atmospheric Administration:
Fisheries Finance:
Individual Fishing Quota Loans ..................................................................... Discretionary -14.18 24,000 2,400 -12.38 24,000 2,400
Traditional Direct Loans ................................................................................. Discretionary -5.98 150,000 8,333 -6.52 150,000 8,333
National Institute of Standards and Technology:
CHIPS Direct Loans....................................................................................... Mandatory 3.10 3,000,000 600,000 3.11 300,000 300,000
Department of War—Military Programs
Procurement:
Defense Strategic Capital Credit Program:
Office of Strategic Capital Direct Loans......................................................... Discretionary 9.97 17,650,000 250,000 10.00 2,160,000 250,000
Office of Strategic Capital Direct Loans (Legislative Proposal) .................... Mandatory ...... ...... ...... 9.98 40,000,000 4,000,000
Department of Education
Office of Postsecondary Education:
Historically Black Colleges and Universities.................................................. Discretionary 4.03 424,000 53,000 5.18 302,000 75,500
Office of Federal Student Aid:
TEACH Grant:
TEACH Grants ............................................................................................... Mandatory 45.90 82,766 3 47.47 83,767 3
Federal Direct Student Loan:
Consolidation ................................................................................................. Mandatory 32.03 41,872,505 45 36.77 41,580,243 45
PLUS .............................................................................................................. Mandatory -22.05 24,196,745 20 -16.71 17,590,735 18
Stafford........................................................................................................... Mandatory 19.74 19,106,774 4 20.01 19,414,476 4
Unsubsidized Stafford.................................................................................... Mandatory 6.48 57,967,161 8 10.98 57,408,053 8
Weighted Average of Total Obligations ......................................................... Mandatory 10.90 143,143,185 10 16.57 135,993,508 10
Department of Energy
Energy Programs:
Title 17 Innovative Technology Loan Guarantee Program:
Section 1703 FFB Loans ............................................................................... Discretionary 0.00 1,000,000 500,000 3.33 6,000,000 1,000,000
Section 1706 FFB Loans ............................................................................... Discretionary -3.92 36,000,000 5,142,857 0.00 70,000,000 10,000,000
Tribal Energy Loan Guarantee Program:
Tribal Energy FFB Loans ............................................................................... Discretionary ...... ...... ...... 0.07 500,000 500,000
2
Table 1. DIRECT LOANS: SUBSIDY RATES, OBLIGATIONS, AND AVERAGE LOAN SIZE – Continued
(Dollars in thousands)
2026 2027
Agency, Bureau, Program and Risk Category BEA Category Subsidy rate Subsidy rate
Obligations Average loan size Obligations Average loan size
(percent) (percent)
Department of Homeland Security
Federal Emergency Management Agency:
Community Disaster Loan Program .............................................................. Discretionary 91.36 85,730 1,174 91.08 7,115 3,557
Department of Housing and Urban Development
Housing Programs:
Green and Resilient Retrofit Program for Multifamily Housing:
Surplus Cash Loan - 25% .............................................................................. Mandatory 44.93 13,000 685 ...... ...... ......
Surplus Cash Loan - 50% .............................................................................. Mandatory 35.30 426,120 8,040 ...... ...... ......
FHA-General and Special Risk:
FFB Risk Sharing ........................................................................................... Discretionary -11.23 357,001 18,790 ...... ...... ......
Department of State
Administration of Foreign Affairs:
Repatriation Loans......................................................................................... Mandatory 65.75 6,000 4 65.53 5,723 4
International Assistance Programs
International Security Assistance:
FMF Direct Loan Program ............................................................................. Discretionary 0.00 8,000,000 1,000,000 0.63 16,000,000 1,000,000
United States International Development Finance Corporation:
Program Account:
Direct Loans ................................................................................................... Discretionary 1.78 9,250,000 81,681 -3.73 10,040,000 90,644
Direct Loan Investment Funds....................................................................... Discretionary -7.41 70,000 70,000 -12.65 75,000 75,000
Direct Loans in Foreign Currencies ............................................................... Discretionary 2.20 200,000 124,232 8.42 215,000 22,542
Department of Transportation
Office of the Secretary:
TIFIA Highway Trust Fund:
TIFIA Direct Loans ......................................................................................... Discretionary 1.98 9,000,000 300,000 2.28 8,000,000 400,000
Railroad Rehabilitation and Improvement Program:
Railroad Rehabilitation and Improvement Financing Direct Loans ............... Discretionary 1.48 600,000 200,000 0.94 638,000 212,667
Maritime Administration:
Federal Ship Financing FFB Loan Guarantees ............................................. Discretionary 1.32 1,247,589 207,932 1.28 148,000 49,333
Department of the Treasury
Departmental Offices:
Community Development Financial Institutions Fund:
Bond Guarantee Program.............................................................................. Discretionary 0.00 500,000 100,000 ...... ...... ......
CDFI Rural Financial Assistance Program .................................................... Discretionary ...... ...... ...... 8.16 10,000 500
3
Table 1. DIRECT LOANS: SUBSIDY RATES, OBLIGATIONS, AND AVERAGE LOAN SIZE – Continued
(Dollars in thousands)
2026 2027
Agency, Bureau, Program and Risk Category BEA Category Subsidy rate Subsidy rate
Obligations Average loan size Obligations Average loan size
(percent) (percent)
Department of Veterans Affairs
Benefits Programs:
Veterans Housing Benefit Program Fund:
Acquired Direct Loans ................................................................................... Mandatory 12.11 8,254 330 11.24 8,107 337
Vendee Direct Loans ..................................................................................... Mandatory -31.21 155,787 263 -26.57 135,558 269
Native American Veteran Housing Loan:
Native American Direct Loans ....................................................................... Discretionary 15.83 43,382 299 6.56 39,711 305
Vocational Rehabilitation ............................................................................... Discretionary 3.26 1,394 2 2.84 1,227 2
Corps of Engineers—Civil Works
Water Infrastructure Finance and Innovation, Corps .................................... Discretionary 2.85 77,247 77,247 2.99 73,542 73,542
Environmental Protection Agency
Water Infrastructure Direct Loans.................................................................. Discretionary 0.89 1,694,915 169,492 0.86 1,748,252 174,825
Small Business Administration
Business Loans:
7(m) Direct Microloans................................................................................... Discretionary 9.37 59,552 918 9.23 60,455 945
Disaster Loans:
Disaster Assistance Loans ............................................................................ Discretionary 18.75 1,723,000 37 18.37 1,989,176 38
Export-Import Bank of the United States
Export-Import Bank Loans:
Direct Loans: Export Financing ..................................................................... Discretionary -6.20 1,129,000 148,070 -5.14 3,263,417 217,568
Make More In America Direct Loans ............................................................. Discretionary -6.61 1,125,000 81,250 -5.47 199,250 39,850
4
Table 2. LOAN GUARANTEES: SUBSIDY RATES, COMMITMENTS, AND AVERAGE LOAN SIZE
(Dollars in thousands)
2026 2027
Agency, Bureau, Program and Risk Category BEA Category Subsidy rate Subsidy rate
Obligations Average loan size Obligations Average loan size
(percent) (percent)
Department of Agriculture
Farm Service Agency:
Agricultural Credit Insurance Fund:
Farm Ownership—Unsubsidized ................................................................... Discretionary -0.53 3,500,000 599 -0.58 4,664,000 617
Farm Operating—Unsubsidized .................................................................... Discretionary -0.26 2,000,000 474 -0.44 2,000,000 513
Commodity Credit Corporation Export Loans:
GSM 102 ........................................................................................................ Mandatory -0.25 4,969,925 5,500 -0.20 4,966,500 5,500
Export Guarantee Program—Facilities .......................................................... Mandatory -0.13 488,200 1,000 -1.79 495,000 1,000
Rural Housing Service:
Rural Community Facilities:
Community Facility Loan Guarantees ........................................................... Discretionary -0.83 200,000 11,491 -0.98 450,000 11,824
Rural Housing Insurance Fund:
Guaranteed 538 Multifamily Housing ............................................................ Discretionary -0.88 211,978 2,839 -2.16 208,382 2,921
Guaranteed 502 Single Family Housing ........................................................ Discretionary -0.81 11,423,775 210 -0.79 13,088,000 216
Rural Business-Cooperative Service:
Rural Business:
Business and Industry Loan Guarantees ...................................................... Discretionary 1.09 2,091,743 8,657 1.93 85,159 8,908
Rural Energy for America Program:
Renewable Energy Loan Guarantees ........................................................... Mandatory 4.54 100,000 7,646 3.78 100,000 7,868
Rural Utilities Service:
Water and Waste Disposal Loan Guarantees ............................................... Discretionary -0.19 15,765 1,499 -0.22 50,000 1,491
Forest Service:
Timber Production Expansion Guarantees ................................................... Discretionary 7.00 120,347 10,632 ...... ...... ......
Department of Health and Human Services
Administration for a Healthy America:
AHA Facilities Renovation Loans .................................................................. Discretionary ...... ...... ...... 2.55 72,000 6,000
Health Resources and Services Administration:
Facilities Renovation Loans ........................................................................... Discretionary 2.51 72,000 6,000 ...... ...... ......
Department of Housing and Urban Development
Public and Indian Housing Programs:
Native American Programs:
Title VI Indian Federal Guarantees Program................................................. Discretionary 5.13 35,000 2,500 4.85 25,000 2,500
Indian Housing Loan Guarantee Fund:
Indian Housing Loan Guarantee.................................................................... Discretionary 0.74 522,410 293 0.00 547,000 293
Native Hawaiian Housing Loan Guarantee Fund:
Native Hawaiian Housing Loan Guarantees ................................................. Discretionary -0.47 4,000 370 ...... ...... ......
Community Planning and Development:
Section 108 Community Development Loan Guarantee (Fee) ..................... Discretionary 0.00 300,000 ...... ...... ...... ......
5
Table 2. LOAN GUARANTEES: SUBSIDY RATES, COMMITMENTS, AND AVERAGE LOAN SIZE – Continued
(Dollars in thousands)
2026 2027
Agency, Bureau, Program and Risk Category BEA Category Subsidy rate Subsidy rate
Obligations Average loan size Obligations Average loan size
(percent) (percent)
Housing Programs:
FHA-Mutual Mortgage Insurance:
MMI Fund ....................................................................................................... Discretionary -2.62 289,268,000 326 -3.14 284,000,000 324
MMI HECM..................................................................................................... Discretionary -3.13 15,147,000 542 -3.12 15,416,000 537
FHA-General and Special Risk:
Apartment New Construction / Substantial Rehab ........................................ Discretionary -1.89 3,644,187 33,372 -1.84 3,826,396 33,372
Tax Credits..................................................................................................... Discretionary -1.96 2,331,228 14,142 -1.98 2,447,789 14,142
Apartment Refinances ................................................................................... Discretionary -1.71 7,492,328 21,939 -1.79 8,315,994 21,927
Housing Finance Agency Risk Sharing ......................................................... Discretionary -0.90 270,693 23,437 -1.14 284,227 23,437
Residential Care Facilities ............................................................................. Discretionary -3.70 21,500 11,500 -2.54 21,500 11,500
Residential Care Facility Refinances ............................................................. Discretionary -3.42 6,343,000 17,097 -3.68 5,797,000 16,754
Hospitals ........................................................................................................ Discretionary -5.27 738,500 105,500 -4.64 350,000 87,500
Other Rental................................................................................................... Discretionary -2.83 270,463 45,077 -3.32 393,213 49,152
Title 1 Property Improvement ........................................................................ Discretionary -2.46 12,285 20 -3.29 12,675 20
Title 1 Manufactured Housing ........................................................................ Discretionary -6.87 3,750 75 -7.48 7,500 75
Government National Mortgage Association:
Guarantees of Mortgage-backed Securities .................................................. Discretionary -0.25 547,907,000 325 -0.25 540,566,356 339
Department of the Interior
Bureau of Indian Affairs:
Indian Guaranteed Loan:
Indian Guaranteed Loans .............................................................................. Discretionary 4.90 224,319 10,000 ...... ...... ......
Indian Insured Loans ..................................................................................... Discretionary 6.78 3,000 80 ...... ...... ......
International Assistance Programs
International Security Assistance:
FMF Guaranteed Loan Program ................................................................... Discretionary 1.25 8,000,000 1,000,000 0.00 2,000,000 1,000,000
Agency for International Development:
Loan Guarantees to Israel ............................................................................. Discretionary 0.00 500,000 500,000 0.00 500,000 500,000
United States International Development Finance Corporation:
Insurance of Debt:
Insurance of Debt........................................................................................... Discretionary 0.00 4,125,000 648,333 0.00 4,475,000 681,667
Program Account:
Mission-led Guarantees ................................................................................. Discretionary 4.48 830,000 36,905 8.10 900,000 23,905
Loan Guarantees ........................................................................................... Discretionary 1.12 1,160,000 59,548 2.21 1,260,000 51,038
Loan Guarantees in Foreign Currencies ....................................................... Discretionary 3.95 30,000 9,820 0.95 35,000 33,898
Department of Veterans Affairs
Benefits Programs:
Housing Guaranteed Loans ........................................................................... Mandatory 0.15 222,000,092 391 0.28 217,311,747 399
6
Table 2. LOAN GUARANTEES: SUBSIDY RATES, COMMITMENTS, AND AVERAGE LOAN SIZE – Continued
(Dollars in thousands)
2026 2027
Agency, Bureau, Program and Risk Category BEA Category Subsidy rate Subsidy rate
Obligations Average loan size Obligations Average loan size
(percent) (percent)
Small Business Administration
Business Loans:
7(a) General Business Loan Guarantees ...................................................... Discretionary 0.00 35,000,000 497 0.00 40,000,000 559
Section 504 Certified Development Companies Debentures........................ Discretionary 0.00 12,500,000 1,067 0.00 12,500,000 1,117
SBIC Debentures ........................................................................................... Discretionary 0.00 6,000,000 39,847 0.00 6,000,000 43,841
Secondary Market Guarantee........................................................................ Discretionary 0.00 15,000,000 38,340 0.00 15,000,000 36,288
504 Commercial Real Estate (CRE) Refinance Program ............................. Discretionary 0.00 4,000,000 1,162 0.00 4,000,000 1,217
Export-Import Bank of the United States
Export-Import Bank Loans:
Short Term Insurance .................................................................................... Discretionary 0.00 2,000,000 3,500 0.00 2,400,000 2,182
Medium Term Insurance ................................................................................ Discretionary -5.60 105,000 3,900 -5.60 75,000 6,250
Medium Term Guarantees ............................................................................. Discretionary -2.59 200,000 3,000 -2.85 156,000 1,950
Long Term Guarantees.................................................................................. Discretionary -9.51 5,038,000 300,000 -3.92 4,860,696 162,023
Working Capital Fund .................................................................................... Discretionary 0.00 1,340,000 10,000 0.00 1,300,000 10,833
7
Table 3. DIRECT LOANS: ASSUMPTIONS UNDERLYING THE 2026 SUBSIDY ESTIMATES
(In percentages, unless noted otherwise)
Composition of Subsidy Loan Characteristics
Subsidy Defaults, Loan Grace
Agency, Bureau, Program and Risk Category Borrower Upfront Annual Default Recovery
Rate net of Interest Fees All other Maturity period Other fees
rate fees fees rate rate
recoveries (years) (years)
Department of Agriculture
Farm Service Agency:
Agricultural Credit Insurance Fund:
Farm Ownership ............................................................................................ 1.27 0.27 1.30 ...... -0.29 32 3.58 ...... ...... ...... ...... 1.05 36.39
Farm Operating .............................................................................................. -0.81 2.62 -4.21 ...... 0.78 8 4.52 ...... ...... ...... ...... 3.80 4.89
Emergency Disaster....................................................................................... 6.95 7.84 -0.99 ...... 0.10 12 3.75 ...... ...... ...... ...... 12.85 7.18
Farm Storage Facility Loans:
Farm Storage Facility Loans .......................................................................... -0.17 0.01 0.11 -0.27 -0.02 10 3.57 ...... 0.27 ...... ...... 0.02 50.00
Sugar Storage Facility Loans......................................................................... -0.39 0.01 -0.74 ...... 0.33 15 3.72 ...... ...... ...... ...... 0.03 50.00
Rural Housing Service:
Rural Community Facilities:
Community Facility Loans.............................................................................. -3.53 3.80 -8.78 ...... 1.44 34 4.23 1 ...... ...... ...... 8.43 0.62
Rural Housing Insurance Fund:
Section 502 Single Family Housing ............................................................... 13.06 4.00 9.62 ...... -0.56 34 3.84 1 ...... ...... ...... 21.00 45.09
Section 515 Multifamily Housing ................................................................... 30.26 1.16 31.11 ...... -2.00 30 1.00 ...... ...... ...... ...... 2.99 1.92
Section 504 Housing Repair .......................................................................... 17.33 -0.02 21.55 ...... -4.21 20 1.00 ...... ...... ...... ...... 0.23 102.15
Section 514 Farm Labor Housing .................................................................. 31.74 0.11 32.09 ...... -0.47 33 1.00 1 ...... ...... ...... 0.26 7.11
Section 524 Site Development ...................................................................... 10.04 1.87 3.51 ...... 4.65 5 4.22 7 ...... ...... ...... 5.26 70.93
Section 523 Self-Help Housing...................................................................... 13.13 4.44 8.66 ...... 0.03 5 3.00 7 ...... ...... ...... 5.60 ......
Single Family Housing Credit Sales .............................................................. -1.53 2.25 -6.04 ...... 2.26 30 4.15 ...... ...... ...... ...... 14.57 53.04
Multifamily Housing Revitalization Seconds .................................................. 59.86 0.42 59.53 ...... -0.10 37 1.00 30 ...... ...... ...... 1.34 ......
Multifamily Housing Revitalization Zero......................................................... 53.15 0.31 53.10 ...... -0.26 30 ...... ...... ...... ...... ...... 1.08 ......
Native American Single Family Relending Pilot ............................................ 42.50 7.30 36.79 ...... -1.58 33 1.00 3 ...... ...... ...... 15.14 ......
Rural Business-Cooperative Service:
Rural Microentrepreneur Assistance Program:
Rural Microenterprise Direct Loans ............................................................... 16.09 2.24 17.58 ...... -3.73 19 1.51 1 ...... ...... ...... 4.34 19.20
Intermediary Relending Program Fund Account:
Intermediary Relending Program................................................................... 27.72 1.03 28.37 ...... -1.69 28 1.00 1 ...... ...... ...... 2.20 0.04
Rural Economic Development Loans:
Rural Economic Development Loans ............................................................ 16.85 ...... 17.57 ...... -0.71 10 ...... 1 ...... ...... ...... ...... ......
Rural Utilities Service:
Rural Water and Waste Disposal:
Water and Waste Disposal Loans ................................................................. 4.76 0.11 8.43 ...... -3.77 39 3.06 1 ...... ...... ...... 0.24 0.50
Water and Waste 1% ..................................................................................... 25.84 0.09 36.97 ...... -11.21 39 1.00 1 ...... ...... ...... 0.19 0.62
Rural Electrification and Telecommunications Loans:
Treasury Electric Loans ................................................................................. -1.04 ...... ...... ...... -1.04 32 3.62 1 ...... ...... ...... ...... ......
FFB Electric Loans......................................................................................... -4.42 ...... -3.51 ...... -0.92 30 3.89 1 ...... ...... ...... 0.01 ......
Treasury Telecommunications Loans............................................................ 1.02 0.45 0.26 ...... 0.31 17 3.63 1 ...... ...... ...... 0.71 ......
FFB Telecommunications Loans ................................................................... -3.00 0.08 -0.64 ...... -2.43 16 3.81 1 ...... ...... ...... 0.13 ......
Rural Energy Savings Program ..................................................................... 16.80 0.55 16.64 ...... -0.39 10 ...... ...... ...... ...... ...... 0.76 3.98
9
Table 3. DIRECT LOANS: ASSUMPTIONS UNDERLYING THE 2026 SUBSIDY ESTIMATES – Continued
(In percentages, unless noted otherwise)
Composition of Subsidy Loan Characteristics
Subsidy Defaults, Loan Grace
Agency, Bureau, Program and Risk Category Borrower Upfront Annual Default Recovery
Rate net of Interest Fees All other Maturity period Other fees
rate fees fees rate rate
recoveries (years) (years)
Consumer Oriented Operating Loans............................................................ -2.48 1.43 -3.04 ...... -0.88 20 3.89 1 ...... ...... ...... 14.05 42.40
IRA Section 22001 ......................................................................................... 36.73 ...... 37.00 ...... -0.27 30 3.80 2 ...... ...... ...... 0.01 ......
IRA Section 22004 Blended........................................................................... 11.87 ...... 12.77 ...... -0.90 20 2.20 2 ...... ...... ...... 0.01 ......
IRA Section 22004 Zero ................................................................................ 32.07 ...... 33.68 ...... -1.61 22 ...... 2 ...... ...... ...... 0.01 ......
Distance Learning, Telemedicine, and Broadband Program:
Broadband Treasury Rate Loans .................................................................. 13.69 13.48 0.26 ...... -0.06 17 3.61 3 ...... ...... ...... 28.15 28.73
ReConnect Direct Loans................................................................................ 22.33 9.18 14.76 ...... -1.61 17 2.00 3 ...... ...... ...... 18.62 27.90
ReConnect Grant Assisted Loans ................................................................. 9.61 9.18 ...... ...... 0.43 17 4.58 3 ...... ...... ...... 18.51 26.13
Department of Commerce
National Oceanic and Atmospheric Administration:
Fisheries Finance:
Individual Fishing Quota Loans ..................................................................... -14.18 0.07 -28.65 -0.82 15.22 23 5.64 ...... 0.50 ...... ...... 1.55 96.41
Traditional Direct Loans ................................................................................. -5.98 1.72 -14.94 -0.58 7.82 15 5.60 ...... 0.50 ...... ...... 3.15 30.56
National Institute of Standards and Technology: 1
CHIPS Direct Loans....................................................................................... 3.10 8.32 -6.40 ...... 1.18 15 4.26 10 ...... ...... ...... 21.13 45.00
Department of War—Military Programs 1
Procurement:
Office of Strategic Capital Direct Loans......................................................... 9.97 14.67 -4.45 -0.25 ...... 12 4.97 3 ...... ...... 0.25 33.90 45.00
Department of Education
Office of Postsecondary Education:
Historically Black Colleges and Universities.................................................. 4.03 9.15 -3.73 -1.39 ...... 30 3.74 ...... ...... ...... 2.08 15.28 ......
Office of Federal Student Aid:
TEACH Grant:
TEACH Grants ............................................................................................... 45.90 2.89 74.65 ...... -31.63 11 6.39 ...... ...... ...... ...... 18.61 93.82
Federal Direct Student Loan:
Consolidation ................................................................................................. 32.03 0.69 28.76 ...... 2.58 22 5.85 ...... ...... ...... ...... 16.56 93.83
PLUS .............................................................................................................. -22.05 1.86 3.88 -4.23 -23.56 16 8.45 ...... 4.23 ...... ...... 10.32 80.53
Stafford........................................................................................................... 19.74 1.84 26.13 -1.06 -7.17 15 5.91 ...... 1.06 ...... ...... 12.22 87.78
Unsubsidized Stafford.................................................................................... 6.48 1.66 23.25 -1.06 -17.38 16 6.45 ...... 1.06 ...... ...... 10.85 83.97
Weighted Average of Total Obligations ......................................................... 10.90 1.43 21.98 -1.28 -11.22 19 6.54 ...... 1.28 ...... ...... 17.09 95.26
Department of Energy 1
Energy Programs:
Title 17 Innovative Technology Loan Guarantee Program:
Section 1703 FFB Loans ............................................................................... 0.00 8.38 -8.38 ...... ...... 17 3.94 4 ...... ...... ...... 24.80 55.00
Section 1706 FFB Loans ............................................................................... -3.92 0.91 -4.83 ...... ...... 30 3.94 20 ...... ...... ...... 7.91 80.00
10
Table 3. DIRECT LOANS: ASSUMPTIONS UNDERLYING THE 2026 SUBSIDY ESTIMATES – Continued
(In percentages, unless noted otherwise)
Composition of Subsidy Loan Characteristics
Subsidy Defaults, Loan Grace
Agency, Bureau, Program and Risk Category Borrower Upfront Annual Default Recovery
Rate net of Interest Fees All other Maturity period Other fees
rate fees fees rate rate
recoveries (years) (years)
Department of Homeland Security 1
Federal Emergency Management Agency:
Community Disaster Loan Program .............................................................. 91.36 0.02 6.94 ...... 84.39 5 3.76 ...... ...... ...... ...... 0.03 ......
Department of Housing and Urban Development
Housing Programs:
Green and Resilient Retrofit Program for Multifamily Housing:
Surplus Cash Loan - 25% .............................................................................. 44.93 0.97 75.02 ...... -31.06 29 1.00 ...... ...... ...... ...... 3.37 28.46
Surplus Cash Loan - 50% .............................................................................. 35.30 0.44 50.20 ...... -15.34 29 1.00 ...... ...... ...... ...... 1.39 33.31
FHA-General and Special Risk:
FFB Risk Sharing ........................................................................................... -11.23 0.04 -8.94 -1.32 -1.01 38 3.40 ...... ...... ...... 1.74 0.29 87.76
Department of State
Administration of Foreign Affairs:
Repatriation Loans......................................................................................... 65.75 36.92 0.60 ...... 28.23 1 1.00 1 ...... ...... ...... 94.00 64.21
International Assistance Programs 1
International Security Assistance:
FMF Direct Loan Program ............................................................................. 0.00 1.12 -1.12 ...... ...... 12 3.84 1 ...... ...... ...... 1.51 ......
United States International Development Finance Corporation:
Program Account:
Direct Loans ................................................................................................... 1.78 6.66 ...... -4.88 ...... 6 3.53 3 0.38 1.81 ...... 13.45 48.00
Direct Loan Investment Funds....................................................................... -7.41 5.56 ...... -12.97 ...... 13 3.48 ...... 0.58 1.10 ...... 8.53 ......
Direct Loans in Foreign Currencies ............................................................... 2.20 9.04 4.44 -6.38 -4.90 6 2.34 2 1.00 1.57 6.90 18.07 45.45
Department of Transportation 1
Office of the Secretary:
TIFIA Highway Trust Fund:
TIFIA Direct Loans ......................................................................................... 1.98 1.62 0.36 ...... ...... 40 3.69 5 ...... ...... ...... 15.38 78.10
Railroad Rehabilitation and Improvement Program:
Railroad Rehabilitation and Improvement Financing Direct Loans ............... 1.48 1.36 0.12 ...... ...... 35 3.67 5 ...... ...... ...... 9.92 65.67
Maritime Administration:
Federal Ship Financing FFB Loan Guarantees ............................................. 1.32 10.67 -3.68 -5.67 ...... 20 4.08 ...... 5.67 ...... ...... 21.01 23.05
Department of the Treasury 1
Departmental Offices:
Bond Guarantee Program.............................................................................. 0.00 4.35 -4.35 ...... ...... 27 4.00 ...... ...... ...... ...... 8.16 ......
11
Table 3. DIRECT LOANS: ASSUMPTIONS UNDERLYING THE 2026 SUBSIDY ESTIMATES – Continued
(In percentages, unless noted otherwise)
Composition of Subsidy Loan Characteristics
Subsidy Defaults, Loan Grace
Agency, Bureau, Program and Risk Category Borrower Upfront Annual Default Recovery
Rate net of Interest Fees All other Maturity period Other fees
rate fees fees rate rate
recoveries (years) (years)
Department of Veterans Affairs
Benefits Programs:
Veterans Housing Benefit Program Fund:
Acquired Direct Loans ................................................................................... 12.11 8.83 3.62 ...... -0.33 30 3.40 ...... ...... ...... ...... 26.95 26.90
Vendee Direct Loans ..................................................................................... -31.21 0.11 -29.91 -2.21 0.79 30 5.94 ...... 2.25 ...... ...... 5.07 77.50
Native American Veteran Housing Loan:
Native American Direct Loans ....................................................................... 15.83 ...... 19.05 -0.29 -2.94 30 1.98 ...... 0.30 ...... ...... ...... ......
Vocational Rehabilitation ............................................................................... 3.26 ...... 3.26 ...... ...... 1 ...... ...... ...... ...... ...... ...... ......
Corps of Engineers—Civil Works 1
Water Infrastructure Finance and Innovation, Corps .................................... 2.85 2.85 ...... ...... ...... 35 3.90 5 ...... ...... ...... 17.49 59.16
Environmental Protection Agency 1
Water Infrastructure Direct Loans.................................................................. 0.89 0.89 ...... ...... ...... 40 3.71 5 ...... ...... ...... 7.07 68.00
Small Business Administration
Business Loans:
7(m) Direct Microloans................................................................................... 9.37 1.85 7.76 ...... -0.24 10 2.11 1 ...... ...... ...... 7.88 67.91
Disaster Loans:
Disaster Assistance Loans ............................................................................ 18.75 10.57 10.16 ...... -1.98 26 2.90 1 ...... ...... ...... 29.01 30.53
Export-Import Bank of the United States 1
Export-Import Bank Loans:
Direct Loans: Export Financing ..................................................................... -6.20 4.79 -4.92 -6.06 ...... 15 4.55 ...... 6.08 ...... ...... 13.94 60.27
Make More In America Direct Loans ............................................................. -6.61 3.00 -3.55 -6.06 ...... 15 4.56 ...... 6.08 ...... ...... 8.40 59.98
1 Data reflect notional estimates. Estimates will be determined at the time of execution and will reflect the terms of the contracts and other characteristics.
12
Table 4. LOAN GUARANTEES: ASSUMPTIONS UNDERLYING THE 2026 SUBSIDY ESTIMATES
(In percentages, unless noted otherwise)
Composition of Subsidy Loan Characteristics
Subsidy Defaults, Loan Grace
Agency, Bureau, Program and Risk Category Borrower Upfront Annual Default Recovery Percent
Rate net of Interest Fees All other Maturity period Other fees
rate fees fees rate rate guaranteed
recoveries (years) (years)
Department of Agriculture
Farm Service Agency:
Agricultural Credit Insurance Fund:
Farm Ownership—Unsubsidized ................................................................. -0.53 0.59 ...... -1.12 ...... 20 8.50 ...... 1.13 ...... ...... 0.76 6.61 90.00
Farm Operating—Unsubsidized .................................................................. -0.26 0.99 ...... -1.25 ...... 5 7.50 ...... 1.25 ...... ...... 1.18 5.10 90.00
Commodity Credit Corporation Export Loans:
GSM 102 ...................................................................................................... -0.25 0.24 ...... -0.50 ...... 2 4.34 ...... 0.50 ...... ...... 0.62 68.21 98.00
Export Guarantee Program—Facilities ........................................................ -0.13 1.93 ...... -2.06 ...... 2 4.93 ...... 2.06 ...... ...... 4.80 66.11 100.00
Rural Housing Service:
Rural Community Facilities:
Community Facility Loan Guarantees ......................................................... -0.83 2.98 ...... -3.81 ...... 22 4.23 ...... 1.35 0.50 ...... 4.12 12.68 80.00
Rural Housing Insurance Fund:
Guaranteed 538 Multifamily Housing .......................................................... -0.88 3.25 ...... -4.14 ...... 39 5.94 ...... 0.63 0.30 ...... 7.18 38.95 89.92
Guaranteed 502 Single Family Housing ...................................................... -0.81 2.46 ...... -3.27 ...... 30 5.93 ...... 1.00 0.35 ...... 3.19 0.42 90.00
Rural Business-Cooperative Service:
Rural Business:
Business and Industry Loan Guarantees .................................................... 1.09 5.60 ...... -4.51 ...... 20 8.38 ...... 2.76 0.54 ...... 7.91 20.72 81.20
Rural Energy for America Program:
Renewable Energy Loan Guarantees ......................................................... 4.54 6.68 ...... -2.14 ...... 21 8.38 ...... 1.40 0.25 ...... 8.07 9.21 80.00
Rural Utilities Service:
Water and Waste Disposal Loan Guarantees ............................................. -0.19 0.80 ...... -0.99 ...... 20 4.23 ...... 1.10 ...... ...... 0.99 ...... 90.00
Forest Service:
Timber Production Expansion Guarantees ................................................. 7.00 7.00 ...... ...... ...... 20 7.28 ...... ...... ...... ...... 10.66 29.09 90.00
Department of Health and Human Services 1
Health Resources and Services Administration:
Facilities Renovation Loans ......................................................................... 2.51 2.51 ...... ...... ...... 20 8.25 ...... ...... ...... ...... 13.60 77.44 80.00
Department of Housing and Urban Development
Public and Indian Housing Programs:
Native American Programs:
Title VI Indian Federal Guarantees Program............................................... 5.13 5.13 ...... ...... ...... 14 5.51 1 ...... ...... ...... 8.76 26.90 95.00
Indian Housing Loan Guarantee Fund:
Indian Housing Loan Guarantee.................................................................. 0.74 1.46 ...... -1.00 0.27 30 5.94 5 1.00 ...... ...... 3.83 50.05 100.00
Native Hawaiian Housing Loan Guarantee Fund:
Native Hawaiian Housing Loan Guarantees ............................................... -0.47 0.53 ...... -1.00 ...... 30 5.94 ...... 1.00 ...... ...... 3.25 90.00 100.00
Community Planning and Development:
Section 108 Community Development Loan Guarantee (Fee) ................... 0.00 0.58 ...... -0.58 ...... 20 4.74 ...... 0.58 ...... ...... 2.88 78.72 100.00
13
Table 4. LOAN GUARANTEES: ASSUMPTIONS UNDERLYING THE 2026 SUBSIDY ESTIMATES – Continued
(In percentages, unless noted otherwise)
Composition of Subsidy Loan Characteristics
Subsidy Defaults, Loan Grace
Agency, Bureau, Program and Risk Category Borrower Upfront Annual Default Recovery Percent
Rate net of Interest Fees All other Maturity period Other fees
rate fees fees rate rate guaranteed
recoveries (years) (years)
Housing Programs:
FHA-Mutual Mortgage Insurance:
MMI Fund ..................................................................................................... -2.62 1.70 ...... -4.99 0.67 30 5.62 ...... 1.75 0.53 ...... 3.05 29.76 100.00
MMI HECM................................................................................................... -3.13 0.37 ...... -3.50 ...... 36 5.37 ...... 1.83 0.50 ...... 16.25 120.13 100.00
FHA-General and Special Risk:
Apartment New Construction / Substantial Rehab ...................................... -1.89 0.78 ...... -2.67 ...... 40 3.29 ...... 1.04 ...... ...... 2.63 67.28 100.00
Tax Credits................................................................................................... -1.96 0.37 ...... -2.34 ...... 40 3.03 ...... 0.72 ...... ...... 1.18 64.95 100.00
Apartment Refinances ................................................................................. -1.71 0.11 ...... -1.82 ...... 35 2.76 ...... 0.53 ...... ...... 0.41 71.43 100.00
Housing Finance Agency Risk Sharing ....................................................... -0.90 0.05 ...... -0.94 ...... 38 0.28 ...... 0.13 ...... ...... 0.26 82.88 60.47
Residential Care Facilities ........................................................................... -3.70 2.13 ...... -5.83 ...... 37 3.28 ...... 1.55 ...... ...... 4.64 48.80 100.00
Residential Care Facility Refinances ........................................................... -3.42 1.86 ...... -5.28 ...... 40 2.77 ...... 1.25 ...... ...... 3.17 33.45 100.00
Hospitals ...................................................................................................... -5.27 0.25 ...... -5.52 ...... 25 3.06 ...... 1.33 ...... ...... 0.51 44.59 100.00
Other Rental................................................................................................. -2.83 0.59 ...... -3.42 ...... 40 3.32 ...... 1.52 ...... ...... 1.97 69.16 100.00
Title 1 Property Improvement ...................................................................... -2.46 3.22 ...... -5.68 ...... 20 5.61 ...... ...... 6.71 ...... 4.84 16.22 100.00
Title 1 Manufactured Housing ...................................................................... -6.87 2.86 ...... -9.74 ...... 20 5.61 ...... 2.25 9.40 ...... 4.78 21.53 100.00
Government National Mortgage Association:
Guarantees of Mortgage-backed Securities ................................................ -0.25 0.01 ...... -0.24 -0.02 31 6.61 ...... ...... 0.06 ...... 0.08 87.45 100.00
Department of the Interior
Bureau of Indian Affairs:
Indian Guaranteed Loan:
Indian Guaranteed Loans ............................................................................ 4.90 3.53 3.18 -1.80 ...... 13 6.00 ...... 1.80 ...... ...... 6.41 16.87 90.00
Indian Insured Loans ................................................................................... 6.78 4.60 3.08 -0.90 ...... 7 7.00 ...... 0.90 ...... ...... 6.35 5.00 90.00
International Assistance Programs 1
International Security Assistance:
FMF Guaranteed Loan Program ................................................................. 1.25 6.35 ...... -5.10 ...... 12 4.80 1 ...... 0.44 ...... 8.32 ...... 80.00
United States International Development Finance Corporation:
Insurance of Debt:
Insurance of Debt......................................................................................... 0.00 4.29 ...... -4.29 ...... 25 3.73 8 ...... ...... 5.77 49.46 85.00 100.00
Program Account:
Mission-led Guarantees ............................................................................... 4.48 5.46 ...... -0.99 ...... 7 ...... 3 0.84 0.66 ...... 6.20 5.40 55.88
Loan Guarantees ......................................................................................... 1.12 4.91 ...... -3.78 ...... 5 5.26 ...... 0.06 1.59 ...... 9.45 48.73 100.00
Loan Guarantees in Foreign Currencies ..................................................... 3.95 14.35 ...... -10.40 ...... 10 6.39 3 ...... 2.00 ...... 37.10 65.14 100.00
Department of Veterans Affairs
Benefits Programs:
Housing Guaranteed Loans ......................................................................... 0.15 0.90 ...... -0.75 ...... 30 5.94 ...... 0.73 0.03 ...... 2.52 56.08 25.00
Small Business Administration
Business Loans:
7(a) General Business Loan Guarantees .................................................... 0.00 4.50 ...... -4.51 ...... 16 8.57 ...... 2.72 2.04 ...... 7.05 31.18 73.19
14
Table 4. LOAN GUARANTEES: ASSUMPTIONS UNDERLYING THE 2026 SUBSIDY ESTIMATES – Continued
(In percentages, unless noted otherwise)
Composition of Subsidy Loan Characteristics
Subsidy Defaults, Loan Grace
Agency, Bureau, Program and Risk Category Borrower Upfront Annual Default Recovery Percent
Rate net of Interest Fees All other Maturity period Other fees
rate fees fees rate rate guaranteed
recoveries (years) (years)
Section 504 Certified Development Companies Debentures...................... 0.00 3.37 ...... -3.73 0.37 25 4.37 ...... 1.27 2.92 ...... 6.32 43.61 100.00
SBIC Debentures ......................................................................................... 0.00 5.48 ...... -5.50 0.02 10 4.35 ...... 3.11 2.80 ...... 22.45 74.96 100.00
Secondary Market Guarantee...................................................................... 0.00 ...... ...... ...... ...... 18 6.86 ...... ...... ...... ...... ...... ...... 100.00
504 Commercial Real Estate (CRE) Refinance Program ........................... 0.00 3.36 ...... -3.73 0.37 24 4.39 ...... 1.27 2.90 ...... 6.28 43.45 100.00
Export-Import Bank of the United States
Export-Import Bank Loans:
Short Term Insurance .................................................................................. 0.00 1.30 ...... -1.30 ...... 2 3.00 ...... 1.30 ...... ...... 1.81 25.00 100.00
Medium Term Insurance .............................................................................. -5.60 0.46 ...... -6.06 ...... 5 6.00 ...... 6.06 ...... ...... 2.17 76.95 100.00
Medium Term Guarantees ........................................................................... -2.59 1.90 ...... -4.49 ...... 5 6.00 ...... 4.51 ...... ...... 5.25 60.70 100.00
Long Term Guarantees................................................................................ -9.51 3.56 ...... -13.07 ...... 10 6.00 ...... 13.11 ...... ...... 10.31 60.70 100.00
Working Capital Fund .................................................................................. 0.00 0.50 ...... -0.50 ...... 1 0.68 ...... 0.50 ...... ...... 0.51 ...... 100.00
1 Data reflect notional estimates. Estimates will be determined at the time of execution and will reflect the terms of the contracts and other characteristics.
15
Table 5. DIRECT LOANS: ASSUMPTIONS UNDERLYING THE 2027 SUBSIDY ESTIMATES
(In percentages, unless noted otherwise)
Composition of Subsidy Loan Characteristics
Subsidy Defaults, Loan Grace
Agency, Bureau, Program and Risk Category Borrower Upfront Annual Default Recovery
Rate net of Interest Fees All other Maturity period Other fees
rate fees fees rate rate
recoveries (years) (years)
Department of Agriculture
Farm Service Agency:
Agricultural Credit Insurance Fund:
Farm Ownership ............................................................................................ 2.47 0.25 3.02 ...... -0.80 32 3.67 ...... ...... ...... ...... 1.05 36.39
Farm Operating .............................................................................................. -0.55 2.60 -3.73 ...... 0.58 8 4.44 ...... ...... ...... ...... 3.79 4.89
Emergency Disaster....................................................................................... 7.38 7.72 -0.19 ...... -0.15 12 3.75 ...... ...... ...... ...... 12.85 7.18
Farm Storage Facility Loans:
Farm Storage Facility Loans .......................................................................... -0.51 0.01 -0.20 -0.27 -0.05 10 3.60 ...... 0.27 ...... ...... 0.02 50.00
Sugar Storage Facility Loans......................................................................... -1.20 0.01 -1.51 ...... 0.30 15 3.91 ...... ...... ...... ...... 0.03 50.00
Rural Housing Service:
Rural Community Facilities:
Community Facility Loans.............................................................................. -1.37 3.54 -5.14 ...... 0.24 33 4.20 1 ...... ...... ...... 8.23 0.57
Rural Housing Insurance Fund:
Section 502 Single Family Housing ............................................................... 13.29 3.78 7.72 ...... 1.78 34 4.09 1 ...... ...... ...... 20.95 44.24
Section 515 Multifamily Housing ................................................................... 33.28 1.02 34.29 ...... -2.03 30 1.00 ...... ...... ...... ...... 2.80 1.86
Section 504 Housing Repair .......................................................................... 17.08 -0.02 22.46 ...... -5.36 20 1.00 ...... ...... ...... ...... 0.22 100.99
Section 514 Farm Labor Housing .................................................................. 33.71 0.09 34.11 ...... -0.50 33 1.00 1 ...... ...... ...... 0.23 7.22
Single Family Housing Credit Sales .............................................................. -2.99 2.19 -6.85 ...... 1.67 30 4.40 ...... ...... ...... ...... 14.83 51.79
Multifamily Housing Revitalization Seconds .................................................. 64.71 0.29 64.50 ...... -0.08 37 1.00 31 ...... ...... ...... 1.06 ......
Multifamily Housing Revitalization Zero......................................................... 55.28 0.20 55.29 ...... -0.22 30 ...... ...... ...... ...... ...... 0.79 ......
Rural Business-Cooperative Service:
Rural Economic Development Loans ............................................................ 16.81 ...... 17.51 ...... -0.71 10 ...... 1 ...... ...... ...... ...... ......
Rural Utilities Service:
Rural Water and Waste Disposal:
Water and Waste Disposal Loans ................................................................. 7.16 0.10 11.82 ...... -4.76 39 3.04 1 ...... ...... ...... 0.23 0.47
Rural Electrification and Telecommunications Loans:
Treasury Electric Loans ................................................................................. -1.93 ...... ...... ...... -1.93 32 3.83 1 ...... ...... ...... ...... ......
FFB Electric Loans......................................................................................... -5.04 ...... -3.95 ...... -1.09 30 4.13 1 ...... ...... ...... 0.01 ......
FFB Telecommunications Loans ................................................................... -2.95 0.07 -0.58 ...... -2.45 16 3.90 1 ...... ...... ...... 0.13 ......
Department of Commerce
National Oceanic and Atmospheric Administration:
Fisheries Finance:
Individual Fishing Quota Loans ..................................................................... -12.38 0.05 -22.25 -0.82 10.64 23 5.84 ...... 0.50 ...... ...... 1.50 98.28
Traditional Direct Loans ................................................................................. -6.52 2.00 -15.39 -0.57 7.44 15 5.73 ...... 0.50 ...... ...... 3.53 27.34
National Institute of Standards and Technology: 1
CHIPS Direct Loans....................................................................................... 3.11 8.35 -6.39 ...... 1.15 15 4.39 10 ...... ...... ...... 21.39 45.00
17
Table 5. DIRECT LOANS: ASSUMPTIONS UNDERLYING THE 2027 SUBSIDY ESTIMATES – Continued
(In percentages, unless noted otherwise)
Composition of Subsidy Loan Characteristics
Subsidy Defaults, Loan Grace
Agency, Bureau, Program and Risk Category Borrower Upfront Annual Default Recovery
Rate net of Interest Fees All other Maturity period Other fees
rate fees fees rate rate
recoveries (years) (years)
Department of War—Military Programs
Procurement:
Defense Strategic Capital Credit Program:
Office of Strategic Capital Direct Loans 1....................................................... 10.00 14.71 -4.46 -0.25 ...... 12 5.01 3 ...... ...... 0.25 33.99 45.00
Office of Strategic Capital Direct Loans (Legislative Proposal) .................... 9.98 12.47 -2.24 -0.25 ...... 40 5.01 ...... ...... ...... 0.25 27.92 45.00
Department of Education
Office of Postsecondary Education:
Historically Black Colleges and Universities.................................................. 5.18 7.90 -1.36 -1.37 ...... 30 3.72 ...... ...... ...... 2.08 13.54 ......
Office of Federal Student Aid:
TEACH Grant:
TEACH Grants ............................................................................................... 47.47 3.08 75.69 ...... -31.30 11 6.02 ...... ...... ...... ...... 19.24 93.43
Federal Direct Student Loan:
Consolidation ................................................................................................. 36.77 2.58 23.52 ...... 10.67 22 6.13 ...... ...... ...... ...... 16.29 76.98
PLUS .............................................................................................................. -16.71 3.25 8.28 -4.23 -24.01 16 8.16 ...... 4.23 ...... ...... 16.27 76.82
Stafford........................................................................................................... 20.01 4.15 26.91 -1.06 -10.00 15 5.63 ...... 1.06 ...... ...... 24.65 88.01
Unsubsidized Stafford.................................................................................... 10.98 3.75 25.04 -1.06 -16.76 16 6.18 ...... 1.06 ...... ...... 21.42 82.45
Weighted Average of Total Obligations ......................................................... 16.57 3.38 22.68 -1.14 -8.34 19 6.34 ...... 1.14 ...... ...... 19.64 80.84
Department of Energy 1
Energy Programs:
Title 17 Innovative Technology Loan Guarantee Program:
Section 1703 FFB Loans ............................................................................... 3.33 7.78 -4.44 ...... ...... 15 3.98 4 ...... ...... ...... 22.30 55.00
Section 1706 FFB Loans ............................................................................... 0.00 1.12 -1.12 ...... ...... 30 3.88 5 ...... ...... ...... 8.79 80.00
Tribal Energy Loan Guarantee Program:
Tribal Energy FFB Loans ............................................................................... 0.07 3.99 -3.92 ...... ...... 25 4.12 ...... ...... ...... ...... 14.29 55.00
Department of Homeland Security 1
Federal Emergency Management Agency:
Community Disaster Loan Program .............................................................. 91.08 0.02 4.98 ...... 86.08 5 3.44 ...... ...... ...... ...... 0.03 ......
Department of State
Administration of Foreign Affairs:
Repatriation Loans......................................................................................... 65.53 36.76 0.52 ...... 28.25 1 1.00 1 ...... ...... ...... 94.00 64.21
International Assistance Programs 1
International Security Assistance:
FMF Direct Loan Program ............................................................................. 0.63 2.82 -2.19 ...... ...... 17 3.98 1 ...... ...... ...... 4.19 ......
United States International Development Finance Corporation:
Program Account:
Direct Loans ................................................................................................... -3.73 8.37 ...... -12.11 ...... 10 3.55 2 0.42 2.25 ...... 21.21 55.80
18
Table 5. DIRECT LOANS: ASSUMPTIONS UNDERLYING THE 2027 SUBSIDY ESTIMATES – Continued
(In percentages, unless noted otherwise)
Composition of Subsidy Loan Characteristics
Subsidy Defaults, Loan Grace
Agency, Bureau, Program and Risk Category Borrower Upfront Annual Default Recovery
Rate net of Interest Fees All other Maturity period Other fees
rate fees fees rate rate
recoveries (years) (years)
Direct Loan Investment Funds....................................................................... -12.65 12.56 0.39 -25.61 ...... 10 3.43 ...... ...... 0.16 ...... 17.39 ......
Direct Loans in Foreign Currencies ............................................................... 8.42 9.60 3.06 -6.41 2.17 6 2.62 2 0.93 1.46 6.86 18.06 41.96
Department of Transportation 1
Office of the Secretary:
TIFIA Highway Trust Fund:
TIFIA Direct Loans ......................................................................................... 2.28 1.62 0.66 ...... ...... 40 3.98 5 ...... ...... ...... 15.86 78.10
Railroad Rehabilitation and Improvement Program:
Railroad Rehabilitation and Improvement Financing Direct Loans ............... 0.94 1.37 -0.43 ...... ...... 35 3.95 5 ...... ...... ...... 10.21 64.92
Maritime Administration:
Federal Ship Financing FFB Loan Guarantees ............................................. 1.28 10.60 -3.65 -5.67 ...... 20 4.22 ...... 5.67 ...... ...... 21.24 23.07
Department of the Treasury
Departmental Offices:
CDFI Rural Financial Assistance Program .................................................... 8.16 6.69 1.47 ...... ...... 13 3.66 ...... ...... ...... ...... 9.71 ......
Department of Veterans Affairs
Benefits Programs:
Veterans Housing Benefit Program Fund:
Acquired Direct Loans ................................................................................... 11.24 5.60 6.62 ...... -0.97 30 3.35 ...... ...... ...... ...... 28.02 39.58
Vendee Direct Loans ..................................................................................... -26.57 0.30 -25.48 -2.21 0.83 30 5.86 ...... 2.25 ...... ...... 5.34 70.90
Native American Veteran Housing Loan:
Native American Direct Loans ....................................................................... 6.56 ...... 7.91 -0.27 -1.09 30 3.15 ...... 0.35 ...... 0.15 ...... ......
Vocational Rehabilitation ............................................................................... 2.84 ...... 2.84 ...... ...... 1 ...... ...... ...... ...... ...... ...... ......
Corps of Engineers—Civil Works 1
Water Infrastructure Finance and Innovation, Corps .................................... 2.99 3.00 ...... ...... ...... 35 4.30 5 ...... ...... ...... 20.64 58.97
Environmental Protection Agency 1
Water Infrastructure Direct Loans.................................................................. 0.86 0.86 ...... ...... ...... 40 4.00 5 ...... ...... ...... 7.29 68.00
Small Business Administration
Business Loans:
7(m) Direct Microloans................................................................................... 9.23 1.69 7.83 ...... -0.29 10 2.05 1 ...... ...... ...... 7.45 68.83
Disaster Loans:
Disaster Assistance Loans ............................................................................ 18.37 9.54 12.12 ...... -3.28 26 2.88 1 ...... ...... ...... 28.21 31.56
Export-Import Bank of the United States 1
Export-Import Bank Loans:
Direct Loans: Export Financing ..................................................................... -5.14 6.08 -5.36 -5.87 ...... 12 4.58 ...... 6.60 ...... 0.50 13.84 50.04
Make More In America Direct Loans ............................................................. -5.47 6.34 -4.58 -7.22 ...... 10 4.53 ...... 8.20 ...... 0.50 18.21 60.83
1 Data reflect notional estimates. Estimates will be determined at the time of execution and will reflect the terms of the contracts and other characteristics.
19
Table 6. LOAN GUARANTEES: ASSUMPTIONS UNDERLYING THE 2027 SUBSIDY ESTIMATES
(In percentages, unless noted otherwise)
Composition of Subsidy Loan Characteristics
Subsidy Defaults, Loan Grace
Agency, Bureau, Program and Risk Category Borrower Upfront Annual Default Recovery Percent
Rate net of Interest Fees All other Maturity period Other fees
rate fees fees rate rate guaranteed
recoveries (years) (years)
Department of Agriculture
Farm Service Agency:
Agricultural Credit Insurance Fund:
Farm Ownership—Unsubsidized ................................................................. -0.58 0.60 ...... -1.18 ...... 20 5.75 ...... 1.19 ...... ...... 0.76 6.61 92.83
Farm Operating—Unsubsidized .................................................................. -0.44 0.87 ...... -1.32 ...... 5 6.50 ...... 1.32 ...... ...... 1.04 5.10 92.03
Commodity Credit Corporation Export Loans:
GSM 102 ...................................................................................................... -0.20 0.30 ...... -0.51 ...... 2 4.50 ...... 0.51 ...... ...... 0.75 67.41 98.00
Export Guarantee Program—Facilities ........................................................ -1.79 1.58 ...... -3.37 ...... 5 5.00 ...... 3.37 ...... ...... 3.96 66.11 100.00
Rural Housing Service:
Rural Community Facilities:
Community Facility Loan Guarantees ......................................................... -0.98 2.92 ...... -3.90 ...... 24 4.19 ...... 1.35 0.50 ...... 4.08 12.82 80.00
Rural Housing Insurance Fund:
Guaranteed 538 Multifamily Housing .......................................................... -2.16 2.13 ...... -4.29 ...... 39 5.86 ...... 0.63 0.30 ...... 4.80 53.79 89.93
Guaranteed 502 Single Family Housing ...................................................... -0.79 2.49 ...... -3.28 ...... 30 5.82 ...... 1.00 0.35 ...... 3.25 0.40 90.00
Rural Business-Cooperative Service:
Rural Business:
Business and Industry Loan Guarantees .................................................... 1.93 6.48 ...... -4.55 ...... 21 8.60 ...... 2.76 0.54 ...... 9.02 19.57 81.20
Rural Energy for America Program:
Renewable Energy Loan Guarantees ......................................................... 3.78 6.00 ...... -2.22 ...... 21 7.75 ...... 1.40 0.25 ...... 7.29 8.73 80.00
Rural Utilities Service:
Water and Waste Disposal Loan Guarantees ............................................. -0.22 0.77 ...... -0.99 ...... 22 4.20 ...... 1.10 ...... ...... 0.96 ...... 90.00
Department of Health and Human Services
Administration for a Healthy America:
AHA Facilities Renovation Loans ................................................................ 2.55 2.55 ...... ...... ...... 20 8.25 ...... ...... ...... ...... 13.60 77.44 80.00
Department of Housing and Urban Development
Public and Indian Housing Programs:
Native American Programs:
Title VI Indian Federal Guarantees Program............................................... 4.85 4.85 ...... ...... ...... 14 5.14 1 ...... ...... ...... 8.29 26.90 95.00
Indian Housing Loan Guarantee Fund:
Indian Housing Loan Guarantee.................................................................. 0.00 1.27 ...... -1.50 0.23 30 5.86 5 1.50 ...... ...... 3.23 49.30 100.00
Housing Programs:
FHA-Mutual Mortgage Insurance:
MMI Fund ..................................................................................................... -3.14 1.33 ...... -5.15 0.68 30 5.35 ...... 1.75 0.53 ...... 2.26 28.62 100.00
MMI HECM................................................................................................... -3.12 0.23 ...... -3.35 ...... 36 5.34 ...... 1.79 0.50 ...... 16.05 122.71 100.00
FHA-General and Special Risk:
Apartment New Construction / Substantial Rehab ...................................... -1.84 0.65 ...... -2.49 ...... 40 3.29 ...... 1.05 ...... ...... 2.25 70.27 100.00
Tax Credits................................................................................................... -1.98 0.37 ...... -2.35 ...... 40 3.03 ...... 0.73 ...... ...... 1.24 66.10 100.00
Apartment Refinances ................................................................................. -1.79 0.08 ...... -1.87 ...... 35 2.76 ...... 0.74 ...... ...... 0.31 70.11 100.00
21
Table 6. LOAN GUARANTEES: ASSUMPTIONS UNDERLYING THE 2027 SUBSIDY ESTIMATES – Continued
(In percentages, unless noted otherwise)
Composition of Subsidy Loan Characteristics
Subsidy Defaults, Loan Grace
Agency, Bureau, Program and Risk Category Borrower Upfront Annual Default Recovery Percent
Rate net of Interest Fees All other Maturity period Other fees
rate fees fees rate rate guaranteed
recoveries (years) (years)
Housing Finance Agency Risk Sharing ....................................................... -1.14 0.01 ...... -1.15 ...... 38 0.28 ...... 0.13 ...... ...... 0.06 86.00 60.47
Residential Care Facilities ........................................................................... -2.54 2.87 ...... -5.41 ...... 37 3.28 ...... 1.54 ...... ...... 6.08 48.60 100.00
Residential Care Facility Refinances ........................................................... -3.68 1.80 ...... -5.47 ...... 40 2.77 ...... 1.30 ...... ...... 3.10 31.76 100.00
Hospitals ...................................................................................................... -4.64 0.35 ...... -4.99 ...... 25 3.06 ...... 1.34 ...... ...... 0.70 42.32 100.00
Other Rental................................................................................................. -3.32 0.32 ...... -3.64 ...... 40 3.32 ...... 1.57 ...... ...... 1.07 69.30 100.00
Title 1 Property Improvement ...................................................................... -3.29 2.76 ...... -6.05 ...... 20 5.61 ...... ...... 7.21 ...... 4.15 16.20 100.00
Title 1 Manufactured Housing ...................................................................... -7.48 2.67 ...... -10.15 ...... 20 5.61 ...... 2.25 9.99 ...... 4.47 21.44 100.00
Government National Mortgage Association:
Guarantees of Mortgage-backed Securities ................................................ -0.25 0.01 ...... -0.25 -0.02 31 6.28 ...... ...... 0.06 ...... 0.07 84.07 100.00
International Assistance Programs 1
International Security Assistance:
FMF Guaranteed Loan Program ................................................................. 0.00 2.31 ...... -2.31 ...... 17 4.05 1 ...... 0.31 ...... 3.48 ...... 80.00
United States International Development Finance Corporation:
Insurance of Debt:
Insurance of Debt......................................................................................... 0.00 4.53 ...... -4.53 ...... 19 ...... 7 ...... ...... 5.71 53.71 85.00 100.00
Program Account:
Mission-led Guarantees ............................................................................... 8.10 10.55 ...... -2.45 ...... 8 ...... 1 0.95 0.71 ...... 6.25 5.40 55.07
Loan Guarantees ......................................................................................... 2.21 4.86 ...... -2.65 ...... 7 3.70 ...... 0.15 2.88 ...... 11.21 55.42 100.00
Loan Guarantees in Foreign Currencies ..................................................... 0.95 8.25 ...... -7.29 ...... 9 3.43 4 0.17 1.28 ...... 17.30 49.75 100.00
Department of Veterans Affairs
Benefits Programs:
Housing Guaranteed Loans ......................................................................... 0.28 0.91 ...... -0.63 ...... 30 5.86 ...... 0.60 0.03 ...... 2.48 55.74 25.00
Small Business Administration
Business Loans:
7(a) General Business Loan Guarantees .................................................... 0.00 4.40 ...... -4.40 ...... 16 8.06 ...... 2.54 2.11 ...... 6.85 31.16 73.55
Section 504 Certified Development Companies Debentures...................... 0.00 3.11 ...... -3.45 0.34 25 4.28 ...... 1.21 2.66 ...... 5.88 44.40 100.00
SBIC Debentures ......................................................................................... 0.00 5.95 ...... -5.97 0.01 10 4.36 ...... 3.11 3.36 ...... 23.49 73.19 100.00
Secondary Market Guarantee...................................................................... 0.00 ...... ...... ...... ...... 17 5.79 ...... ...... ...... ...... ...... ...... 100.00
504 Commercial Real Estate (CRE) Refinance Program ........................... 0.00 3.04 ...... -3.39 0.35 24 4.32 ...... 1.18 2.62 ...... 5.78 44.56 100.00
Export-Import Bank of the United States
Export-Import Bank Loans:
Short Term Insurance .................................................................................. 0.00 1.58 ...... -1.58 ...... 2 3.00 ...... 1.58 ...... ...... 1.81 9.59 100.00
Medium Term Insurance .............................................................................. -5.60 0.97 ...... -6.56 ...... 5 4.30 ...... 6.50 ...... 0.12 1.89 44.82 100.00
Medium Term Guarantees ........................................................................... -2.85 2.82 ...... -5.67 ...... 7 4.30 ...... 5.62 ...... 0.12 6.25 50.04 100.00
Long Term Guarantees................................................................................ -3.92 7.05 ...... -10.97 ...... 12 4.30 ...... 12.62 ...... 0.50 16.14 50.04 100.00
Working Capital Fund .................................................................................. 0.00 0.50 ...... -0.50 ...... 1 0.68 ...... 0.50 ...... ...... 0.51 ...... 100.00
1 Data reflect notional estimates. Estimates will be determined at the time of execution and will reflect the terms of the contracts and other characteristics.
22
Table 7. DIRECT LOANS: SUBSIDY REESTIMATES 1
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
Department of Agriculture
Farm Service Agency:
Agricultural Credit Insurance Fund:
Farm Ownership:
FY 1992 ....................................................................................................... 22.64 18.27 -2.27 -2.10 54 -7,610 4,781 65,611 2,258
FY 1993 ....................................................................................................... 8.50 12.91 6.38 -1.97 * -7,513 -4,358 66,128 1,975
FY 1994 ....................................................................................................... 9.81 15.97 7.95 -1.79 -31 -1,723 22 80,218 2,587
FY 1995 ....................................................................................................... 22.31 16.82 1.17 -6.66 44 -2,575 936 55,033 1,923
FY 1996 ....................................................................................................... 19.04 14.82 1.16 -5.38 51 -3,275 1,675 86,955 2,942
FY 1997 ....................................................................................................... 21.03 12.12 2.14 -11.05 74 -9,909 -4,687 78,529 3,374
FY 1998 ....................................................................................................... 13.04 10.65 8.09 -10.48 102 -1,123 1,590 80,585 6,563
FY 1999 ....................................................................................................... 14.97 8.05 5.73 -12.65 246 -17,210 5,950 160,245 10,617
FY 2000 ....................................................................................................... 3.77 8.73 10.20 -5.24 -158 14,075 -9,353 225,954 15,886
FY 2001 ....................................................................................................... 10.77 3.22 -6.80 -0.75 138 -13,293 -10,267 160,440 12,790
FY 2002 ....................................................................................................... 2.63 0.23 -1.91 -0.49 -283 -2,581 -3,029 173,368 16,077
FY 2003 ....................................................................................................... 11.61 -0.90 -8.04 -4.47 -298 -20,818 -2,949 164,246 17,120
FY 2004 ....................................................................................................... 22.08 0.42 -0.57 -21.09 -500 -31,571 -14,222 140,044 16,816
FY 2005 ....................................................................................................... 5.35 0.81 -4.40 -0.14 -136 -8,322 2,267 263,980 35,291
FY 2006 ....................................................................................................... 5.12 1.79 -0.91 -2.42 -122 -4,866 -2,718 269,837 38,101
FY 2007 ....................................................................................................... 4.19 -0.02 -2.47 -1.74 -67 -9,206 -7,725 297,394 46,131
FY 2008 ....................................................................................................... 4.45 -1.09 -8.75 3.21 -338 -22,196 -14,148 373,842 71,539
FY 2009 ....................................................................................................... 6.35 3.26 -13.00 9.91 -1,473 -21,165 -2,807 546,318 132,100
FY 2010 ....................................................................................................... 4.08 1.98 4.98 -7.08 -1,599 -16,903 -945 689,487 177,963
FY 2011 ....................................................................................................... 6.92 1.28 -8.78 3.14 -1,084 -33,532 -30,746 566,293 175,374
FY 2012 ....................................................................................................... 4.80 -2.53 -12.39 5.06 -777 -40,647 -38,216 517,736 184,830
FY 2013 ....................................................................................................... 4.24 1.56 -8.56 5.88 -1,072 -12,548 -10,422 436,902 193,787
FY 2014 ....................................................................................................... 0.77 3.22 3.61 -1.16 -2,215 22,744 26,474 969,693 450,314
FY 2015 ....................................................................................................... -1.37 -2.74 -12.44 11.07 -2,273 -17,906 -17,344 974,170 488,082
FY 2016 ....................................................................................................... -2.73 -3.51 -10.75 9.97 -1,539 -11,123 -12,857 986,895 541,157
FY 2017 ....................................................................................................... -1.62 -0.90 -8.40 9.12 -1,380 5,560 3,793 1,013,610 602,884
FY 2018 ....................................................................................................... -3.80 1.19 -2.44 7.43 -2,174 55,691 53,298 1,118,024 721,379
FY 2019 ....................................................................................................... -1.31 -3.59 -5.04 2.76 -4,463 -41,758 -41,539 1,437,097 1,020,307
FY 2020 ....................................................................................................... -0.08 -9.71 -27.66 18.03 -5,248 -176,519 -189,394 2,022,338 1,592,810
FY 2021 ....................................................................................................... -5.81 -7.00 -6.53 5.34 -3,667 -26,934 -30,022 2,079,795 1,740,466
FY 2022 ....................................................................................................... -12.27 0.25 14.52 -2.00 -1,367 219,680 216,620 1,809,424 1,608,339
FY 2023 ....................................................................................................... -6.69 5.70 16.94 -4.55 -787 217,250 209,139 1,780,793 1,631,827
23
Table 7. DIRECT LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2024 ....................................................................................................... -0.75 5.59 4.56 1.78 95,274 128,582 121,716 2,020,361 1,943,340
FY 2025 ....................................................................................................... 1.95 6.62 ...... 4.67 98,931 98,931 94,644 1,906,841 1,900,006
Farm Operating:
FY 1992 ....................................................................................................... 15.71 7.84 -15.12 7.25 43 -59,453 -45,838 561,497 214
FY 1993 ....................................................................................................... 12.75 7.36 -2.02 -3.37 -142 -62,299 -57,047 538,014 642
FY 1994 ....................................................................................................... 12.36 11.18 1.84 -3.02 62 -22,039 -71,797 643,367 638
FY 1995 ....................................................................................................... 12.63 15.26 0.39 2.24 -267 1,048 2,889 433,220 488
FY 1996 ....................................................................................................... 12.98 11.16 -5.67 3.85 4 -23,915 30,622 560,669 714
FY 1997 ....................................................................................................... 12.59 11.46 0.99 -2.12 -88 -18,610 16,767 510,320 1,352
FY 1998 ....................................................................................................... 6.57 10.11 12.40 -8.86 -31 8,012 18,315 553,109 602
FY 1999 ....................................................................................................... 6.83 8.79 11.61 -9.65 48 -14,635 61,031 780,474 2,493
FY 2000 ....................................................................................................... 5.86 11.01 3.65 1.50 -37 19,553 -3,838 662,049 1,648
FY 2001 ....................................................................................................... 9.02 7.59 -1.04 -0.39 -218 -23,018 -20,700 685,221 2,229
FY 2002 ....................................................................................................... 8.93 5.72 -3.81 0.60 -93 -32,859 -17,366 662,483 2,045
FY 2003 ....................................................................................................... 17.25 3.15 -2.94 -11.16 -41 -100,961 -104,732 685,178 2,791
FY 2004 ....................................................................................................... 14.42 3.35 -1.10 -9.97 -59 -69,866 -61,796 605,320 2,305
FY 2005 ....................................................................................................... 10.09 4.52 -0.18 -5.39 -63 -34,461 -21,342 551,503 3,303
FY 2006 ....................................................................................................... 9.95 5.46 0.88 -5.37 192 -30,698 -11,497 625,078 4,642
FY 2007 ....................................................................................................... 11.69 5.26 -0.44 -5.99 -210 -36,801 -38,681 582,335 5,565
FY 2008 ....................................................................................................... 12.69 5.31 -3.29 -4.09 -164 -44,096 -42,176 609,705 6,939
FY 2009 ....................................................................................................... 11.79 3.78 -5.07 -2.94 -552 -83,133 -84,669 1,015,068 23,511
FY 2010 ....................................................................................................... 4.74 1.78 0.10 -3.06 -736 -37,098 -44,004 1,170,870 23,638
FY 2011 ....................................................................................................... 6.06 1.42 -4.36 -0.28 -225 -47,439 -57,754 1,004,063 24,196
FY 2012 ....................................................................................................... 5.63 1.52 -3.66 -0.45 -216 -46,693 -50,173 1,112,615 30,819
FY 2013 ....................................................................................................... 5.57 3.03 -2.69 0.15 147 -27,488 -23,949 1,001,547 33,099
FY 2014 ....................................................................................................... 5.48 0.99 1.05 -5.54 -211 -54,559 -48,862 1,134,141 49,184
FY 2015 ....................................................................................................... 5.04 -0.30 -2.39 -2.95 -1,065 -66,475 -63,200 1,183,708 80,001
FY 2016 ....................................................................................................... 4.31 -0.54 -3.81 -1.04 -1,226 -68,998 -64,129 1,259,756 96,830
FY 2017 ....................................................................................................... 4.26 -0.14 -2.25 -2.15 -1,138 -52,689 -50,328 1,202,782 84,986
FY 2018 ....................................................................................................... 4.04 0.47 0.36 -3.93 -3,095 -39,440 -35,819 1,040,169 88,048
FY 2019 ....................................................................................................... 3.90 0.05 -0.49 -3.36 -3,943 -45,084 -43,305 1,057,146 129,804
FY 2020 ....................................................................................................... 3.77 -0.30 -7.73 3.66 -6,802 -32,145 -41,900 1,160,540 185,759
FY 2021 ....................................................................................................... 2.37 1.48 -3.08 2.19 -5,022 21,605 18,338 921,927 169,738
FY 2022 ....................................................................................................... 2.45 2.27 3.43 -3.61 -3,679 -9,939 -6,559 786,237 184,585
FY 2023 ....................................................................................................... 1.44 2.02 6.05 -5.48 -1,338 -10,802 -6,919 832,235 260,969
FY 2024 ....................................................................................................... 1.69 1.54 1.32 -1.47 42,441 -18,335 -17,778 974,364 489,060
FY 2025 ....................................................................................................... -0.61 -0.07 ...... 0.54 1,991 1,991 1,907 989,022 931,221
24
Table 7. DIRECT LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
Emergency Disaster:
FY 1992 ....................................................................................................... 20.26 22.00 11.59 -9.85 14 -4,369 14,279 73,854 ......
FY 1993 ....................................................................................................... 24.27 23.92 2.87 -3.22 44 -5,848 12,756 57,939 ......
FY 1994 ....................................................................................................... 28.00 21.08 5.52 -12.44 -225 -10,234 13,970 144,191 60
FY 1995 ....................................................................................................... 31.90 26.17 -0.59 -5.14 71 -3,783 1,930 66,875 52
FY 1996 ....................................................................................................... 29.34 24.73 -1.24 -3.37 238 -6,335 820 172,884 123
FY 1997 ....................................................................................................... 30.41 24.97 -0.07 -5.37 740 -8,868 -4,370 142,781 583
FY 1998 ....................................................................................................... 24.03 18.58 10.61 -16.06 128 -6,934 -2,247 95,639 1
FY 1999 ....................................................................................................... 23.60 25.27 11.83 -10.16 2,333 16,087 7,173 308,461 1,525
FY 2000 ....................................................................................................... 15.53 21.65 5.08 1.04 547 14,904 -5,591 149,299 293
FY 2001 ....................................................................................................... 24.53 17.61 -3.80 -3.12 298 -3,768 -4,659 89,270 142
FY 2002 ....................................................................................................... 13.45 13.02 -4.52 4.09 138 816 -2,414 57,800 ......
FY 2003 ....................................................................................................... 20.39 4.55 -9.42 -6.42 -151 -9,788 -31,809 94,815 20
FY 2004 ....................................................................................................... 13.83 5.50 -1.02 -7.31 19 -2,183 -3,396 29,743 *
FY 2005 ....................................................................................................... 12.94 11.94 -1.88 0.88 27 401 137 23,050 ......
FY 2006 ....................................................................................................... 10.94 11.28 0.30 0.04 151 304 1,647 51,051 ......
FY 2007 ....................................................................................................... 11.77 8.00 -1.69 -2.08 334 -2,778 -2,532 73,870 399
FY 2008 ....................................................................................................... 11.15 6.40 -6.16 1.41 -60 -2,628 -1,122 44,694 123
FY 2009 ....................................................................................................... 14.22 3.44 -8.54 -2.24 6 -4,099 -2,070 29,656 153
FY 2010 ....................................................................................................... 3.69 4.47 1.96 -1.18 -93 -367 1,590 35,338 ......
FY 2011 ....................................................................................................... 10.49 3.14 -6.10 -1.25 8 -2,861 -1,489 31,943 239
FY 2012 ....................................................................................................... 5.01 -2.76 -7.36 -0.41 -424 -3,456 -3,212 30,449 372
FY 2013 ....................................................................................................... 5.62 1.45 -5.31 1.14 -42 -1,896 -1,643 32,768 172
FY 2014 ....................................................................................................... 4.90 4.31 2.25 -2.84 -24 -556 -375 18,049 196
FY 2015 ....................................................................................................... 2.47 -4.35 -5.18 -1.64 -503 -1,845 -1,542 13,218 278
FY 2016 ....................................................................................................... 3.64 -2.23 -5.39 -0.48 -1,225 -6,008 -5,388 41,970 574
FY 2017 ....................................................................................................... 5.59 -2.66 -3.90 -4.35 -547 -2,530 -2,229 14,740 699
FY 2018 ....................................................................................................... 4.92 -2.98 0.11 -8.01 -339 -1,826 -1,592 12,569 15
FY 2019 ....................................................................................................... 4.16 -2.89 -1.18 -5.87 -518 -1,995 -1,772 12,859 ......
FY 2020 ....................................................................................................... 5.37 -4.42 -12.59 2.80 -213 -683 -654 2,455 ......
FY 2021 ....................................................................................................... 0.55 -2.96 -4.75 1.24 -85 -198 -189 754 ......
FY 2022 ....................................................................................................... 0.71 -1.26 6.15 -8.12 -95 -431 -403 2,056 ......
FY 2023 ....................................................................................................... 6.13 2.01 8.35 -12.47 -290 -940 -809 2,952 ......
FY 2024 ....................................................................................................... 9.31 1.75 2.09 -9.65 943 146 163 8,344 ......
FY 2025 ....................................................................................................... 11.64 6.47 ...... -5.17 -1,064 -1,064 -1,018 20,460 17,762
Indian Tribe Land Acquisition:
FY 2000 ....................................................................................................... 2.00 12.56 14.15 -3.59 ...... 60 19 822 81
25
Table 7. DIRECT LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2001 ....................................................................................................... 16.11 -1.47 -3.12 -14.46 -25 -71 -203 590 436
FY 2004 ....................................................................................................... -0.78 -0.19 -0.82 1.41 3 9 -77 1,586 521
Seed Loans to Producers:
FY 2001 ....................................................................................................... 10.96 ...... ...... ...... ...... ...... ...... 27,318 ......
Soil and Water:
FY 1992 ....................................................................................................... 8.11 11.41 -2.68 5.98 -* 683 310 2,257 5
FY 1993 ....................................................................................................... 16.32 13.44 -9.30 6.42 -5 330 272 2,052 16
FY 1994 ....................................................................................................... 14.06 12.84 3.72 -4.94 -13 218 -294 3,141 34
Credit Sales of Acquired Property:
FY 1992 ....................................................................................................... 29.76 5.95 -27.36 3.55 18 -5,008 -4,752 27,821 373
FY 1993 ....................................................................................................... 21.67 1.92 -4.34 -15.41 -8 -11,705 486 53,730 1,077
FY 1994 ....................................................................................................... 15.02 6.11 1.73 -10.64 15 -6,492 -3,251 66,315 1,032
FY 1997 ....................................................................................................... 18.06 7.12 5.37 -16.31 -3 -1,528 -2,532 13,399 485
FY 1998 ....................................................................................................... 13.02 -0.86 2.13 -16.01 2 -1,628 -1,572 10,048 250
Conservation—Direct:
FY 2010 ....................................................................................................... 2.31 -7.49 1.41 -11.21 -3 -451 -402 4,153 239
FY 2011 ....................................................................................................... 2.99 -9.52 -8.75 -3.76 -12 -1,413 -1,340 10,484 711
Farm Operating—ARRA:
FY 2009 ....................................................................................................... 11.79 3.99 -5.07 -2.73 3 -12,967 -13,813 163,140 3,428
FY 2010 ....................................................................................................... 4.74 0.83 0.10 -4.01 -24 -910 -1,007 21,163 849
Heirs Property Relending Program:
FY 2023 ....................................................................................................... 17.88 18.89 ...... 1.01 2 2 2 165 165
Farm Storage Facility Loans:
Farm Storage Facility Loans:
FY 2003 ....................................................................................................... 1.28 ...... ...... ...... ...... ...... ...... 58,557 ......
FY 2005 ....................................................................................................... -1.43 ...... ...... ...... ...... ...... ...... 64,987 ......
FY 2007 ....................................................................................................... 0.38 ...... ...... ...... ...... ...... ...... 140,291 ......
FY 2009 ....................................................................................................... 6.25 -2.82 -7.18 -1.89 -* -15,521 -18,120 176,277 3
FY 2010 ....................................................................................................... -1.01 -5.47 -1.51 -2.95 -17 -14,473 -16,329 286,732 45
FY 2011 ....................................................................................................... -2.01 -6.86 -9.76 4.91 249 -11,145 -12,355 218,060 303
FY 2012 ....................................................................................................... -2.30 -2.54 -5.70 5.46 33 -512 -836 181,452 296
FY 2013 ....................................................................................................... -2.46 -0.73 -2.58 4.31 236 3,125 3,438 191,131 2,499
FY 2014 ....................................................................................................... -2.52 -3.41 1.35 -2.24 -104 -1,360 -1,181 135,746 3,311
FY 2015 ....................................................................................................... -3.00 -2.83 -3.28 3.45 -253 1,274 290 169,841 9,114
FY 2016 ....................................................................................................... -1.64 -0.16 -3.50 4.98 119 6,875 2,160 151,297 13,767
FY 2017 ....................................................................................................... -1.30 -1.56 -1.55 1.29 1,211 -1,569 -544 208,826 28,213
FY 2018 ....................................................................................................... -1.27 -3.69 -0.07 -2.35 1,219 -5,624 -5,331 233,358 54,303
26
Table 7. DIRECT LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2019 ....................................................................................................... -0.52 -8.05 -5.84 -1.69 316 -16,855 -16,583 223,262 81,412
FY 2020 ....................................................................................................... -0.23 -0.68 -12.24 11.79 -618 -617 -1,600 325,582 151,319
FY 2021 ....................................................................................................... -0.85 2.40 0.11 3.14 -1,334 13,590 12,889 405,378 240,286
FY 2022 ....................................................................................................... -1.45 5.39 11.31 -4.47 -909 22,091 20,861 318,642 241,901
FY 2023 ....................................................................................................... -1.31 1.82 9.86 -6.73 -1,851 9,373 9,230 314,669 268,715
FY 2024 ....................................................................................................... 0.05 -0.31 1.93 -2.29 -152 -1,524 -990 287,715 266,182
FY 2025 ....................................................................................................... 0.08 1.49 ...... 1.41 639 639 612 45,198 45,000
Sugar Storage Facility Loans:
FY 2013 ....................................................................................................... -3.30 -1.56 -4.64 6.38 14 90 65 3,900 1,185
FY 2021 ....................................................................................................... -2.05 16.88 -0.15 19.08 -20 3,936 3,518 20,419 17,891
Rural Housing Service:
Rural Community Facilities:
Community Facility Loans:
FY 1992 ....................................................................................................... 10.60 11.50 3.12 -2.22 13 1,886 162 81,704 505
FY 1993 ....................................................................................................... 8.14 13.08 6.84 -1.90 11 6,479 3,462 92,568 451
FY 1994 ....................................................................................................... 12.57 16.89 4.43 -0.11 82 10,159 4,741 152,543 3,465
FY 1995 ....................................................................................................... 12.14 13.59 3.35 -1.90 117 2,881 1,070 161,053 2,716
FY 1996 ....................................................................................................... 16.80 11.64 -2.62 -2.54 -849 -10,249 -9,962 180,711 4,922
FY 1997 ....................................................................................................... 8.73 11.76 3.47 -0.44 -275 6,854 3,039 121,345 6,904
FY 1998 ....................................................................................................... 8.38 15.08 4.22 2.48 -190 19,033 10,448 177,941 15,679
FY 1999 ....................................................................................................... 13.74 12.85 -0.75 -0.14 -129 3,011 -1,925 142,758 12,399
FY 2000 ....................................................................................................... 6.06 11.72 1.58 4.08 38 19,773 8,257 167,151 13,078
FY 2001 ....................................................................................................... 11.69 7.25 -7.77 3.33 56 1,658 -12,293 270,685 45,643
FY 2002 ....................................................................................................... 5.43 7.22 -2.67 4.46 -348 19,021 4,722 345,374 65,811
FY 2003 ....................................................................................................... 6.24 8.32 -3.60 5.68 -1,317 13,896 3,916 232,047 52,476
FY 2004 ....................................................................................................... -0.71 8.74 2.77 6.68 1,503 59,577 36,091 435,107 85,971
FY 2005 ....................................................................................................... 4.05 7.45 0.09 3.31 -2,487 31,771 17,976 631,640 188,803
FY 2006 ....................................................................................................... 3.35 4.77 -3.05 4.47 333 8,620 4,074 340,847 113,707
FY 2007 ....................................................................................................... 6.41 3.53 -8.90 6.02 5,653 -2,423 -8,391 305,372 96,350
FY 2008 ....................................................................................................... 5.55 -2.41 -12.02 4.06 -305 -19,330 -21,964 300,734 115,987
FY 2009 ....................................................................................................... 5.72 1.72 -8.50 4.50 -520 -3,905 -16,456 443,909 146,658
FY 2010 ....................................................................................................... 1.31 -5.75 -6.11 -0.95 -5,607 -107,806 -102,069 1,569,343 874,326
FY 2011 ....................................................................................................... 1.33 -7.79 -12.05 2.93 -1,411 -19,156 -27,703 310,638 155,126
FY 2012 ....................................................................................................... -3.03 -5.39 -0.31 -2.06 1,660 -9,070 -27,678 1,101,839 673,971
FY 2013 ....................................................................................................... -2.08 -2.70 -0.06 -0.57 -2,336 4,358 -9,682 1,148,306 797,466
FY 2014 ....................................................................................................... -13.21 -6.55 6.84 -0.18 -1,510 46,443 41,261 648,055 512,254
FY 2015 ....................................................................................................... -12.41 -2.58 10.25 -0.42 -6,786 169,022 139,778 1,542,808 1,169,732
27
Table 7. DIRECT LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2016 ....................................................................................................... -8.04 3.15 9.75 1.43 20,343 198,425 176,002 1,677,631 1,368,861
FY 2017 ....................................................................................................... -2.56 -0.69 3.26 -1.39 -1,907 54,180 38,681 2,259,115 1,907,518
FY 2018 ....................................................................................................... -8.10 -1.18 ...... 6.92 -1,224 120,213 110,947 1,319,961 1,143,117
FY 2019 ....................................................................................................... -7.61 2.04 5.20 4.45 -603 60,623 55,282 597,373 512,749
FY 2020 ....................................................................................................... -4.96 13.88 ...... 18.84 2,417 217,722 196,394 1,020,568 931,703
FY 2021 ....................................................................................................... -6.56 15.91 ...... 22.47 70,292 214,730 195,092 773,227 731,195
FY 2022 ....................................................................................................... -5.81 11.10 ...... 16.91 102,037 128,588 119,290 695,253 680,335
FY 2023 ....................................................................................................... -7.46 -6.01 ...... 1.45 2,474 1,987 2,225 170,013 164,242
FY 2024 ....................................................................................................... -0.50 4.11 ...... 4.61 2,551 2,929 2,774 55,700 54,658
FY 2025 ....................................................................................................... 1.12 6.17 ...... 5.05 2,977 2,977 2,849 57,941 57,929
Community Facility Relending:
FY 2016 ....................................................................................................... -1.79 13.51 ...... 15.30 852 48,598 40,547 149,405 119,801
Community Facility Loan-by-Loan:
FY 2021 ....................................................................................................... 7.19 30.36 -12.01 35.18 72,746 72,746 58,210 309,145 306,498
Rural Housing Insurance Fund:
Section 502 Single Family Housing:
FY 1992 ....................................................................................................... 22.64 19.10 -0.48 -3.06 -9,262 -139,571 -52,632 1,238,296 18,423
FY 1993 ....................................................................................................... 18.75 14.92 5.12 -8.95 -2,330 -94,144 -54,794 1,269,332 24,416
FY 1994 ....................................................................................................... 20.10 18.76 2.62 -3.96 -11,826 -72,325 -32,455 1,636,599 48,157
FY 1995 ....................................................................................................... 24.36 20.63 -0.47 -3.26 -3,766 -28,824 -41,649 919,860 40,833
FY 1996 ....................................................................................................... 14.30 17.38 2.14 0.94 -5,420 41,781 24,724 993,988 55,936
FY 1997 ....................................................................................................... 14.18 16.70 1.58 0.94 -4,667 52,008 13,319 670,284 44,078
FY 1998 ....................................................................................................... 12.81 14.79 1.22 0.76 -5,840 56,643 15,172 965,416 81,813
FY 1999 ....................................................................................................... 11.82 15.29 3.60 -0.13 -4,337 79,856 27,063 929,245 90,730
FY 2000 ....................................................................................................... 8.53 16.41 7.13 0.75 -9,218 148,781 77,394 1,103,112 127,947
FY 2001 ....................................................................................................... 16.06 12.42 -6.26 2.62 -6,578 15,260 -41,664 1,034,090 137,186
FY 2002 ....................................................................................................... 13.16 11.22 -3.63 1.69 -8,588 32,666 -22,815 1,032,791 163,686
FY 2003 ....................................................................................................... 19.37 11.33 -1.65 -6.39 -5,722 -55,884 -82,568 989,983 181,306
FY 2004 ....................................................................................................... 9.27 14.64 1.00 4.37 -8,764 127,136 63,499 1,275,373 256,918
FY 2005 ....................................................................................................... 11.58 16.99 -1.23 6.64 -6,903 121,307 54,875 1,103,402 247,678
FY 2006 ....................................................................................................... 11.39 21.51 2.74 7.38 -5,022 208,343 114,741 1,178,652 292,635
FY 2007 ....................................................................................................... 10.03 22.23 1.32 10.88 -3,979 235,811 144,809 1,183,000 324,912
FY 2008 ....................................................................................................... 9.37 16.52 -5.01 12.16 -5,397 134,624 78,576 1,111,686 336,301
FY 2009 ....................................................................................................... 6.72 10.42 -3.60 7.30 -8,051 81,490 51,382 1,434,500 467,477
FY 2010 ....................................................................................................... 3.63 10.24 1.52 5.09 -10,912 169,652 134,335 2,104,327 736,156
FY 2011 ....................................................................................................... 6.26 7.78 2.00 -0.48 -6,902 23,219 15,202 1,101,914 436,511
FY 2012 ....................................................................................................... 4.73 1.87 5.07 -7.93 -4,758 -19,080 -25,573 890,147 380,076
28
Table 7. DIRECT LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2013 ....................................................................................................... 5.97 3.46 4.37 -6.88 -5,340 -21,042 -20,021 790,355 384,828
FY 2014 ....................................................................................................... 2.72 1.20 3.93 -5.45 -5,396 -14,332 -11,677 766,103 394,346
FY 2015 ....................................................................................................... 7.38 -0.98 -0.73 -7.63 -3,313 -73,215 -69,601 840,673 476,388
FY 2016 ....................................................................................................... 6.75 -1.40 0.44 -8.59 -6,207 -76,436 -73,325 908,316 566,132
FY 2017 ....................................................................................................... 6.77 0.70 2.12 -8.19 -18,844 -62,742 -57,277 950,832 624,755
FY 2018 ....................................................................................................... 3.85 0.04 3.09 -6.90 -11,383 -45,299 -39,382 1,043,043 741,729
FY 2019 ....................................................................................................... 6.77 -2.21 -5.31 -3.67 2,438 -87,459 -84,474 951,299 724,114
FY 2020 ....................................................................................................... 9.00 -6.70 -9.13 -6.57 7,521 -151,193 -150,157 964,603 788,057
FY 2021 ....................................................................................................... 5.54 -3.17 -4.43 -4.28 -15,196 -83,680 -81,851 946,053 819,879
FY 2022 ....................................................................................................... 1.86 8.76 4.72 2.18 -5,209 79,695 78,688 1,172,789 1,076,531
FY 2023 ....................................................................................................... 3.71 13.11 4.36 5.04 37,886 154,932 145,085 1,599,001 1,525,391
FY 2024 ....................................................................................................... 9.60 13.80 1.37 2.83 131,381 41,034 33,205 984,169 968,722
FY 2025 ....................................................................................................... 11.80 16.08 ...... 4.28 20,802 20,802 19,898 594,240 590,456
Section 515 Multifamily Housing:
FY 1992 ....................................................................................................... 43.30 58.86 -3.17 18.73 618 111,305 75,957 564,262 421,335
FY 1993 ....................................................................................................... 49.55 59.15 6.16 3.44 -1,969 59,264 39,447 565,371 417,952
FY 1994 ....................................................................................................... 58.06 61.57 2.40 1.11 3,486 22,005 4,216 505,323 416,171
FY 1995 ....................................................................................................... 54.55 56.17 2.99 -1.37 -92 2,700 -1,263 179,792 157,390
FY 1996 ....................................................................................................... 53.80 56.60 -2.57 5.37 -180 1,522 965 146,926 125,657
FY 1997 ....................................................................................................... 51.24 52.58 7.42 -6.08 159 646 -1,138 145,232 127,397
FY 1998 ....................................................................................................... 45.85 47.34 7.36 -5.87 424 -962 -1 144,645 131,888
FY 1999 ....................................................................................................... 48.25 46.54 -1.19 -0.52 -326 -3,548 -3,214 111,420 93,443
FY 2000 ....................................................................................................... 39.68 43.93 4.83 -0.58 -397 2,438 3,263 107,430 94,341
FY 2001 ....................................................................................................... 49.27 40.34 -7.03 -1.90 -534 -14,962 -10,852 115,550 103,117
FY 2002 ....................................................................................................... 42.32 38.53 -1.69 -2.10 -494 -6,515 -4,000 109,449 107,978
FY 2003 ....................................................................................................... 46.63 37.82 -6.21 -2.60 -831 -11,833 -9,515 112,386 92,784
FY 2004 ....................................................................................................... 43.01 37.17 -2.63 -3.21 -585 -8,217 -6,319 106,388 95,950
FY 2005 ....................................................................................................... 47.09 35.89 -6.06 -5.14 -599 -11,628 -9,496 89,645 77,230
FY 2006 ....................................................................................................... 45.88 37.51 -4.71 -3.66 -230 -7,092 -7,202 90,043 81,781
FY 2007 ....................................................................................................... 45.67 34.16 -7.80 -3.71 -853 -11,684 -9,804 88,422 76,691
FY 2008 ....................................................................................................... 42.61 32.26 -6.60 -3.75 -312 -6,847 -5,972 65,415 53,394
FY 2009 ....................................................................................................... 41.16 29.80 -7.75 -3.61 -416 -8,290 -7,101 64,262 54,365
FY 2010 ....................................................................................................... 27.24 32.59 12.15 -6.80 -501 3,115 2,836 63,872 50,998
FY 2011 ....................................................................................................... 33.73 23.23 -12.48 1.98 -95 -6,777 -6,154 59,784 54,294
FY 2012 ....................................................................................................... 34.12 19.27 -7.48 -7.37 -169 -8,669 -7,737 53,405 55,397
FY 2013 ....................................................................................................... 35.17 20.15 -9.50 -5.52 -69 -4,532 -4,125 28,346 26,395
FY 2014 ....................................................................................................... 23.41 21.87 -2.18 0.64 -153 -646 -482 27,487 23,145
29
Table 7. DIRECT LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2015 ....................................................................................................... 34.51 19.21 -11.78 -3.52 34 -3,748 -3,760 25,050 22,967
FY 2016 ....................................................................................................... 29.63 23.21 -3.66 -2.75 -112 -1,972 -1,824 28,396 27,298
FY 2017 ....................................................................................................... 29.60 18.07 -9.60 -1.93 -211 -3,992 -3,707 33,312 32,526
FY 2018 ....................................................................................................... 26.31 12.06 -10.41 -3.84 45 -6,043 -5,804 40,372 39,127
FY 2019 ....................................................................................................... 23.71 27.14 ...... 3.43 139 2,221 1,993 66,496 65,845
FY 2020 ....................................................................................................... 30.36 11.75 3.65 -22.26 130 -7,294 -7,332 38,284 38,726
FY 2021 ....................................................................................................... 16.72 15.81 ...... -0.91 -210 -308 -309 27,679 27,611
FY 2022 ....................................................................................................... 8.94 3.41 ...... -5.53 -765 -1,356 -1,254 16,875 16,934
FY 2023 ....................................................................................................... 19.11 16.42 ...... -2.69 -470 -766 -693 17,307 17,323
FY 2024 ....................................................................................................... 34.98 34.90 ...... -0.08 -25 -25 -20 2,610 2,610
FY 2025 ....................................................................................................... 39.59 39.75 ...... 0.16 -44 -44 -42 5,716 5,705
Section 504 Housing Repair:
FY 1992 ....................................................................................................... 42.92 31.68 0.55 -11.79 ...... -1,136 -1,377 11,024 2
FY 1993 ....................................................................................................... 38.27 29.38 1.79 -10.68 -119 -1,095 -1,116 11,468 2
FY 1994 ....................................................................................................... 37.63 30.71 0.13 -7.05 ...... -499 -1,923 24,310 27
FY 1995 ....................................................................................................... 39.61 32.06 -0.49 -7.06 -15 -1,712 -2,468 28,345 69
FY 1996 ....................................................................................................... 37.55 30.15 -0.11 -7.29 -1 -2,570 -2,839 33,365 80
FY 1997 ....................................................................................................... 36.63 30.66 0.30 -6.27 -* -2,098 -2,087 28,676 113
FY 1998 ....................................................................................................... 34.36 27.63 -0.53 -6.20 ...... -1,807 -2,191 28,209 116
FY 1999 ....................................................................................................... 35.23 27.85 -1.70 -5.68 1 -1,784 -1,877 23,481 62
FY 2000 ....................................................................................................... 30.56 29.26 4.98 -6.28 -44 -262 -590 25,012 60
FY 2001 ....................................................................................................... 35.44 27.34 -4.56 -3.54 41 -1,934 -2,465 28,441 45
FY 2002 ....................................................................................................... 32.13 27.15 -3.46 -1.52 4 -876 -1,681 30,394 64
FY 2003 ....................................................................................................... 31.02 24.50 -5.56 -0.96 13 -1,357 -2,083 29,980 118
FY 2004 ....................................................................................................... 27.46 25.42 -0.62 -1.42 51 95 -806 31,579 110
FY 2005 ....................................................................................................... 29.06 26.16 -2.14 -0.76 94 369 -754 34,609 206
FY 2006 ....................................................................................................... 29.25 29.81 -0.13 0.69 161 -1,437 -2,516 34,044 328
FY 2007 ....................................................................................................... 29.55 29.76 -2.11 2.32 138 -7,326 -7,754 34,192 735
FY 2008 ....................................................................................................... 28.27 26.18 -5.56 3.47 192 -3,321 -4,009 28,619 977
FY 2009 ....................................................................................................... 26.87 23.61 -8.14 4.88 179 -1,507 -2,136 26,084 1,238
FY 2010 ....................................................................................................... 12.85 25.03 6.73 5.45 282 3,755 2,955 25,126 1,720
FY 2011 ....................................................................................................... 18.93 22.84 -6.79 10.70 238 1,316 762 21,099 1,976
FY 2012 ....................................................................................................... 14.21 18.56 -7.86 12.21 155 681 399 9,693 1,145
FY 2013 ....................................................................................................... 13.67 18.81 -5.54 10.68 264 1,018 668 13,548 2,231
FY 2014 ....................................................................................................... 8.28 19.84 2.51 9.05 307 1,725 1,466 13,003 2,721
FY 2015 ....................................................................................................... 14.03 19.08 -6.18 11.23 405 988 673 13,890 3,344
FY 2016 ....................................................................................................... 13.03 16.62 -6.45 10.03 623 926 547 15,976 4,678
30
Table 7. DIRECT LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2017 ....................................................................................................... 13.94 17.55 -4.61 8.22 688 1,013 636 18,657 6,226
FY 2018 ....................................................................................................... 12.33 17.57 -0.45 5.69 -1,662 1,119 909 18,249 7,281
FY 2019 ....................................................................................................... 12.21 13.81 -2.63 4.23 382 394 227 15,823 7,277
FY 2020 ....................................................................................................... 16.71 4.75 -15.23 3.27 236 -1,776 -1,822 15,202 8,008
FY 2021 ....................................................................................................... 7.91 5.31 -4.80 2.20 177 -254 -351 13,329 8,205
FY 2022 ....................................................................................................... 1.73 11.84 8.93 1.18 65 1,264 1,385 13,912 9,895
FY 2023 ....................................................................................................... 8.30 18.90 10.17 0.42 -116 1,229 1,413 13,855 10,973
FY 2024 ....................................................................................................... 17.35 23.69 2.50 3.84 818 584 578 10,183 8,631
FY 2025 ....................................................................................................... 21.40 23.83 ...... 2.43 175 175 168 8,754 8,189
Section 514 Farm Labor Housing:
FY 1992 ....................................................................................................... 55.21 52.49 -0.37 -2.35 23 -532 -688 15,804 722
FY 1993 ....................................................................................................... 45.48 54.57 8.63 0.46 15 1,649 1,161 16,112 1,712
FY 1994 ....................................................................................................... 50.00 54.77 4.11 0.66 33 2,025 472 15,627 1,901
FY 1995 ....................................................................................................... 52.48 52.02 2.19 -2.65 -16 -1,061 -445 15,052 1,135
FY 1996 ....................................................................................................... 56.80 51.92 -3.20 -1.68 39 797 -1,121 14,830 1,935
FY 1997 ....................................................................................................... 47.77 48.96 3.68 -2.49 3 -489 -459 15,090 3,161
FY 1998 ....................................................................................................... 49.25 48.27 0.96 -1.94 -1 -1,139 -288 14,515 3,072
FY 1999 ....................................................................................................... 52.03 46.60 -5.43 ...... 22 -1,292 -1,056 18,122 5,526
FY 2000 ....................................................................................................... 45.23 44.07 3.85 -5.01 15 -728 -716 27,327 9,132
FY 2001 ....................................................................................................... 52.59 41.93 -21.74 11.08 3 -3,435 -3,223 29,522 11,861
FY 2002 ....................................................................................................... 47.31 40.13 -11.20 4.02 -33 -3,110 -2,796 33,304 15,015
FY 2003 ....................................................................................................... 49.02 37.06 -12.53 0.57 -5 -5,245 -4,344 43,662 23,699
FY 2004 ....................................................................................................... 42.73 39.85 -1.33 -1.55 -60 -868 -910 26,374 11,897
FY 2005 ....................................................................................................... 47.06 39.20 -4.67 -3.19 22 -1,842 -1,745 22,933 11,359
FY 2006 ....................................................................................................... 44.59 29.05 -4.19 -11.35 -20 -2,649 -2,575 19,450 10,949
FY 2007 ....................................................................................................... 47.95 31.10 -6.35 -10.49 9 -4,961 -4,697 32,581 19,962
FY 2008 ....................................................................................................... 43.26 18.36 -8.32 -16.58 -15 -8,409 -6,505 26,864 16,364
FY 2009 ....................................................................................................... 42.14 25.87 -9.54 -6.73 -118 -4,895 -4,376 28,920 16,856
FY 2010 ....................................................................................................... 36.14 25.50 3.90 -14.54 15 -1,307 -1,223 11,981 7,278
FY 2011 ....................................................................................................... 38.38 23.27 -11.18 -3.93 25 -4,983 -5,121 34,459 24,422
FY 2012 ....................................................................................................... 34.15 25.58 -10.09 1.52 171 -198 -251 2,962 1,809
FY 2013 ....................................................................................................... 33.34 22.31 -9.86 -1.17 -17 -1,485 -1,516 14,119 10,219
FY 2014 ....................................................................................................... 23.71 23.02 -1.86 1.17 11 -334 -309 34,287 27,596
FY 2015 ....................................................................................................... 32.20 21.23 -11.77 0.80 -1 -1,693 -1,695 16,483 13,681
FY 2016 ....................................................................................................... 28.46 20.06 -8.81 0.41 -2,143 -2,143 -2,276 29,110 25,852
FY 2017 ....................................................................................................... 29.56 28.99 ...... -0.57 -17 -333 -242 22,921 19,544
FY 2018 ....................................................................................................... 26.72 26.91 ...... 0.19 9 -53 -50 19,736 18,317
31
Table 7. DIRECT LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2019 ....................................................................................................... 24.92 25.42 ...... 0.50 5 28 18 11,207 10,592
FY 2020 ....................................................................................................... 31.21 23.41 -5.83 -1.97 -1,157 -965 -989 13,443 12,564
FY 2021 ....................................................................................................... 18.19 17.46 ...... -0.73 12 -19 -28 3,084 2,863
FY 2022 ....................................................................................................... 10.11 10.37 ...... 0.26 -8 66 61 26,979 26,733
FY 2023 ....................................................................................................... 20.42 19.90 ...... -0.52 -1 -* -* 60 56
FY 2024 ....................................................................................................... 34.81 ...... ...... -0.54 -62 -62 -58 4,958 4,958
Section 524 Site Development:
FY 2001 ....................................................................................................... 0.12 26.98 -3.04 29.90 ...... 790 761 2,960 ......
FY 2007 ....................................................................................................... -1.66 17.74 -1.17 20.57 ...... 538 447 2,192 ......
FY 2009 ....................................................................................................... -1.84 18.27 -2.82 22.93 -20 80 73 380 ......
FY 2016 ....................................................................................................... -1.53 ...... ...... ...... ...... ...... ...... 5,000 ......
FY 2017 ....................................................................................................... 2.22 6.60 0.01 4.38 -11 -* 4 135 96
FY 2022 ....................................................................................................... 4.11 3.55 ...... -0.56 9 -35 -42 690 690
FY 2023 ....................................................................................................... 4.16 5.96 ...... 1.80 24 24 26 1,551 1,551
Single Family Housing Credit Sales:
FY 1992 ....................................................................................................... 14.69 10.88 -0.13 -3.68 -80 -31,002 -8,075 185,105 1,822
FY 1993 ....................................................................................................... 11.51 7.21 0.47 -4.77 120 -25,966 -7,695 163,610 2,150
FY 1994 ....................................................................................................... 16.26 10.06 -0.32 -5.88 -187 -16,202 -8,445 116,716 2,560
FY 1997 ....................................................................................................... 8.87 9.63 1.21 -0.45 -17 -2,558 -1,963 19,069 1,050
FY 1998 ....................................................................................................... 13.97 7.24 -1.31 -5.42 -274 -1,626 -1,514 21,116 1,437
FY 1999 ....................................................................................................... 9.02 6.60 1.60 -4.02 -31 -2,871 -1,834 15,636 1,005
FY 2000 ....................................................................................................... 6.08 11.91 3.59 2.24 -79 298 350 6,464 689
FY 2001 ....................................................................................................... -3.23 -6.92 -2.16 -1.53 -6 -31 -103 2,979 5
FY 2002 ....................................................................................................... -4.82 -3.97 -4.77 5.62 1 34 21 2,321 16
FY 2003 ....................................................................................................... -9.58 ...... ...... ...... ...... ...... ...... 737 ......
FY 2004 ....................................................................................................... -17.46 -6.74 -5.61 16.33 -3 101 97 862 40
FY 2005 ....................................................................................................... -16.23 -11.11 -6.52 11.64 -4 -85 -81 645 64
FY 2006 ....................................................................................................... -14.53 -6.68 4.12 3.73 -1 -29 -27 413 22
FY 2007 ....................................................................................................... 0.48 -10.03 0.94 -11.45 -1 -17 -16 153 28
FY 2008 ....................................................................................................... -1.15 -10.87 -4.61 -5.11 -* -22 -31 321 9
FY 2009 ....................................................................................................... -2.59 -8.53 -8.84 2.90 -2 -62 -60 1,032 55
FY 2010 ....................................................................................................... -15.63 -8.90 3.73 3.00 -64 51 76 1,104 36
FY 2011 ....................................................................................................... -11.12 -12.12 1.85 -2.85 -1 -8 -5 663 194
FY 2012 ....................................................................................................... -16.85 -7.15 5.59 4.11 1 104 95 974 50
FY 2013 ....................................................................................................... -8.97 -12.21 0.76 -4.00 -5 -24 -21 653 77
FY 2014 ....................................................................................................... -8.97 -5.90 -2.17 5.24 -2 15 30 960 41
FY 2015 ....................................................................................................... -6.41 -6.33 0.41 -0.33 -2 21 2 1,396 145
32
Table 7. DIRECT LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2016 ....................................................................................................... -4.87 -6.73 -5.12 3.26 3 -29 -34 1,875 211
FY 2017 ....................................................................................................... -2.36 -6.85 -0.15 -4.34 -1 -32 -29 669 131
FY 2018 ....................................................................................................... -5.45 -5.39 1.27 -1.22 -25 4 2 1,580 278
FY 2019 ....................................................................................................... -2.42 -9.58 -6.35 -0.81 -64 -57 -43 617 292
FY 2020 ....................................................................................................... -1.85 -3.51 -11.34 9.67 1 -11 -8 471 42
FY 2021 ....................................................................................................... -2.46 0.23 -6.52 9.21 -* 3 6 225 ......
FY 2022 ....................................................................................................... -2.78 -5.64 2.87 -5.74 -* -1 -1 39 36
Multifamily Housing Credit Sales:
FY 1992 ....................................................................................................... 17.71 46.67 -0.13 29.09 9 -621 640 2,070 1,277
FY 1993 ....................................................................................................... 10.92 53.95 0.47 42.56 -11 933 610 1,477 1,357
FY 1994 ....................................................................................................... 18.64 60.92 -0.32 42.60 38 1,886 2,318 6,055 3,775
FY 1997 ....................................................................................................... 50.55 58.44 9.49 -1.60 -18 310 272 4,234 2,340
FY 1998 ....................................................................................................... 13.97 48.84 18.25 16.62 1 -727 343 988 248
FY 1999 ....................................................................................................... 48.31 46.80 -2.19 0.68 -3 -2,187 -112 3,961 2,713
FY 2000 ....................................................................................................... 39.54 58.38 12.44 6.40 7 349 161 958 626
FY 2001 ....................................................................................................... 49.03 43.09 -5.14 -0.80 5 -169 -125 1,779 1,287
FY 2002 ....................................................................................................... 42.17 46.51 1.19 3.15 -11 7 52 1,775 1,373
FY 2003 ....................................................................................................... 46.68 40.13 -3.07 -3.48 -6 -174 -147 1,988 1,285
FY 2004 ....................................................................................................... 44.20 41.74 0.25 -2.71 -1 -26 -18 401 312
FY 2005 ....................................................................................................... 48.44 37.09 -8.15 -3.20 1 -174 -166 1,368 791
FY 2006 ....................................................................................................... 45.40 45.91 -4.43 4.94 -6 -3 -8 1,485 726
FY 2007 ....................................................................................................... 45.33 50.61 -4.66 9.94 -3 176 61 1,485 793
FY 2008 ....................................................................................................... 37.14 32.87 -6.01 1.74 -21 -108 -73 1,476 526
FY 2009 ....................................................................................................... 36.12 44.38 -9.94 18.20 -4 175 108 1,448 976
FY 2010 ....................................................................................................... 38.40 39.59 14.09 -12.90 -3 * 4 1,110 945
Multifamily Housing Revitalization Seconds:
FY 2006 ....................................................................................................... 87.52 38.37 -11.19 -37.96 -288 -2,277 -1,724 3,989 3,513
FY 2007 ....................................................................................................... 87.08 51.48 -2.21 -33.39 -51 -1,203 -883 2,587 2,128
FY 2008 ....................................................................................................... 86.17 56.12 -2.21 -27.84 -78 -4,399 -3,465 12,223 11,683
FY 2009 ....................................................................................................... 85.51 57.55 -4.45 -23.51 -57 -1,569 -1,300 4,894 4,868
FY 2010 ....................................................................................................... 72.86 52.81 10.96 -31.01 -92 -5,131 -4,298 21,914 21,218
FY 2011 ....................................................................................................... 62.71 66.93 -1.73 5.95 -4 141 193 7,363 7,195
FY 2012 ....................................................................................................... 61.74 65.59 -9.75 13.60 2 100 91 3,767 3,767
FY 2013 ....................................................................................................... 61.44 56.99 -9.78 5.33 -14 -206 -155 3,069 3,069
FY 2014 ....................................................................................................... 51.25 44.38 -3.88 -2.99 6 -468 -432 6,065 6,065
FY 2015 ....................................................................................................... 60.71 48.25 -15.37 2.90 -124 -2,283 -1,915 15,291 15,291
FY 2016 ....................................................................................................... 54.12 44.39 -8.64 -1.09 352 -6,424 -5,499 55,840 55,448
33
Table 7. DIRECT LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2017 ....................................................................................................... 57.01 52.86 ...... -4.15 -177 -1,351 -1,069 20,636 20,636
FY 2018 ....................................................................................................... 54.68 26.37 -14.61 -13.70 -101 -4,573 -4,185 15,415 15,415
FY 2019 ....................................................................................................... 50.58 56.96 ...... 6.38 91 2,059 1,656 20,064 20,010
FY 2020 ....................................................................................................... 58.35 65.51 ...... 7.16 1,253 1,310 998 18,786 18,772
FY 2021 ....................................................................................................... 46.28 42.64 ...... -3.64 -452 -474 -419 10,630 10,586
FY 2022 ....................................................................................................... 35.51 33.82 ...... -1.69 -99 -58 -52 4,541 4,514
FY 2023 ....................................................................................................... 48.89 (4) ...... ...... ...... ...... ...... ...... ......
FY 2024 ....................................................................................................... 66.77 (4) ...... ...... ...... ...... ...... ...... ......
FY 2025 ....................................................................................................... 71.01 46.27 ...... -24.74 -412 -412 -394 1,526 381
Section 502 Manufactured Home Disaster Demo:
FY 2001 ....................................................................................................... 20.07 20.16 -5.32 5.41 2 11 -3 256 76
FY 2002 ....................................................................................................... 17.68 9.64 -3.93 -4.11 -14 -46 -35 416 75
FY 2003 ....................................................................................................... 17.92 10.10 -7.33 -0.49 -2 -5 -15 191 43
Multifamily Housing Revitalization Zero:
FY 2006 ....................................................................................................... 54.37 41.73 -5.86 -6.78 -* -28 -28 230 102
FY 2007 ....................................................................................................... 54.11 45.82 -8.70 0.41 -5 -178 -212 2,443 892
FY 2008 ....................................................................................................... 51.26 58.65 -7.42 14.81 -3 842 700 12,650 8,839
FY 2009 ....................................................................................................... 60.59 57.95 -4.89 2.25 -5 -623 -542 15,004 10,381
FY 2010 ....................................................................................................... 38.16 48.87 11.37 -0.66 -6 382 355 3,847 2,644
FY 2011 ....................................................................................................... 45.18 42.59 -14.02 11.43 -6 -163 -132 3,918 2,431
FY 2012 ....................................................................................................... 54.29 42.35 -7.04 -4.90 -12 -736 -671 5,613 3,835
FY 2013 ....................................................................................................... 58.28 45.89 -7.35 -5.04 -9 -1,293 -1,230 10,290 8,391
FY 2014 ....................................................................................................... 48.86 42.66 -2.57 -3.63 -8 -357 -335 5,252 4,120
FY 2015 ....................................................................................................... 56.22 43.66 -9.23 -3.33 -26 -2,420 -2,244 18,014 14,559
FY 2016 ....................................................................................................... 52.68 48.19 -4.65 0.16 -4 -605 -586 11,652 10,128
FY 2019 ....................................................................................................... 46.78 61.17 -12.60 27.00 588 711 576 5,116 5,044
FY 2020 ....................................................................................................... 52.86 54.26 ...... 1.40 -17 14 14 2,647 2,552
FY 2021 ....................................................................................................... 41.26 43.05 ...... 1.79 19 26 22 1,449 1,442
FY 2022 ....................................................................................................... 34.09 37.40 ...... 3.31 6 10 10 206 202
FY 2023 ....................................................................................................... 43.56 (4) ...... ...... ...... ...... ...... ...... ......
FY 2025 ....................................................................................................... 59.51 ...... ...... ...... ...... ...... ...... ...... ......
Native American Single Family Relending Pilot:
FY 2018 ....................................................................................................... 38.52 21.92 -2.54 -14.06 -29 -252 -250 1,600 1,483
FY 2022 ....................................................................................................... 23.99 62.77 ...... 38.77 2,071 2,029 1,899 4,000 2,093
FY 2023 ....................................................................................................... 32.90 3.46 ...... -29.44 4 4 ...... 1,564 1,564
FY 2024 ....................................................................................................... 45.76 21.84 ...... -23.92 14 14 ...... 708 708
FY 2025 ....................................................................................................... 49.38 (4) ...... ...... ...... ...... ...... ...... ......
34
Table 7. DIRECT LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
Section 514 Multifamily Housing Revitalization Modifications:
FY 2012 ....................................................................................................... 7.82 -3.29 ...... -11.11 -* -160 -135 351 351
Section 515 Multifamily Housing Revitalization Reamortizations:
FY 2017 ....................................................................................................... 17.92 4.40 ...... -13.52 6 47 40 109 109
Section 515 Multifamily Housing Revitalization Deferrals:
FY 2006 ....................................................................................................... 29.37 22.68 ...... -6.69 -218 5,718 5,342 44,272 41,667
FY 2007 ....................................................................................................... 28.90 23.27 ...... -5.63 -108 8,617 7,125 51,045 51,041
FY 2008 ....................................................................................................... 17.72 11.03 ...... -6.70 -299 -959 -245 87,165 86,344
FY 2009 ....................................................................................................... 23.41 15.14 ...... -8.27 512 1,027 1,026 45,210 45,200
FY 2010 ....................................................................................................... 12.04 23.67 ...... 11.63 62 12,344 11,317 89,244 88,051
FY 2011 ....................................................................................................... 17.17 -2.40 ...... -19.57 -59 -1,723 -2,132 24,811 24,495
FY 2012 ....................................................................................................... 66.71 2.88 ...... -63.83 -47 -632 -939 37,518 38,306
FY 2013 ....................................................................................................... 11.22 -0.78 ...... -12.00 -11 -676 -639 6,358 6,347
FY 2014 ....................................................................................................... 8.33 1.33 ...... -7.00 -89 -1,996 -1,799 40,279 40,168
FY 2015 ....................................................................................................... 1.52 -2.12 ...... -3.64 -84 -7,046 -6,532 60,480 60,452
FY 2016 ....................................................................................................... 0.69 -4.76 ...... -5.45 -28 -3,358 -3,158 27,393 27,385
FY 2017 ....................................................................................................... -3.14 -2.92 ...... 0.22 -8 -491 -867 3,679 3,676
FY 2018 ....................................................................................................... -3.80 -11.40 ...... -7.60 -307 -23,774 -22,377 88,566 88,515
FY 2019 ....................................................................................................... 2.27 -7.00 ...... -9.28 2,240 -12,022 -11,244 72,429 73,068
FY 2020 ....................................................................................................... -31.72 -45.99 ...... -14.27 -106 -7,110 -7,107 10,933 10,933
FY 2021 ....................................................................................................... -40.21 -42.10 ...... -1.89 -2,382 -7,180 -7,151 7,462 7,457
FY 2022 ....................................................................................................... 8.00 30.34 ...... 22.34 -1,830 16,465 15,147 51,288 51,223
FY 2023 ....................................................................................................... 4.37 4.37 ...... ...... -27 -27 -18 1,072 1,072
FY 2024 ....................................................................................................... 6.62 6.62 ...... ...... -51 -51 -46 476 476
Multifamily Housing Relending Demo:
FY 2005 ....................................................................................................... 46.76 43.24 -4.86 1.34 115 111 -208 6,250 5,385
FY 2006 ....................................................................................................... 46.76 39.63 -2.31 -4.82 62 -107 -266 4,029 2,777
FY 2007 ....................................................................................................... 47.82 33.77 -3.43 -10.62 30 -233 -241 2,000 1,612
FY 2008 ....................................................................................................... 46.39 45.43 -5.38 4.42 22 68 -13 1,141 1,023
FY 2009 ....................................................................................................... 44.98 36.31 -9.95 1.28 97 -260 -421 5,847 5,573
FY 2011 ....................................................................................................... 41.34 38.49 -4.54 1.70 132 370 -59 6,000 5,926
FY 2012 ....................................................................................................... 36.84 35.51 -10.93 9.60 70 90 -73 4,125 4,125
FY 2013 ....................................................................................................... 36.18 29.78 -16.33 9.92 15 -31 -65 1,000 967
FY 2015 ....................................................................................................... 35.41 31.06 -13.95 9.60 -534 -177 -414 9,445 9,445
FY 2016 ....................................................................................................... 31.26 30.59 -5.72 5.05 35 23 -22 2,111 2,111
35
Table 7. DIRECT LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
Rural Business-Cooperative Service:
Rural Microentrepreneur Assistance Program:
Rural Microenterprise Direct Loans:
FY 2010 ....................................................................................................... 21.13 4.19 -4.61 -12.33 24 -1,318 -1,171 17,137 4,158
FY 2011 ....................................................................................................... 21.39 2.14 -6.57 -12.68 -54 -1,863 -1,975 10,972 3,488
FY 2014 ....................................................................................................... 6.26 1.30 -0.05 -4.90 -81 -604 -588 12,422 6,297
FY 2015 ....................................................................................................... 12.81 1.69 -8.77 -2.36 -6 -86 -86 815 411
FY 2016 ....................................................................................................... 11.33 4.11 -6.43 -0.80 -24 -379 -461 6,625 3,510
FY 2017 ....................................................................................................... 12.40 3.34 -6.40 -2.66 -37 -396 -496 5,634 3,827
FY 2018 ....................................................................................................... 9.98 3.84 -3.54 -2.60 -24 -202 -267 4,400 2,921
FY 2019 ....................................................................................................... 9.52 -4.03 -4.88 -8.67 -17 -260 -331 2,511 2,057
FY 2020 ....................................................................................................... 14.88 6.47 -2.32 -6.09 12 -170 -224 2,692 2,234
FY 2021 ....................................................................................................... 3.14 22.66 13.12 6.40 166 428 410 2,203 1,875
FY 2022 ....................................................................................................... -4.10 3.20 ...... 7.30 27 115 108 854 740
FY 2023 ....................................................................................................... 5.34 9.12 ...... 3.78 72 171 159 4,036 4,050
FY 2024 ....................................................................................................... 15.70 17.81 ...... 2.11 14 60 63 2,049 2,049
FY 2025 ....................................................................................................... 21.79 24.89 ...... 3.10 10 10 9 360 360
Rural Business:
Business and Industry Loans:
FY 1997 ....................................................................................................... 0.51 ...... ...... ...... ...... ...... ...... 10,554 ......
FY 1998 ....................................................................................................... -7.16 41.42 -10.90 59.48 -4 10,824 9,221 19,552 ......
FY 1999 ....................................................................................................... -14.64 20.91 3.61 31.94 42 8,393 8,670 24,851 60
FY 2000 ....................................................................................................... -14.16 33.76 -4.66 52.58 -2,223 13,016 13,038 28,828 93
FY 2001 ....................................................................................................... 5.82 36.09 3.94 26.33 -71 18,180 13,610 45,377 351
Intermediary Relending Program Fund Account:
Intermediary Relending Program:
FY 1992 ....................................................................................................... 50.03 48.73 8.38 -9.68 -* -2,113 -885 32,500 31
FY 1993 ....................................................................................................... 54.22 51.06 1.03 -4.19 -23 -813 -1,344 32,390 222
FY 1994 ....................................................................................................... 57.54 51.27 -3.81 -2.46 82 -6,008 -5,861 76,267 1,018
FY 1995 ....................................................................................................... 54.02 47.02 -1.83 -5.17 -55 -9,003 -6,689 82,559 1,243
FY 1996 ....................................................................................................... 59.50 45.53 -6.83 -7.14 50 -5,817 -4,813 33,262 1,025
FY 1997 ....................................................................................................... 46.48 46.30 4.84 -5.02 36 -1,342 -490 33,893 2,311
FY 1998 ....................................................................................................... 48.25 44.15 1.64 -5.74 75 -2,211 -1,403 28,042 3,200
FY 1999 ....................................................................................................... 50.35 46.78 -2.61 -0.96 -75 -1,507 -1,356 28,745 2,648
FY 2000 ....................................................................................................... 43.43 43.48 2.38 -2.33 -3 -946 -358 34,928 5,489
FY 2001 ....................................................................................................... 50.91 37.56 -8.29 -5.06 53 -5,066 -4,175 32,414 5,426
FY 2002 ....................................................................................................... 43.21 37.41 -4.09 -1.71 29 -2,306 -1,721 28,621 7,446
36
Table 7. DIRECT LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2003 ....................................................................................................... 48.26 38.19 -6.12 -3.95 10 -4,440 -3,470 35,243 9,567
FY 2004 ....................................................................................................... 43.27 36.86 -2.21 -4.20 86 -2,438 -1,928 29,290 8,961
FY 2005 ....................................................................................................... 46.38 36.82 -6.54 -3.02 379 -3,177 -2,684 28,525 8,385
FY 2006 ....................................................................................................... 43.02 35.30 -6.51 -1.21 -55 -3,550 -2,342 30,095 11,235
FY 2007 ....................................................................................................... 44.07 33.04 -11.38 0.35 66 -3,611 -3,161 29,739 12,850
FY 2008 ....................................................................................................... 42.89 31.39 -12.44 0.94 522 -3,247 -3,180 28,787 12,669
FY 2009 ....................................................................................................... 41.85 28.69 -12.03 -1.13 -15 -3,139 -3,173 25,346 13,258
FY 2010 ....................................................................................................... 25.24 24.78 2.27 -2.73 317 -106 -196 25,326 12,838
FY 2011 ....................................................................................................... 38.58 19.72 -14.67 -4.19 11 -2,511 -2,471 14,148 8,409
FY 2012 ....................................................................................................... 33.88 9.44 -9.44 -15.01 -9 -3,408 -2,805 12,157 9,493
FY 2013 ....................................................................................................... 32.04 21.71 -9.35 -0.98 18 -1,216 -1,277 12,869 8,729
FY 2014 ....................................................................................................... 21.61 19.35 -1.73 -0.53 -11 -455 -403 17,117 12,451
FY 2015 ....................................................................................................... 30.80 18.64 -11.65 -0.51 -153 -1,886 -1,976 16,912 12,760
FY 2016 ....................................................................................................... 27.62 20.28 -7.63 0.28 -78 -1,008 -1,108 15,419 12,156
FY 2017 ....................................................................................................... 28.99 20.20 -9.16 0.37 83 -924 -1,117 12,987 10,875
FY 2018 ....................................................................................................... 23.09 15.50 -8.45 0.86 -103 -1,083 -1,228 16,294 14,443
FY 2019 ....................................................................................................... 22.01 16.27 -8.74 3.00 -239 -826 -904 15,924 14,541
FY 2020 ....................................................................................................... 27.63 21.32 -9.37 3.07 -193 -810 -858 13,723 13,073
FY 2021 ....................................................................................................... 15.56 27.16 9.85 1.75 1,000 1,245 1,204 11,430 11,255
FY 2022 ....................................................................................................... 8.07 8.40 ...... 0.33 -41 37 34 13,160 13,033
FY 2023 ....................................................................................................... 17.54 18.35 ...... 0.81 -73 107 114 12,917 12,913
FY 2024 ....................................................................................................... 30.35 31.08 ...... 0.73 -22 19 24 4,768 4,768
FY 2025 ....................................................................................................... 34.06 28.82 ...... -5.24 -58 -58 -55 944 944
Rural Economic Development Loans:
Rural Economic Development Loans:
FY 1994 ....................................................................................................... 25.42 ...... ...... ...... ...... ...... ...... 13,068 ......
FY 2010 ....................................................................................................... 13.05 10.49 -1.58 -0.98 -45 -419 -514 19,754 219
FY 2011 ....................................................................................................... 17.91 ...... ...... ...... ...... ...... ...... 24,606 ......
FY 2012 ....................................................................................................... 12.98 6.44 -5.29 -1.25 1 -1,636 -2,247 34,804 117
FY 2013 ....................................................................................................... 12.39 7.99 -2.55 -1.85 10 -1,721 -1,915 43,576 10
FY 2014 ....................................................................................................... 8.45 8.37 1.06 -1.14 -78 -270 -109 71,440 -33
FY 2015 ....................................................................................................... 12.77 7.72 -3.92 -1.12 -10 -1,384 -1,604 31,848 745
FY 2016 ....................................................................................................... 13.39 8.71 -3.09 -1.59 -6 -1,319 -1,742 37,105 3,522
FY 2017 ....................................................................................................... 14.23 10.47 -1.71 -2.05 -14 -1,315 -1,336 35,655 8,966
FY 2018 ....................................................................................................... 12.92 8.49 -1.53 -2.90 9 -1,698 -2,096 47,989 16,734
FY 2019 ....................................................................................................... 13.35 7.44 -6.43 0.52 -73 -2,409 -2,477 42,009 16,992
FY 2020 ....................................................................................................... 16.78 5.14 -10.89 -0.74 -17 -3,485 -4,485 38,959 20,016
37
Table 7. DIRECT LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2021 ....................................................................................................... 9.55 6.88 1.41 -4.08 -48 -460 -499 18,492 9,848
FY 2022 ....................................................................................................... 4.68 17.36 12.45 0.23 -555 4,071 4,946 40,021 31,214
FY 2023 ....................................................................................................... 9.87 20.04 9.72 0.45 9,690 9,245 9,187 97,968 86,717
FY 2024 ....................................................................................................... 17.86 19.16 ...... 1.30 367 318 426 47,057 45,548
FY 2025 ....................................................................................................... 19.81 21.78 ...... 1.97 255 255 244 16,221 16,221
Rural Utilities Service:
Rural Water and Waste Disposal:
Water and Waste Disposal Loans:
FY 1992 ....................................................................................................... 14.10 14.82 4.93 -4.21 270 -7,387 -1,234 550,277 35,180
FY 1993 ....................................................................................................... 12.69 17.88 9.20 -4.01 119 12,925 24,668 596,024 42,416
FY 1994 ....................................................................................................... 16.18 16.12 4.69 -4.75 150 -9,820 -4,830 649,449 55,278
FY 1995 ....................................................................................................... 15.28 14.63 2.90 -3.55 369 -15,529 -10,463 773,220 67,844
FY 1996 ....................................................................................................... 22.50 14.05 -4.95 -3.50 282 -53,812 -47,980 562,845 77,654
FY 1997 ....................................................................................................... 9.02 12.51 6.43 -2.94 780 24,627 23,145 774,515 97,650
FY 1998 ....................................................................................................... 9.76 12.20 5.13 -2.69 990 16,816 14,455 753,031 111,601
FY 1999 ....................................................................................................... 16.52 10.34 -1.73 -4.45 4,371 -42,543 -40,848 689,838 125,324
FY 2000 ....................................................................................................... 7.10 10.22 6.89 -3.77 5,123 -7,690 -2,744 729,005 144,466
FY 2001 ....................................................................................................... 13.59 4.73 -5.89 -2.97 2,620 -56,493 -59,623 727,600 156,475
FY 2002 ....................................................................................................... 6.88 4.02 -1.87 -0.99 3,360 -23,562 -28,342 1,084,258 229,189
FY 2003 ....................................................................................................... 11.34 4.83 -6.08 -0.43 1,949 -44,484 -42,860 735,170 183,449
FY 2004 ....................................................................................................... 3.33 3.97 0.26 0.38 2,697 9,524 3,767 807,317 216,524
FY 2005 ....................................................................................................... 9.00 2.09 -4.51 -2.40 4,047 -53,739 -51,222 843,488 233,040
FY 2006 ....................................................................................................... 6.91 0.34 -7.15 0.58 3,994 -58,419 -55,679 951,897 308,138
FY 2007 ....................................................................................................... 9.96 -1.66 -12.20 0.58 514 -102,516 -98,036 951,001 282,804
FY 2008 ....................................................................................................... 10.42 -2.24 -8.46 -4.20 4,693 -117,502 -116,294 1,045,282 458,846
FY 2009 ....................................................................................................... 14.62 4.55 -2.13 -7.94 9,453 -111,351 -118,679 1,286,632 747,806
FY 2010 ....................................................................................................... 7.54 0.61 1.59 -8.52 14,384 -141,584 -132,119 2,063,994 1,343,062
FY 2011 ....................................................................................................... 8.58 -2.32 -5.34 -5.56 3,351 -93,202 -90,908 904,897 605,752
FY 2012 ....................................................................................................... 9.58 -0.67 -3.55 -6.70 3,577 -84,513 -78,166 832,993 596,466
FY 2013 ....................................................................................................... 8.07 -1.81 -2.41 -7.47 34,615 -68,599 -70,535 779,863 989,559
FY 2014 ....................................................................................................... -0.87 -0.91 2.81 -2.85 3,450 1,530 -159 685,698 558,798
FY 2015 ....................................................................................................... -0.61 -2.67 1.94 -4.00 4,965 -11,565 -18,598 910,344 761,793
FY 2016 ....................................................................................................... 2.61 1.58 5.06 -6.08 8,997 -4,875 -10,453 1,028,092 885,689
FY 2017 ....................................................................................................... 4.34 -1.02 -0.39 -4.97 5,551 -58,133 -58,347 1,137,260 1,010,222
FY 2018 ....................................................................................................... 0.17 3.15 1.16 1.82 10,938 44,493 42,020 1,448,006 1,316,007
FY 2019 ....................................................................................................... -0.27 7.61 2.77 5.11 334 71,181 67,313 865,667 801,731
FY 2020 ....................................................................................................... 4.56 20.55 ...... 15.99 46,258 186,812 161,490 971,517 922,594
38
Table 7. DIRECT LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2021 ....................................................................................................... -1.53 15.71 ...... 17.24 76,592 151,814 136,050 673,055 651,220
FY 2022 ....................................................................................................... -5.16 8.58 ...... 13.74 59,416 77,375 71,848 481,284 469,550
FY 2023 ....................................................................................................... -2.19 4.17 ...... 6.36 17,278 18,327 16,985 271,344 264,852
FY 2024 ....................................................................................................... 8.35 12.77 ...... 4.42 2,513 2,557 2,389 58,539 57,565
FY 2025 ....................................................................................................... 10.34 19.10 ...... 8.76 292 292 279 3,347 3,259
Water and Waste 1%:
FY 2023 ....................................................................................................... 13.62 14.17 ...... 0.55 -5 -4 5 1,125 1,090
FY 2024 ....................................................................................................... 26.95 (4) ...... ...... ...... ...... ...... ...... ......
FY 2025 ....................................................................................................... 31.30 (4) ...... ...... ...... ...... ...... ...... ......
Rural Electrification and Telecommunications Loans:
Electric Hardship Loans:
FY 1992 ....................................................................................................... 18.82 15.65 2.46 -5.63 6 -48,037 -26,209 564,554 1,333
FY 1993 ....................................................................................................... 12.84 15.31 7.63 -5.16 33 -19,982 3,948 834,525 1,879
FY 1996 ....................................................................................................... 23.37 10.90 -9.73 -2.74 3 -13,845 -11,631 86,299 309
FY 1998 ....................................................................................................... 7.46 6.48 3.95 -4.93 5 -3,364 -1,873 124,414 387
FY 2002 ....................................................................................................... 2.98 -3.11 -6.65 0.56 ...... -5,006 -7,187 123,792 ......
FY 2004 ....................................................................................................... -2.33 -1.34 -3.03 4.02 -2 6,312 2,324 239,688 931
FY 2008 ....................................................................................................... 0.12 (2) ...... ...... ...... ...... ...... 97,594 ......
FY 2011 ....................................................................................................... -7.38 (2) ...... ...... ...... ...... ...... 14,610 ......
Municipal Electric Loans:
FY 1994 ....................................................................................................... 11.26 14.46 9.73 -6.53 220 13,931 6,120 374,439 8,502
FY 1995 ....................................................................................................... 8.58 12.88 10.90 -6.60 117 21,372 11,847 472,329 8,472
FY 1996 ....................................................................................................... 10.44 13.77 6.35 -3.02 402 9,024 10,397 512,984 26,778
FY 1997 ....................................................................................................... 6.20 12.94 14.10 -7.36 340 23,470 25,846 439,744 19,420
FY 1998 ....................................................................................................... 4.22 11.37 12.59 -5.44 519 33,752 30,465 487,786 25,271
FY 1999 ....................................................................................................... 8.76 9.92 8.81 -7.65 293 -2,369 1,725 294,990 17,200
FY 2000 ....................................................................................................... 3.67 16.61 13.35 -0.41 686 35,829 32,248 294,870 19,199
FY 2001 ....................................................................................................... 6.95 21.06 10.11 4.00 447 53,314 28,302 293,670 77,700
FY 2002 ....................................................................................................... -0.09 5.97 10.07 -4.01 989 35,928 25,690 499,862 40,359
FY 2003 ....................................................................................................... 4.03 11.05 9.74 -2.72 292 11,856 93 101,322 10,655
FY 2004 ....................................................................................................... -2.42 5.27 10.76 -3.07 1,300 50,987 41,757 617,551 50,616
FY 2005 ....................................................................................................... 1.35 9.15 13.94 -6.14 495 8,873 6,287 100,075 14,760
FY 2006 ....................................................................................................... 5.05 5.55 4.56 -4.06 341 -583 -444 100,764 26,952
FY 2007 ....................................................................................................... 1.51 3.50 3.13 -1.14 426 1,787 1,419 100,764 21,013
Treasury Electric Loans:
FY 2001 ....................................................................................................... 0.00 -0.02 0.51 -0.53 179 8,010 -6,219 500,000 6,987
FY 2002 ....................................................................................................... -0.04 2.30 0.43 1.91 1,059 24,677 7,952 746,035 64,115
39
Table 7. DIRECT LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2003 ....................................................................................................... -0.04 0.04 -0.71 0.79 188 2,553 -3,085 1,150,000 110,847
FY 2004 ....................................................................................................... -0.06 0.03 0.43 -0.34 516 -162 -6,921 1,173,054 74,190
FY 2005 ....................................................................................................... -0.05 1.06 2.16 -1.05 394 14,493 5,890 994,894 96,538
FY 2006 ....................................................................................................... 0.01 1.23 2.28 -1.06 827 26,246 9,358 984,693 103,949
FY 2007 ....................................................................................................... 0.00 -0.33 -2.77 2.44 663 7,271 -3,885 958,165 101,379
FY 2022 ....................................................................................................... -3.98 -7.00 ...... -3.02 120,410 -148,892 -127,870 2,798,913 2,768,856
FY 2023 ....................................................................................................... -2.96 -7.19 ...... -4.23 26,984 -174,490 -159,973 2,787,317 2,785,137
FY 2024 ....................................................................................................... -1.95 -5.61 ...... -3.66 -50,204 -61,995 -57,999 1,492,054 1,491,598
FY 2025 ....................................................................................................... -1.61 -5.31 ...... -3.70 -8,209 -8,209 -7,858 219,360 219,359
FFB Electric Loans:
FY 1992 ....................................................................................................... 1.80 4.47 1.30 1.37 2 19,907 18,614 715,687 364
FY 1993 ....................................................................................................... 4.51 -0.64 5.07 -10.22 6 -17,186 -37,471 772,252 228
FY 1995 ....................................................................................................... -0.03 -0.71 8.71 -9.39 29 -4,403 -2,472 296,148 753
FY 1996 ....................................................................................................... 0.84 -0.30 6.79 -7.93 1,344 -3,521 -2,493 179,858 1,424
FY 1997 ....................................................................................................... 0.93 -2.03 2.12 -5.08 33 -1,914 -8,641 284,765 11,476
FY 1998 ....................................................................................................... 0.92 0.25 3.70 -4.37 133 -7,550 -2,307 254,799 26,467
FY 1999 ....................................................................................................... -0.38 4.82 3.07 2.13 -3,290 -33,407 48,553 1,030,133 111,478
FY 2000 ....................................................................................................... -1.18 0.60 5.44 -3.66 484 -43,591 27,238 1,628,863 135,249
FY 2001 ....................................................................................................... -3.09 -0.97 5.11 -2.99 549 8,545 32,142 1,619,572 234,974
FY 2002 ....................................................................................................... -1.13 -1.30 -1.35 1.18 204 -7,377 -6,566 2,650,356 382,621
FY 2003 ....................................................................................................... -1.82 -3.05 -1.82 0.59 1,548 -29,075 -30,350 2,473,489 574,789
FY 2004 ....................................................................................................... -1.99 -2.76 -2.06 1.29 1,028 -2,357 -12,572 1,585,876 250,827
FY 2005 ....................................................................................................... -2.23 -2.20 -3.92 3.95 -946 -20,268 -2,357 2,035,590 484,972
FY 2006 ....................................................................................................... -0.48 -1.35 1.09 -1.96 -595 -109,186 -20,862 2,333,454 832,750
FY 2007 ....................................................................................................... -1.19 -0.18 3.19 -2.18 1,364 -102,997 17,581 2,611,096 1,161,639
FY 2008 ....................................................................................................... -0.70 0.39 3.95 -2.86 1,027 -312,036 50,170 6,143,240 2,578,715
FY 2009 ....................................................................................................... -2.28 -2.24 2.97 -2.93 3,443 -165,858 -8,441 5,535,737 2,761,297
FY 2010 ....................................................................................................... -0.47 -2.45 1.64 -3.62 -26,812 -92,708 -108,942 5,768,508 3,196,497
FY 2011 ....................................................................................................... -4.43 -3.57 1.86 -1.00 -14,290 68,512 23,272 3,729,344 2,149,163
FY 2012 ....................................................................................................... -4.00 -2.42 0.95 0.63 -17,486 60,830 47,327 3,454,157 2,316,950
FY 2013 ....................................................................................................... -6.29 -0.13 5.26 0.91 -10,432 233,520 201,592 3,614,978 2,585,854
FY 2014 ....................................................................................................... -3.31 -0.24 3.31 -0.25 -10,509 59,913 61,580 2,154,392 1,648,721
FY 2015 ....................................................................................................... -5.64 -1.95 4.40 -0.72 -9,637 112,122 91,207 2,721,783 2,124,344
FY 2016 ....................................................................................................... -4.97 -4.67 4.50 -4.19 -18,086 21,208 7,725 2,887,764 2,352,560
FY 2017 ....................................................................................................... -4.92 -3.58 4.93 -3.59 -16,132 50,476 38,816 3,183,031 2,729,767
FY 2018 ....................................................................................................... -5.17 -2.32 3.46 -0.61 -11,714 62,401 61,271 2,973,870 2,596,553
FY 2019 ....................................................................................................... -4.38 -1.91 2.74 -0.27 -48,592 94,620 115,809 4,624,799 4,179,531
40
Table 7. DIRECT LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2020 ....................................................................................................... -3.87 -2.12 1.27 0.48 -97,415 63,798 95,508 5,145,996 4,786,530
FY 2021 ....................................................................................................... -4.97 -6.01 ...... -1.04 14,263 -74,965 -41,876 3,656,725 3,505,414
FY 2022 ....................................................................................................... -7.20 -11.11 ...... -3.91 22,072 -39,094 -33,451 534,883 524,267
FY 2023 ....................................................................................................... -5.87 -11.75 ...... -5.88 -21,837 -91,245 -81,614 1,046,951 1,046,883
FY 2024 ....................................................................................................... -4.22 -5.25 ...... -1.03 -6,028 -8,172 -7,515 680,897 680,897
FY 2025 ....................................................................................................... -4.30 -2.35 ...... 1.95 19,928 19,928 19,057 950,048 950,048
Telecommunication Hardship Loans:
FY 1992 ....................................................................................................... 16.84 12.01 3.61 -8.44 396 -2,564 -9,362 175,093 14,929
FY 1993 ....................................................................................................... 11.66 8.79 6.45 -9.32 -10 -531 -5,609 234,350 1,063
FY 1995 ....................................................................................................... 7.91 ...... ...... ...... ...... ...... ...... 43,425 ......
FY 1997 ....................................................................................................... 1.59 ...... ...... ...... ...... ...... ...... 57,744 ......
FY 2000 ....................................................................................................... 1.12 -0.35 2.61 -4.08 -150 -456 -714 54,123 569
FY 2001 ....................................................................................................... 10.36 -5.14 -13.37 -2.13 * -2,250 -4,386 33,425 ......
FY 2002 ....................................................................................................... 2.32 -7.35 -10.09 0.42 ...... -1,950 -3,302 41,718 ......
FY 2003 ....................................................................................................... 1.71 -3.66 -11.40 6.03 -104 -1,686 -2,203 48,851 643
FY 2004 ....................................................................................................... -4.44 -5.53 -5.35 4.26 1 -151 -587 62,890 1,706
FY 2005 ....................................................................................................... -1.21 -5.75 -9.93 5.39 13 -4,145 -4,614 106,033 7,311
FY 2006 ....................................................................................................... -1.80 -11.31 -11.92 2.41 13 -9,024 -9,630 110,752 3,332
FY 2007 ....................................................................................................... 0.37 -11.76 -18.00 5.87 * -5,143 -6,332 55,269 700
FY 2008 ....................................................................................................... 0.08 -17.95 -19.04 1.01 -124 -11,177 -15,789 89,569 12,063
FY 2009 ....................................................................................................... -1.76 -7.77 -18.50 12.49 104 1,614 -4,691 70,790 12,187
FY 2010 ....................................................................................................... -18.59 -17.95 -4.26 4.89 -69 -1,175 -568 75,854 22,767
FY 2011 ....................................................................................................... -7.37 -26.80 -16.40 -3.03 -36 -2,994 -3,797 21,524 11,505
Treasury Telecommunications Loans:
FY 1994 ....................................................................................................... 0.02 ...... ...... ...... ...... ...... ...... 132,648 ......
FY 1995 ....................................................................................................... 0.02 0.16 5.86 -5.72 -656 9,374 -1,277 172,821 2,548
FY 1997 ....................................................................................................... 0.02 2.14 5.25 -3.13 -411 10,417 1,987 114,785 7,683
FY 1999 ....................................................................................................... 0.27 6.83 3.20 3.36 26 27,509 7,483 140,365 17,612
FY 2000 ....................................................................................................... 0.79 15.12 4.76 9.57 52 60,865 21,938 185,451 42,902
FY 2001 ....................................................................................................... -1.00 -0.44 2.55 -1.99 -199 18,375 390 229,207 202
FY 2002 ....................................................................................................... 0.10 -1.62 0.60 -2.32 -163 2,340 -3,036 180,026 451
FY 2003 ....................................................................................................... 0.05 -1.35 -1.90 0.50 -69 661 -2,049 157,176 469
FY 2004 ....................................................................................................... 0.05 ...... ...... ...... ...... ...... ...... 43,451 ......
FY 2005 ....................................................................................................... 0.04 3.08 -6.85 9.89 -94 9,563 4,530 193,416 3,446
FY 2006 ....................................................................................................... 0.05 -1.75 -8.58 6.78 -106 -1,761 -5,273 273,954 19,439
FY 2007 ....................................................................................................... 0.03 -3.94 -2.18 -1.79 -1 -1,100 -7,952 183,043 6,504
FY 2008 ....................................................................................................... 0.67 -6.15 -7.53 0.71 -104 -12,010 -17,933 264,951 52,150
41
Table 7. DIRECT LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2009 ....................................................................................................... 0.21 -4.19 -5.11 0.72 26 -2,622 -9,524 190,320 22,563
FY 2010 ....................................................................................................... -0.43 -5.08 -4.81 0.16 -4 -7,207 -9,766 192,977 53,506
FY 2011 ....................................................................................................... -0.32 -4.07 -2.50 -1.25 10 1,583 -12,626 292,664 80,581
FY 2012 ....................................................................................................... -1.19 -4.39 -2.29 -0.91 3 -188 -489 16,125 8,998
FY 2013 ....................................................................................................... -1.14 -2.74 -1.08 -0.52 -786 694 -2,320 148,137 50,404
FY 2014 ....................................................................................................... -1.19 -2.52 -2.07 0.75 -26 -2,326 -1,792 144,185 72,891
FY 2015 ....................................................................................................... -1.17 -2.37 -0.70 -0.50 -164 1,227 -847 66,756 38,440
FY 2016 ....................................................................................................... 0.03 -2.01 0.87 -2.91 -377 51 -1,594 76,174 49,163
FY 2017 ....................................................................................................... 0.89 -1.90 -0.04 -2.75 22 -1,401 -4,013 141,614 92,236
FY 2018 ....................................................................................................... 0.25 0.92 -0.23 0.90 -1,646 1,473 730 88,408 64,733
FY 2019 ....................................................................................................... 0.48 2.39 ...... 1.91 -1,271 1,536 1,775 101,596 87,313
FY 2020 ....................................................................................................... 1.10 9.51 ...... 8.41 -790 7,469 7,146 77,768 67,582
FY 2021 ....................................................................................................... 0.66 -10.60 ...... -11.26 -937 -7,735 -7,071 57,512 54,042
FY 2022 ....................................................................................................... 0.30 -13.85 ...... -14.15 -2,783 -10,911 -10,556 50,290 49,404
FY 2023 ....................................................................................................... 0.54 -19.21 ...... -19.75 -114 -171 -162 582 578
FY 2025 ....................................................................................................... 1.11 ...... ...... ...... ...... ...... ...... ...... ......
FFB Telecommunications Loans:
FY 1992 ....................................................................................................... 0.00 3.91 8.13 -4.22 ...... -1,755 1,125 32,628 ......
FY 1993 ....................................................................................................... 0.08 -1.05 2.10 -3.23 -4 2,068 -734 48,978 ......
FY 1994 ....................................................................................................... -4.01 7.04 34.50 -23.45 -20 538 4,423 46,234 718
FY 2001 ....................................................................................................... -2.04 3.51 12.61 -7.06 ...... 1,715 3,885 89,558 ......
FY 2002 ....................................................................................................... -0.85 1.49 4.49 -2.15 ...... -1,288 1,478 72,173 ......
FY 2003 ....................................................................................................... -2.36 5.61 22.30 -14.33 -95 1,034 8,348 111,867 919
FY 2004 ....................................................................................................... -1.85 2.82 4.32 0.35 -* 462 8,866 207,433 ......
FY 2005 ....................................................................................................... -1.95 0.19 -3.75 5.89 -55 697 1,476 73,380 60
FY 2006 ....................................................................................................... -1.57 -0.39 0.52 0.66 146 -2,273 938 99,018 3,817
FY 2007 ....................................................................................................... -1.49 -1.74 3.33 -3.58 -77 -961 -257 35,176 1,998
FY 2008 ....................................................................................................... 0.62 -0.12 -0.15 -0.59 277 -7,588 -1,727 145,279 24,336
FY 2009 ....................................................................................................... -0.94 5.14 6.40 -0.32 262 -14,758 12,846 257,849 33,192
FY 2010 ....................................................................................................... -0.65 2.06 -2.75 5.46 -674 10,772 5,471 228,128 62,704
FY 2011 ....................................................................................................... -4.65 -0.70 -0.22 4.16 -556 23,493 5,454 219,457 63,253
FY 2012 ....................................................................................................... -3.64 4.32 2.20 5.76 -130 5,024 3,432 46,561 12,264
FY 2014 ....................................................................................................... -2.99 -2.08 -1.03 1.94 21 312 347 38,747 15,735
FY 2015 ....................................................................................................... -3.49 0.03 0.81 2.72 -667 4,795 2,982 91,874 50,007
FY 2016 ....................................................................................................... -2.74 0.56 -2.52 5.82 -488 3,351 2,287 73,051 46,642
FY 2017 ....................................................................................................... -2.53 -1.94 3.34 -2.75 1,711 6,301 557 156,477 111,672
FY 2018 ....................................................................................................... -2.49 -6.25 2.00 -5.76 -2,415 -656 -1,602 47,424 37,552
42
Table 7. DIRECT LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2019 ....................................................................................................... -2.71 -5.12 ...... -2.41 -26 -199 -138 6,535 5,826
FY 2020 ....................................................................................................... -2.42 -10.33 ...... -7.91 200 -463 -366 5,108 4,520
FY 2021 ....................................................................................................... -3.19 (4) ...... ...... ...... ...... ...... ...... ......
FY 2022 ....................................................................................................... -4.04 -31.41 ...... -27.37 -397 -2,545 -2,510 7,491 7,129
FFB Guaranteed Underwriting:
FY 2005 ....................................................................................................... 0.00 14.20 4.92 9.28 -66,012 -200,106 135,233 1,000,000 550,000
FY 2006 ....................................................................................................... -1.26 7.24 7.59 0.91 -135,799 -309,464 122,996 1,500,000 850,000
FY 2008 ....................................................................................................... -0.94 21.42 -5.76 28.12 -41,805 -124,595 109,473 500,000 400,000
FY 2010 ....................................................................................................... -1.85 2.14 23.48 -19.49 42,108 19,278 18,463 500,000 350,000
FY 2011 ....................................................................................................... 0.14 -8.16 24.50 -32.79 -54,955 -52,186 -39,668 499,000 499,000
FY 2012 ....................................................................................................... -6.32 2.78 -26.36 35.46 -52,988 43,422 35,399 424,286 197,081
FY 2013 ....................................................................................................... -8.00 3.81 -15.38 27.19 -41,093 63,191 54,834 500,000 284,038
FY 2014 ....................................................................................................... -4.32 -1.09 7.26 -4.03 -28,471 16,628 15,362 500,000 146,250
FY 2015 ....................................................................................................... -3.97 -3.39 -5.83 6.40 -31,938 2,945 1,119 250,000 160,000
FY 2016 ....................................................................................................... 0.00 -2.51 -1.60 -0.91 -39,235 -8,831 -8,574 375,000 253,125
FY 2017 ....................................................................................................... -3.78 -0.24 4.08 -0.54 -140,075 30,424 24,751 750,000 537,627
FY 2018 ....................................................................................................... -3.86 1.76 10.82 -5.20 -71,000 47,124 39,217 750,000 574,462
FY 2019 ....................................................................................................... -0.39 -10.22 -15.35 5.52 31,625 -74,923 -69,065 750,000 693,711
FY 2020 ....................................................................................................... -0.39 -3.66 -12.37 9.10 -25,458 -27,185 -21,999 750,000 717,384
FY 2021 ....................................................................................................... -0.57 -4.36 -0.86 -2.93 -24,383 -32,230 -25,790 750,000 719,670
FY 2022 ....................................................................................................... -0.64 (4) ...... -10.81 -32,827 -32,827 -29,488 300,000 295,000
FY 2023 ....................................................................................................... -0.56 (4) ...... -16.63 -8,292 -8,292 -8,005 50,000 50,000
FY 2024 ....................................................................................................... -2.76 (4) ...... ...... ...... ...... ...... ...... ......
FY 2025 ....................................................................................................... -2.89 ...... ...... ...... ...... ...... ...... ...... ......
Electric Loan Modifications:
FY 2007 ....................................................................................................... -3.82 -3.81 ...... 0.01 -212 45,821 -42,483 1,161,184 390,433
FY 2014 ....................................................................................................... -9.92 -3.11 ...... 6.81 -8 973 928 26,047 13,642
Rural Energy Savings Program:
FY 2017 ....................................................................................................... 14.44 13.35 ...... -1.09 3 -323 -258 13,149 8,733
FY 2018 ....................................................................................................... 13.33 11.63 ...... -1.70 -76 -356 -297 11,805 9,223
FY 2019 ....................................................................................................... 14.03 12.07 ...... -1.96 -153 -630 -550 21,866 17,679
FY 2020 ....................................................................................................... 17.25 15.45 ...... -1.80 -380 -1,571 -1,382 47,489 39,380
FY 2021 ....................................................................................................... 10.25 9.89 ...... -0.36 -47 -95 -67 9,430 8,528
FY 2022 ....................................................................................................... 5.52 5.22 ...... -0.30 4 -9 -18 1,806 1,584
FY 2023 ....................................................................................................... 10.37 (4) ...... 1.26 112 112 115 10,404 10,041
FY 2024 ....................................................................................................... 17.89 17.57 ...... -0.32 -27 -27 -20 3,182 3,033
FY 2025 ....................................................................................................... 20.16 ...... ...... ...... ...... ...... ...... ...... ......
43
Table 7. DIRECT LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
Consumer Oriented Operating Loans:
FY 2021 ....................................................................................................... -2.21 -1.76 -10.81 11.26 122 478 459 97,497 40,804
FY 2022 ....................................................................................................... -0.40 -30.23 -1.11 -28.72 -9,954 -56,760 -54,680 146,300 138,988
FY 2023 ....................................................................................................... -2.56 -0.89 5.20 -3.53 -2,220 1,747 1,985 122,765 122,765
IRA Section 22001:
FY 2024 ....................................................................................................... 37.27 ...... ...... ...... ...... ...... ...... ...... ......
FY 2025 ....................................................................................................... 37.68 32.06 ...... -5.62 -793 -793 -759 12,000 9,600
IRA Section 22004 Blended:
FY 2025 ....................................................................................................... 17.44 ...... ...... ...... ...... ...... ...... ...... ......
IRA Section 22004 Zero:
FY 2024 ....................................................................................................... 34.28 ...... ...... ...... ...... ...... ...... ...... ......
FY 2025 ....................................................................................................... 37.70 ...... ...... ...... ...... ...... ...... ...... ......
IRA Section 22004 Subsidized:
FY 2025 ....................................................................................................... 0.99 ...... ...... ...... ...... ...... ...... ...... ......
Rural Telephone Bank:
Rural Telephone Bank:
FY 1993 ....................................................................................................... 0.02 -4.77 2.59 -7.38 -7 -6,846 -4,185 81,553 ......
FY 1994 ....................................................................................................... 0.39 -5.80 5.44 -11.63 -3 -3,654 -5,600 99,764 558
FY 1995 ....................................................................................................... 0.44 -5.99 7.12 -13.55 5 -2,193 -4,303 83,346 1,620
FY 1997 ....................................................................................................... 1.32 -0.73 2.64 -4.69 7 5,633 -1,126 41,660 4,811
FY 1999 ....................................................................................................... 2.65 5.08 0.31 2.12 12 10,272 962 51,938 9,657
FY 2000 ....................................................................................................... 1.88 19.15 -7.16 24.43 27,314 35,100 7,895 58,894 25,990
FY 2002 ....................................................................................................... 2.14 -8.51 -15.40 4.75 281 -942 -3,583 42,251 294
FY 2003 ....................................................................................................... 1.38 -12.12 -18.16 4.66 -7 -5,368 -5,182 47,060 268
FY 2004 ....................................................................................................... -4.32 ...... ...... ...... ...... ...... ...... 66,027 ......
FY 2005 ....................................................................................................... -1.83 -5.58 -16.90 13.15 -1 -1,004 -3,380 91,732 2,314
Distance Learning, Telemedicine, and Broadband Program:
Broadband Treasury Rate Loans:
FY 2002 ....................................................................................................... -0.07 29.65 -1.26 30.98 ...... 21,213 14,655 52,767 ......
FY 2004 ....................................................................................................... 2.18 13.52 -0.37 11.71 -288 26,200 14,557 146,544 3,432
FY 2005 ....................................................................................................... 2.13 ...... ...... ...... ...... ...... ...... 71,454 ......
FY 2006 ....................................................................................................... 2.15 17.46 2.79 12.52 -638 20,034 13,613 100,787 4,798
FY 2008 ....................................................................................................... 2.15 58.00 17.71 38.14 -271 110,696 87,257 170,093 741
FY 2009 ....................................................................................................... 3.90 -3.31 -5.32 -1.89 -30 -228 -600 5,221 1,487
FY 2010 ....................................................................................................... 7.24 1.24 -2.43 -3.57 4,630 -44,971 -58,271 1,094,008 193,269
FY 2011 ....................................................................................................... 6.84 5.89 -0.88 -0.07 3,417 1,172 -373 24,450 8,752
FY 2012 ....................................................................................................... 3.55 -4.41 -2.66 -5.29 291 -2,933 -2,713 38,335 15,949
44
Table 7. DIRECT LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2016 ....................................................................................................... 22.80 -2.02 -3.76 -21.06 11 -920 -849 3,662 2,201
FY 2017 ....................................................................................................... 16.64 -1.83 -0.91 -17.57 274 -3,964 -3,914 21,536 8,553
FY 2018 ....................................................................................................... 16.75 -3.49 -2.54 -17.70 -299 -3,926 -3,686 19,650 15,497
FY 2019 ....................................................................................................... 19.53 -2.32 ...... -21.85 -650 -2,566 -2,203 6,284 4,878
ReConnect Direct Loans:
FY 2020 ....................................................................................................... 34.45 13.14 ...... -21.31 -1,156 -4,624 -3,933 17,360 16,902
FY 2022 ....................................................................................................... 22.02 2.23 ...... -19.79 -12,710 -16,866 -16,239 76,678 76,678
FY 2023 ....................................................................................................... 13.64 (4) ...... -1.80 -179 -179 -168 9,098 9,098
FY 2024 ....................................................................................................... 22.52 (4) ...... ...... ...... ...... ...... ...... ......
FY 2025 ....................................................................................................... 27.75 ...... ...... ...... ...... ...... ...... ...... ......
ReConnect Grant Assisted Loans:
FY 2020 ....................................................................................................... 22.53 5.65 ...... -16.88 -2,033 -40,534 -34,235 196,589 192,446
FY 2021 ....................................................................................................... 24.63 -15.72 ...... -40.35 -5,069 -23,506 -21,736 50,823 52,339
FY 2022 ....................................................................................................... 25.84 -21.25 ...... -47.09 -15,931 -27,371 -26,394 47,317 47,317
FY 2023 ....................................................................................................... 10.10 (4) ...... -25.61 -1,404 -1,404 -1,317 5,400 5,400
FY 2024 ....................................................................................................... 9.16 (4) ...... -5.09 -335 -335 -311 6,237 6,237
FY 2025 ....................................................................................................... 8.96 ...... ...... ...... ...... ...... ...... ...... ......
Foreign Agricultural Service:
Public Law 480 Title I Direct Credit:
P. L. 480 Title I Loans:
FY 1992 ....................................................................................................... 67.10 59.40 -2.66 -5.04 88 -83,975 -34,064 384,029 6,863
FY 1993 ....................................................................................................... 58.75 46.92 3.03 -14.86 644 -359,390 -207,161 853,948 1,502
FY 1994 ....................................................................................................... 76.54 46.80 0.76 -30.50 724 -157,795 -68,685 234,327 6,844
FY 1995 ....................................................................................................... 81.19 46.50 -1.35 -33.34 857 -126,029 -61,115 179,855 6,640
FY 1996 ....................................................................................................... 79.65 53.65 -3.78 -22.22 -208 -125,994 -67,742 205,793 5,229
FY 1997 ....................................................................................................... 70.87 62.60 -1.16 -7.11 319 -46,609 -27,684 158,140 6,256
FY 1998 ....................................................................................................... 67.03 50.43 -2.60 -14.00 4,479 -45,626 -31,342 168,928 8,319
FY 1999 ....................................................................................................... 76.45 31.73 -16.13 -28.59 8,525 -398,545 -200,891 594,430 5,432
FY 2000 ....................................................................................................... 50.56 35.81 3.77 -18.52 102 -17,833 -21,689 81,534 7,463
FY 2001 ....................................................................................................... 60.76 52.17 2.65 -11.24 75 -10,225 -11,802 104,461 18,296
FY 2002 ....................................................................................................... 76.18 47.70 -0.40 -28.08 5,829 -30,663 -24,214 107,138 16,143
FY 2003 ....................................................................................................... 56.80 43.54 -4.70 -8.56 -75 -10,084 -6,725 59,785 20,695
FY 2004 ....................................................................................................... 57.17 42.59 -0.61 -13.97 -75 -6,568 -6,819 45,819 15,328
FY 2005 ....................................................................................................... 58.84 43.27 -3.28 -12.29 -78 -5,373 -4,010 39,269 16,614
FY 2006 ....................................................................................................... 54.14 46.86 -1.50 -5.78 -3 -381 -1,892 28,828 9,949
45
Table 7. DIRECT LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
Department of Commerce
National Oceanic and Atmospheric Administration:
Fisheries Finance:
Individual Fishing Quota Loans:
FY 1999 ....................................................................................................... 2.00 -9.09 (3) -11.09 -* -572 -283 4,197 7
FY 2002 ....................................................................................................... 0.26 -13.36 -4.28 -9.34 * -341 -544 3,213 58
FY 2003 ....................................................................................................... -12.03 -15.49 -19.35 15.89 1 42 -441 2,663 ......
FY 2004 ....................................................................................................... -15.94 -11.80 -17.41 21.55 2 189 6 3,252 68
FY 2005 ....................................................................................................... -18.45 -10.07 -21.76 30.14 6 336 8 3,092 134
FY 2007 ....................................................................................................... -8.08 -11.89 -17.48 13.67 6 50 -279 2,355 103
FY 2008 ....................................................................................................... -10.58 ...... ...... ...... ...... ...... ...... 3,765 ......
FY 2009 ....................................................................................................... -12.78 -14.10 -3.26 1.94 2 239 -76 4,961 120
FY 2010 ....................................................................................................... -12.00 -14.76 0.77 -3.53 -10 -220 -146 5,557 544
FY 2011 ....................................................................................................... -15.25 -22.54 -18.63 11.34 -18 66 -298 3,776 841
FY 2012 ....................................................................................................... -12.80 -19.93 -13.22 6.09 -6 125 -334 4,476 533
FY 2013 ....................................................................................................... -2.70 -14.24 -7.61 -3.93 -7 -121 -149 1,396 316
FY 2014 ....................................................................................................... -8.06 -17.42 0.51 -9.87 -38 -97 -103 1,127 407
FY 2015 ....................................................................................................... -2.37 -13.18 -14.13 3.32 -3 -61 -133 1,266 148
FY 2016 ....................................................................................................... -3.27 -12.86 -7.79 -1.80 -7 -86 -148 1,591 516
FY 2017 ....................................................................................................... -0.22 -12.38 -7.12 -5.04 -1 -116 -142 1,229 640
FY 2018 ....................................................................................................... -13.67 -12.46 -1.13 2.34 -21 11 22 1,824 925
FY 2019 ....................................................................................................... -11.81 -7.09 -6.94 11.66 476 113 77 1,661 458
FY 2020 ....................................................................................................... -10.80 -17.92 -14.18 7.06 -431 54 -315 4,211 3,227
FY 2021 ....................................................................................................... -13.17 -13.67 ...... -0.50 -72 -15 -11 2,334 1,866
FY 2022 ....................................................................................................... -15.27 -27.41 ...... -12.14 -115 -265 -259 2,122 1,841
FY 2023 ....................................................................................................... -13.69 -23.68 ...... -9.99 -71 -121 -117 1,157 1,052
FY 2024 ....................................................................................................... -11.26 -13.14 ...... -1.88 -91 -2 1 323 308
Traditional Direct Loans:
FY 2007 ....................................................................................................... -8.01 -4.51 -14.25 17.75 -* 2,665 -748 33,118 ......
FY 2008 ....................................................................................................... -4.63 ...... ...... ...... ...... ...... ...... 29,116 ......
FY 2009 ....................................................................................................... -6.43 -7.74 -16.04 14.73 95 2,229 -5,258 54,760 2,461
FY 2010 ....................................................................................................... -8.49 -11.01 -8.81 6.29 -3 -1,732 966 56,500 37
FY 2011 ....................................................................................................... -10.46 -23.39 -16.17 3.24 2 -1,586 -6,095 46,671 10,400
FY 2012 ....................................................................................................... -13.77 -6.09 -8.86 16.54 6 3,018 2,560 34,521 1,568
FY 2013 ....................................................................................................... -4.83 -11.38 -4.79 -1.76 -* -267 -2,164 31,119 28
FY 2014 ....................................................................................................... -7.36 -17.47 0.43 -10.54 -30 -6,231 -6,670 67,957 3,458
46
Table 7. DIRECT LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2015 ....................................................................................................... -4.87 -20.26 ...... -15.39 -989 -7,882 -8,346 54,824 17,523
FY 2016 ....................................................................................................... -3.05 -8.01 -22.40 17.44 -51 -465 -465 9,376 1,794
FY 2017 ....................................................................................................... -0.36 -4.91 -27.04 22.49 -21 -2,662 -3,070 68,874 1,427
FY 2018 ....................................................................................................... -9.58 -4.67 -11.18 16.09 -35 2,310 2,254 45,969 2,764
FY 2019 ....................................................................................................... -8.71 7.30 -6.23 22.24 2,259 2,554 2,184 13,890 9,231
FY 2020 ....................................................................................................... -7.92 -10.59 -15.26 12.59 -293 -1,666 -2,132 78,455 42,876
FY 2021 ....................................................................................................... -8.81 -9.38 -7.45 6.88 -251 -549 -455 81,509 60,404
FY 2022 ....................................................................................................... -10.37 -22.30 ...... -11.93 -310 -1,892 -1,858 14,161 11,132
FY 2023 ....................................................................................................... -7.76 -21.02 ...... -13.26 -210 -841 -814 5,400 4,968
FY 2024 ....................................................................................................... -5.49 -7.82 ...... -2.33 -385 -706 -666 22,653 20,880
FY 2025 ....................................................................................................... -5.62 -5.47 ...... 0.15 179 179 172 111,377 111,221
Pacific Ground Fish:
FY 2003 ....................................................................................................... 1.08 -10.76 -7.23 -4.61 -7 -8,942 -7,078 35,662 7,036
Non-Pollock Buyback:
FY 2006 ....................................................................................................... 1.00 -19.12 ...... -20.12 -117 -8,375 -7,127 37,700 20,109
Crab Buyback:
FY 2002 ....................................................................................................... -4.60 -18.14 -7.30 -6.24 126 -14,861 -14,520 97,399 55,022
Seine Buyback:
FY 2012 ....................................................................................................... 1.00 -9.02 ...... -10.02 -101 -2,643 -2,107 23,261 15,417
Community Development Quota:
FY 2023 ....................................................................................................... -10.00 -26.21 ...... -16.21 -5,131 -14,599 -13,961 87,792 85,576
Department of War—Military Programs
Procurement:
Defense Production Act:
Defense Production Act Loans:
FY 2022 ....................................................................................................... -4.60 2.23 18.43 -11.60 5,098 8,184 28,762 246,000 ......
Defense Strategic Capital Credit Program:
Office of Strategic Capital Direct Loans:
FY 2025 ....................................................................................................... 4.51 ...... ...... ...... ...... ...... ...... ...... ......
Family Housing:
Department of War Family Housing Improvement Fund:
Family Housing Improvement Fund Direct Loans:
FY 2000 ....................................................................................................... 53.48 53.70 -0.89 1.11 ...... -1,314 328 51,149 17,924
FY 2001 ....................................................................................................... 52.63 40.33 -1.26 -11.05 ...... -15,827 -9,579 79,899 51,342
FY 2002 ....................................................................................................... 37.97 18.25 -4.90 -14.82 -41 -4,394 -2,906 21,950 17,296
FY 2003 ....................................................................................................... 34.92 7.16 -15.33 -12.43 -220 -21,753 -13,611 58,550 52,183
47
Table 7. DIRECT LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2004 ....................................................................................................... 34.41 22.85 -3.01 -8.54 -216 -20,417 -12,135 118,125 89,527
FY 2005 ....................................................................................................... 19.13 -14.02 -19.47 -13.68 -485 -89,406 -61,859 207,505 173,042
FY 2006 ....................................................................................................... 1.63 18.02 -12.76 29.15 -297 11,392 5,179 74,700 60,781
FY 2007 ....................................................................................................... 14.57 8.50 -19.37 13.30 -1,865 -76,114 -68,035 405,833 323,399
FY 2008 ....................................................................................................... 20.64 11.77 -16.12 7.25 -777 -18,410 -10,061 136,593 116,140
FY 2009 ....................................................................................................... 32.06 14.74 -15.78 -1.54 -537 -25,271 -18,589 117,000 94,998
FY 2011 ....................................................................................................... 23.64 -13.47 -21.78 -15.33 -56,714 -98,643 -84,058 254,474 228,523
FY 2012 ....................................................................................................... 14.07 -9.25 -20.71 -2.61 -1,048 -34,076 -30,679 142,500 128,460
FY 2013 ....................................................................................................... 17.55 -7.36 -15.94 -8.97 -2,868 -80,295 -69,019 324,730 287,676
Department of Education
Office of Postsecondary Education:
College Housing and Academic Facilities Loans:
College Housing and Academic Facilities Loans:
FY 1993 ....................................................................................................... 10.09 11.11 3.77 -2.75 118 -648 309 17,871 1,678
Historically Black Colleges and Universities:
FY 2019 ....................................................................................................... 3.48 70.37 -2.76 69.65 -707 -991 7,298 201,406 66,564
FY 2020 ....................................................................................................... 9.50 63.61 -0.05 54.16 -10,147 11,827 23,060 226,017 118,703
FY 2021 ....................................................................................................... 10.25 20.62 2.89 7.48 16,298 -11,516 -8,499 222,756 167,890
FY 2022 ....................................................................................................... 7.35 -23.74 ...... -31.09 1,102 -29,629 -26,586 88,485 87,439
FY 2023 ....................................................................................................... 3.74 -18.29 ...... -22.03 -37,736 -52,075 -44,434 181,023 182,988
FY 2024 ....................................................................................................... 9.09 0.43 ...... -8.66 -15,113 -13,699 -5,463 194,361 197,711
FY 2025 ....................................................................................................... 5.13 7.28 ...... 2.15 636 636 610 8,864 9,017
Office of Federal Student Aid:
TEACH Grant:
TEACH Grants:
FY 2008 ....................................................................................................... 13.03 38.50 -2.58 28.05 198 1,917 1,257 6,536 1,572
FY 2009 ....................................................................................................... -3.63 36.63 5.12 35.14 698 36,749 29,245 79,520 17,334
FY 2010 ....................................................................................................... 13.63 31.61 -5.48 23.46 743 26,895 18,879 117,237 30,200
FY 2011 ....................................................................................................... 13.31 32.28 -3.32 22.29 -193 27,301 18,588 126,386 36,719
FY 2012 ....................................................................................................... 10.25 30.44 -9.42 29.61 -1,735 23,912 18,243 118,152 37,661
FY 2013 ....................................................................................................... 11.01 44.81 0.68 33.12 -16 33,757 28,136 97,434 33,708
FY 2014 ....................................................................................................... 13.75 50.82 2.35 34.72 831 37,174 32,464 97,024 36,307
FY 2015 ....................................................................................................... 16.57 56.66 -10.74 50.83 2,310 33,545 28,551 83,672 35,649
FY 2016 ....................................................................................................... 13.05 59.13 -8.99 55.07 5,848 39,843 35,488 90,257 45,625
FY 2017 ....................................................................................................... 14.97 57.29 -6.15 48.47 7,585 30,727 27,577 84,027 51,465
FY 2018 ....................................................................................................... 23.06 54.60 -0.26 31.80 6,206 16,526 14,817 84,093 61,699
48
Table 7. DIRECT LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2019 ....................................................................................................... 28.37 50.11 -2.34 24.08 4,996 144 -487 77,370 67,044
FY 2020 ....................................................................................................... 29.35 48.33 -9.86 28.84 3,656 -4,562 -5,468 75,263 72,998
FY 2021 ....................................................................................................... 31.72 46.64 -1.73 16.65 844 6,674 6,108 75,434 75,665
FY 2022 ....................................................................................................... 42.57 48.13 3.63 1.93 1,960 -2,752 -2,591 67,150 68,062
FY 2023 ....................................................................................................... 45.65 50.19 ...... 4.54 35 2,458 3,198 71,271 72,620
FY 2024 ....................................................................................................... 50.44 48.91 ...... -1.53 1,068 -1,929 -2,020 70,219 71,913
FY 2025 ....................................................................................................... 48.46 47.95 ...... -0.51 1,973 1,973 1,888 61,556 57,186
Federal Direct Student Loan:
Federal Direct Student Loans:
FY 1994 ....................................................................................................... 10.01 12.69 -0.08 2.76 18,206 170,597 21,186 818,516 ......
FY 1995 ....................................................................................................... 8.82 12.27 0.97 2.48 135,910 1,133,544 110,813 4,935,499 ......
FY 1996 ....................................................................................................... 2.56 11.09 5.68 2.85 141,603 2,603,154 697,662 9,450,106 ......
FY 1997 ....................................................................................................... 3.09 10.85 4.42 3.34 140,184 2,661,752 792,585 11,127,845 ......
FY 1998 ....................................................................................................... 1.70 10.02 3.97 4.35 228,849 2,864,628 848,005 12,515,172 ......
FY 1999 ....................................................................................................... -2.11 11.08 8.12 5.07 -178,131 4,701,760 2,029,717 17,778,845 ......
FY 2000 ....................................................................................................... -8.96 16.11 19.95 5.12 157,952 6,165,895 3,504,850 15,995,721 ......
FY 2001 ....................................................................................................... -4.46 13.72 11.71 6.47 32,384 4,965,089 2,730,146 18,096,861 ......
FY 2002 ....................................................................................................... -3.88 13.05 8.11 8.82 -235,093 4,013,496 2,611,405 20,019,898 ......
FY 2003 ....................................................................................................... -1.46 10.41 2.89 8.98 -119,741 2,370,823 1,240,633 18,421,515 ......
FY 2004 ....................................................................................................... -0.62 13.77 4.16 10.23 -454,220 2,428,136 1,847,230 20,161,330 ......
FY 2005 ....................................................................................................... 3.47 14.77 0.34 10.96 -876,974 2,322,200 1,411,122 28,334,647 ......
FY 2006 ....................................................................................................... 5.12 12.62 -2.69 10.19 -198,804 1,312,583 93,343 31,560,305 ......
FY 2007 ....................................................................................................... 1.48 16.96 -2.63 18.11 -129,702 2,378,420 1,281,933 16,014,618 ......
FY 2008 ....................................................................................................... -0.80 18.91 -4.99 24.70 260,035 4,606,926 3,182,127 23,716,861 ......
FY 2009 ....................................................................................................... -14.96 7.40 2.95 19.41 -800,424 6,226,735 4,200,717 41,427,241 ......
FY 2010 ....................................................................................................... -7.66 12.13 -6.32 26.11 -106,123 14,259,889 9,313,899 97,907,511 ......
FY 2011 ....................................................................................................... -13.91 10.69 -3.64 28.24 -2,548,417 25,616,696 18,610,858 133,909,507 ......
FY 2012 ....................................................................................................... -16.49 2.04 -9.02 27.55 -6,225,219 15,753,268 11,431,781 140,624,123 ......
FY 2013 ....................................................................................................... -19.73 11.18 1.68 29.23 -5,675,218 30,671,508 26,986,135 129,179,945 ......
FY 2014 ....................................................................................................... -15.14 15.46 3.57 27.03 -5,799,737 28,297,929 26,155,006 133,844,768 ......
FY 2015 ....................................................................................................... -2.67 12.12 -7.33 22.12 -5,425,228 7,564,944 5,105,179 141,908,034 ......
FY 2016 ....................................................................................................... -5.50 13.56 -9.91 28.97 -5,706,400 14,963,607 12,643,016 139,868,490 ......
FY 2017 ....................................................................................................... -0.33 17.51 -6.80 24.64 -5,492,522 11,722,607 10,752,755 141,813,684 ......
FY 2018 ....................................................................................................... -0.33 18.79 -2.64 21.76 -4,981,896 14,097,787 13,493,108 133,109,880 ......
FY 2019 ....................................................................................................... -1.15 16.30 -3.18 20.63 -3,883,579 10,056,391 9,242,636 131,401,987 ......
FY 2020 ....................................................................................................... 5.30 9.38 -20.51 24.59 -3,756,630 -3,958,993 -5,833,995 114,640,131 ......
FY 2021 ....................................................................................................... 0.34 10.09 -2.19 11.94 -2,229,631 5,699,053 5,350,151 106,116,080 ......
49
Table 7. DIRECT LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2022 ....................................................................................................... 6.34 16.04 10.50 -0.80 -368,246 2,141,706 5,903,504 120,320,320 ......
FY 2023 ....................................................................................................... 15.01 20.05 ...... 5.04 -2,964,245 5,853,013 6,949,917 125,596,229 ......
FY 2024 ....................................................................................................... 26.69 22.69 ...... -4.00 3,275,567 2,094,442 2,148,573 150,182,932 ......
FY 2025 ....................................................................................................... 22.20 17.07 ...... -5.13 3,287,503 3,287,503 3,146,539 91,713,590 ......
Federal Family Education Loan:
Direct Participation Agreement Reestimates:
FY 2008 ....................................................................................................... 1.54 5.26 -9.26 12.98 -611,371 195,320 -85,222 18,000,976 4,090,280
FY 2009 ....................................................................................................... 0.88 3.71 -11.29 14.12 -1,599,318 3,591,136 1,986,162 38,820,367 10,207,185
FY 2010 ....................................................................................................... -4.10 14.61 -5.58 24.29 -333,830 2,053,582 1,191,452 12,989,955 5,296,396
Direct Standard Put Reestimates:
FY 2008 ....................................................................................................... -3.84 2.87 -11.61 18.32 -329,015 229,266 -345,844 9,240,321 2,161,490
FY 2009 ....................................................................................................... -15.13 7.14 6.65 15.61 -1,097,957 3,685,467 2,630,801 23,873,907 6,195,204
FY 2010 ....................................................................................................... -7.76 14.52 -2.94 25.22 -270,786 1,507,717 1,080,032 6,859,750 2,557,132
Department of Energy
Energy Programs:
Advanced Technology Vehicles Manufacturing Loan:
Advanced Vehicle Manufacturing Loans:
FY 2022 ....................................................................................................... 5.32 1.05 11.49 -15.75 72,614 -207,595 -96,294 1,898,000 97,399
FY 2023 ....................................................................................................... 9.56 -1.21 ...... -10.77 -5,593 -15,071 -14,672 73,082 77,112
FY 2024 ....................................................................................................... 7.17 (4) ...... -0.11 -649 -649 -901 236,590 240,830
FY 2025 ....................................................................................................... 0.45 1.23 ...... 0.78 -97,051 -97,051 -37,908 10,501,329 10,501,329
Title 17 Innovative Technology Loan Guarantee Program:
Section 1703 FFB Loans:
FY 2014 ....................................................................................................... -4.19 -8.12 1.83 -5.75 20,031 -227,428 -224,895 6,184,007 5,699,911
FY 2015 ....................................................................................................... -1.24 -7.77 -19.45 12.92 -21,161 -93,718 -104,696 1,691,237 1,651,207
FY 2019 ....................................................................................................... -2.85 -1.24 -12.45 14.05 -4,896 76,897 48,669 3,702,619 3,267,806
FY 2022 ....................................................................................................... -3.67 -4.46 29.39 -30.18 152,590 -24,036 -13,375 480,103 496,907
FY 2024 ....................................................................................................... -1.09 -1.44 ...... -0.35 5,903 5,903 5,477 1,200,000 1,200,000
FY 2025 ....................................................................................................... 2.17 5.06 ...... 2.89 1,649 1,649 2,574 185,125 191,305
Section 1705 FFB Loans:
FY 2009 ....................................................................................................... 7.57 97.44 -0.34 90.21 ...... 488,770 461,470 527,809 ......
FY 2011 ....................................................................................................... 13.96 4.60 -10.72 1.36 -45,836 -816,180 -787,266 8,389,917 3,661,805
Section 1706 FFB Loans:
FY 2024 ....................................................................................................... 4.31 -0.14 ...... -4.45 -65,126 -65,126 -60,274 1,160,086 1,182,576
FY 2025 ....................................................................................................... 8.00 8.00 ...... ...... 3,969 3,969 38 781,805 805,460
50
Table 7. DIRECT LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
Department of Health and Human Services
Centers for Medicare and Medicaid Services:
Consumer Operated and Oriented Plan Program Contingency Fund:
Startup Loans:
FY 2013 ....................................................................................................... 37.66 14.02 -1.84 -21.80 68 -1,963 -1,607 6,836 2,586
FY 2014 ....................................................................................................... 35.66 58.73 1.24 21.83 543 8,465 7,792 36,460 24,224
Solvency Loans:
FY 2014 ....................................................................................................... 42.08 78.33 4.21 32.04 -5,708 129,351 123,918 356,129 327,679
FY 2015 ....................................................................................................... 48.22 78.42 -6.12 36.32 -4,768 25,259 26,168 87,668 65,000
Consumer Operated and Oriented Plan:
Startup Loans:
FY 2012 ....................................................................................................... 37.51 40.65 -3.94 7.08 -1,107 10,873 10,659 279,176 134,745
FY 2013 ....................................................................................................... 37.66 26.13 -1.84 -9.69 336 -5,080 -4,284 37,359 37,359
Solvency Loans:
FY 2012 ....................................................................................................... 43.99 81.41 -4.93 42.35 -13,436 532,342 484,323 1,392,521 1,266,757
FY 2013 ....................................................................................................... 41.90 87.82 -4.70 50.62 436 121,809 112,554 254,646 254,646
Department of Homeland Security
Federal Emergency Management Agency:
Disaster Assistance Direct Loan:
Community Disaster Loan Program:
FY 2017 ....................................................................................................... 91.03 98.31 ...... 7.28 ...... 87 91 2,484 ......
FY 2018 ....................................................................................................... 90.33 100.00 ...... 9.67 ...... -524 524 10,115 ......
FY 2019 ....................................................................................................... 90.71 100.00 ...... 9.29 ...... -201 230 3,567 ......
FY 2020 ....................................................................................................... 74.61 95.73 ...... 21.12 -3,110 6,598 6,408 67,903 8,154
FY 2021 ....................................................................................................... 80.39 95.66 ...... 15.27 -7,189 3,446 3,668 151,403 32,570
FY 2022 ....................................................................................................... 77.74 74.19 ...... -3.55 -1,251 -446 -399 11,613 11,613
FY 2023 ....................................................................................................... 78.94 74.20 ...... -4.74 -670 -155 -124 6,159 6,159
FY 2024 ....................................................................................................... 91.22 75.91 ...... -15.31 -14,935 -12,405 -11,429 83,019 83,019
FY 2025 ....................................................................................................... 91.29 76.21 ...... -15.08 -58 -58 -55 375 375
Special Community Disaster Loans:
FY 2018 ....................................................................................................... 98.89 98.39 ...... -0.50 -4,664 -16,778 -15,865 585,256 3,148
51
Table 7. DIRECT LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
Department of Housing and Urban Development
Housing Programs:
Green Retrofit Program for Multifamily Housing, Recovery Act:
Energy Retrofit Loans:
FY 2010 ....................................................................................................... 82.30 28.96 6.24 -59.58 -1,059 -70,246 -43,407 83,265 14,286
Green and Resilient Retrofit Program for Multifamily Housing:
Surplus Cash Loan - 25%:
FY 2025 ....................................................................................................... 51.11 ...... ...... ...... ...... ...... ...... ...... ......
Emergency Homeowners' Relief Fund:
Emergency Homeowners' Relief:
FY 2011 ....................................................................................................... 97.72 83.06 (3) -14.66 -790 -12,335 -10,229 92,272 ......
FHA-General and Special Risk:
FFB Risk Sharing:
FY 2015 ....................................................................................................... -10.83 -18.91 -8.66 0.58 -4,673 -31,486 -8,822 105,811 92,191,843
FY 2016 ....................................................................................................... -10.91 -1.49 ...... 9.42 -25,238 -84,930 60,662 650,518,795 575,207,662
FY 2017 ....................................................................................................... -11.91 -1.23 -4.63 15.31 -41,976 -127,532 140,847 897,095,023 821,492,937
FY 2018 ....................................................................................................... -8.18 -3.36 ...... 4.82 -25,102 -144,919 28,815 586,089,750 540,117,205
FY 2019 ....................................................................................................... -14.38 -3.85 ...... 10.53 -17,538 -52,569 66,368 545,256,085 509,683,967
FY 2022 ....................................................................................................... -9.23 -20.02 ...... -10.79 3,955 -44,446 -19,226 189,683,000 185,877,650
FY 2023 ....................................................................................................... -8.13 -49.73 -1.97 -39.63 -19,533 -27,248 -16,769 66,159,000 65,445,930
FY 2024 ....................................................................................................... -7.83 -7.54 -53.94 54.23 115,050 -4,082 2,000 36,536,000 36,290,094
FY 2025 ....................................................................................................... -7.39 -8.14 ...... -0.75 -16,978 -16,978 -1,873 309,382,000 309,370,261
Department of the Interior
Bureau of Reclamation:
Bureau of Reclamation Loan:
Reclamation Loans:
FY 1995 ....................................................................................................... 69.55 64.23 -2.59 -2.74 9 -115 313 3,225 1,195
FY 1996 ....................................................................................................... 54.20 62.87 6.93 1.75 13 -91 113 6,574 2,367
FY 1997 ....................................................................................................... 54.84 55.59 9.95 -9.20 20 983 1,190 7,188 2,729
FY 1998 ....................................................................................................... 50.63 45.12 0.01 -5.52 19 568 260 6,816 2,698
FY 1999 ....................................................................................................... 44.31 40.27 8.78 -12.81 25 781 104 9,129 3,643
FY 2000 ....................................................................................................... 48.31 41.62 -2.64 -4.05 33 2,184 1,526 11,795 4,587
FY 2001 ....................................................................................................... 41.37 31.11 3.32 -13.58 16 532 23 5,670 2,285
FY 2002 ....................................................................................................... 37.80 25.76 -2.15 -9.89 12 88 -216 4,317 1,750
52
Table 7. DIRECT LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
Bureau of Indian Affairs:
Indian Guaranteed Loan:
Indian Direct Loans:
FY 1992 ....................................................................................................... 19.30 61.54 (3) 42.24 -17 782 6,425 11,223 ......
FY 1993 ....................................................................................................... 19.80 ...... (3) ...... ...... ...... ...... 11,230 ......
FY 1994 ....................................................................................................... 22.81 ...... (3) ...... ...... ...... ...... 10,873 ......
Insular Affairs:
American Samoa Tobacco Loan:
FY 2001 ....................................................................................................... 15.58 -5.22 8.73 -29.53 -167 -7,595 -3,325 18,600 6,565
Department of State
Administration of Foreign Affairs:
Repatriation Loans: 5
Repatriation Loans:
FY 2004 ....................................................................................................... 71.00 6.46 (3) -64.54 -68 -7,447 -4,478 10,040 *
FY 2005 ....................................................................................................... 69.73 37.43 0.18 -32.48 -7 -508 -238 967 35
FY 2006 ....................................................................................................... 64.99 9.03 0.39 -56.35 -12 -970 -604 937 43
FY 2007 ....................................................................................................... 60.14 8.63 -0.06 -51.45 -17 -817 -609 909 61
FY 2008 ....................................................................................................... 60.22 -37.57 -1.41 -96.38 -20 -1,277 -1,101 786 56
FY 2009 ....................................................................................................... 59.77 18.60 -1.95 -39.22 -13 -1,024 -779 1,506 166
FY 2010 ....................................................................................................... 58.05 11.50 -0.31 -46.24 -11 -971 -967 1,789 95
FY 2011 ....................................................................................................... 58.57 8.36 -1.10 -49.11 -9 -924 -818 1,672 40
FY 2012 ....................................................................................................... 57.85 4.96 -0.82 -52.07 -13 -884 -840 1,688 87
FY 2013 ....................................................................................................... 57.67 11.13 -0.63 -45.91 -28 -789 -721 1,785 135
FY 2014 ....................................................................................................... 63.06 9.63 -0.21 -53.22 -29 -1,388 -1,311 1,820 63
FY 2015 ....................................................................................................... 52.65 16.21 -0.12 -36.32 -14 -1,068 -1,036 1,550 28
FY 2016 ....................................................................................................... 53.18 19.71 ...... -33.47 -19 -983 -1,005 1,677 73
FY 2017 ....................................................................................................... 53.42 21.92 -0.50 -31.00 -36 -924 -893 1,802 62
FY 2018 ....................................................................................................... 53.26 22.32 0.32 -31.25 -31 -889 -847 1,986 78
FY 2019 ....................................................................................................... 40.45 33.52 -0.11 -6.82 -37 -730 -712 1,730 324
FY 2020 ....................................................................................................... 41.34 9.68 -2.47 -29.19 63 -1,912 -1,897 4,087 287
FY 2021 ....................................................................................................... 55.45 41.98 -1.09 -12.38 44 -1,841 -1,794 1,595 601
FY 2022 ....................................................................................................... 46.58 37.11 7.78 -17.25 82 -855 -839 2,579 884
FY 2023 ....................................................................................................... 48.39 37.86 3.22 -13.75 165 -1,099 -1,094 3,171 1,633
FY 2024 ....................................................................................................... 54.19 38.64 6.13 -21.67 -219 -891 -859 3,982 2,457
FY 2025 ....................................................................................................... 54.19 24.05 7.41 -37.55 -1,238 -1,238 -1,183 3,807 2,473
53
Table 7. DIRECT LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
International Assistance Programs
International Security Assistance:
Foreign Military Financing Loan:
FMF Direct Loan Program:
FY 2003 ....................................................................................................... 0.00 -0.23 ...... -0.23 -13,849 -13,849 -4,204 1,154,773 ......
FY 2016 ....................................................................................................... 8.99 ...... ...... ...... ...... ...... ...... 2,699,490 ......
FY 2018 ....................................................................................................... 13.55 ...... ...... ...... ...... ...... ...... 689,699 ......
FY 2023 ....................................................................................................... 2.75 1.76 0.79 -1.78 -17,000 -20,108 -17,876 2,000,000 1,988,900
FY 2024 ....................................................................................................... 1.93 (4) ...... -1.09 -11,318 -11,318 -10,502 498,292 498,292
Multilateral Assistance:
Clean Technology Fund Direct Loans:
FY 2022 ....................................................................................................... 13.15 35.08 16.27 5.67 188,579 180,801 168,733 884,058 831,015
Agency for International Development:
Ukraine ERA Loan:
FY 2025 ....................................................................................................... 2.68 3.88 -0.36 1.57 266,555 266,555 241,162 20,000,000 20,733,533
United States International Development Finance Corporation:
Program Account:
Direct Loans:
FY 2004 ....................................................................................................... 8.89 ...... ...... ...... ...... ...... ...... 115,090 ......
FY 2005 ....................................................................................................... 4.55 1.22 -0.90 -2.42 ...... -5,709 -3,605 76,799 2,969
FY 2006 ....................................................................................................... 2.10 -8.42 0.33 -10.84 252 -18,768 -20,719 139,370 6,541
FY 2007 ....................................................................................................... 7.29 21.07 -2.70 16.49 -87 56,574 34,597 135,940 15,272
FY 2008 ....................................................................................................... 3.60 ...... ...... ...... ...... ...... ...... 70,752 ......
FY 2009 ....................................................................................................... -2.46 -2.28 -8.18 8.36 -756 -24,692 -112,244 663,495 86,731
FY 2010 ....................................................................................................... -5.23 -0.69 0.13 4.42 -168 849 -1,431 489,470 ......
FY 2011 ....................................................................................................... -2.47 -2.35 -3.77 3.89 1,100 20,067 -15,168 414,391 24,937
FY 2012 ....................................................................................................... -1.21 -4.65 -3.92 0.48 312 -16,094 -16,020 284,182 86,107
FY 2013 ....................................................................................................... -8.45 -1.30 -1.50 8.64 -3,716 -6,595 -5,112 301,822 57,780
FY 2014 ....................................................................................................... -14.67 -18.18 0.78 -4.29 -5,089 -21,117 -14,196 272,567 57,930
FY 2015 ....................................................................................................... -7.19 -9.14 -4.49 2.54 -3,326 -44,936 -32,040 683,793 139,283
FY 2016 ....................................................................................................... -16.68 -6.95 -4.25 13.98 47,027 86,464 79,735 1,051,277 288,962
FY 2017 ....................................................................................................... -5.84 -8.10 -3.51 1.26 -4,578 -13,308 -10,286 214,840 112,061
FY 2018 ....................................................................................................... -6.85 -4.70 -2.73 4.88 -1,488 938 3,019 161,546 40,806
FY 2019 ....................................................................................................... -5.86 -1.49 -1.59 5.96 -2,205 165 1,924 450,473 228,966
FY 2020 ....................................................................................................... -7.58 -8.18 -13.53 12.93 71,458 -67,873 -79,602 2,850,855 1,777,487
FY 2021 ....................................................................................................... -7.87 -3.43 -2.49 6.93 30,522 43,276 32,297 2,355,432 1,659,917
54
Table 7. DIRECT LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2022 ....................................................................................................... -4.27 -6.16 3.31 -5.20 -9,776 -81,600 -75,298 2,256,768 1,966,110
FY 2023 ....................................................................................................... -7.28 -6.26 3.09 -2.08 23,646 32,357 32,216 2,443,491 2,400,968
FY 2024 ....................................................................................................... -3.49 -4.25 ...... -0.77 -56,488 -76,790 -71,993 1,060,309 995,858
FY 2025 ....................................................................................................... -2.28 -2.43 ...... -0.15 -1,744 -1,744 -1,669 220,000 220,000
NIS Direct Loans:
FY 2005 ....................................................................................................... 20.87 ...... ...... ...... ...... ...... ...... 5,000 ......
FY 2019 ....................................................................................................... 23.60 ...... ...... ...... ...... ...... ...... 6,313 ......
Direct Loan Investment Funds:
FY 2015 ....................................................................................................... -2.03 -1.26 0.60 0.17 7 395 38 9,605 7,079
FY 2016 ....................................................................................................... -8.00 0.29 ...... 8.29 115 1,265 736 10,305 5,897
FY 2017 ....................................................................................................... -18.39 -19.59 -1.66 0.46 -455 -3,071 -2,410 47,487 14,775
FY 2018 ....................................................................................................... -8.91 11.10 -0.45 20.46 5,401 23,246 20,093 94,857 80,155
FY 2019 ....................................................................................................... -6.62 10.88 ...... 17.50 10,353 42,033 34,042 208,722 203,562
FY 2020 ....................................................................................................... -3.59 0.34 ...... 3.93 -122 3,199 2,896 9,600 8,400
FY 2021 ....................................................................................................... -11.54 -4.55 ...... 6.99 1,788 3,461 3,224 51,000 48,207
FY 2022 ....................................................................................................... -11.85 1.62 ...... 13.47 39,228 40,731 39,428 164,689 163,466
FY 2023 ....................................................................................................... -11.00 -17.55 ...... -6.55 -5,895 -5,895 -5,606 89,231 89,231
FY 2024 ....................................................................................................... -4.36 0.46 1.15 3.67 2,294 2,294 2,203 26,800 26,800
Direct Loans in Foreign Currencies:
FY 2021 ....................................................................................................... 8.65 -11.81 -3.83 -16.63 -24,548 -24,799 -23,951 117,510 72,597
FY 2023 ....................................................................................................... 61.41 19.78 ...... -41.63 -111 -138 -133 300 300
FY 2024 ....................................................................................................... 8.11 6.69 3.14 -4.56 -2,354 -2,354 -1,875 124,532 123,932
Hybrid Participation Notes:
FY 2020 ....................................................................................................... 10.41 -68.40 -18.62 -60.19 ...... -19,788 -19,383 25,000 25,000
FY 2021 ....................................................................................................... 0.19 4.41 ...... 4.22 714 486 407 11,228 11,228
International Monetary Programs:
Contributions to the International Monetary Fund Facilities and:
Loans to Poverty Reduction and Growth Trust:
FY 2024 ....................................................................................................... 0.13 (4) ...... 0.04 626 626 589 1,541,075 1,541,075
PRGT Investment Trust Loan:
FY 2024 ....................................................................................................... 0.25 (4) ...... -1.08 -40,886 -40,886 -38,431 3,300,000 3,300,000
Department of Transportation
Office of the Secretary:
TIFIA ARRA General Fund:
TIFIA TIGER Direct Loans (ARRA):
FY 2011 ....................................................................................................... 2.63 1.27 -1.23 -0.13 -271 -6,632 -5,732 453,968 58,437
55
Table 7. DIRECT LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
TIFIA Highway Trust Fund:
TIFIA Direct Loans:
FY 1999 ....................................................................................................... 3.36 -4.89 -7.86 -0.39 -91 -11,325 -9,320 170,000 79,029
FY 2006 ....................................................................................................... 8.50 -12.77 -13.17 -8.10 -70 -9,283 -6,838 40,059 37,300
FY 2007 ....................................................................................................... 3.37 -0.60 -2.20 -1.77 -325 -29,280 -27,062 766,000 38,348
FY 2008 ....................................................................................................... 15.16 15.16 ...... ...... ...... ...... ...... 1,018,923 ......
FY 2009 ....................................................................................................... 8.69 2.89 0.92 -6.72 -483 -62,286 -53,142 972,716 559,856
FY 2010 ....................................................................................................... 7.74 -5.24 -6.50 -6.48 -6,575 -302,522 -268,188 2,157,638 1,221,441
FY 2012 ....................................................................................................... 5.50 2.41 2.01 -5.10 -1,260 -30,951 -24,252 841,452 552,901
FY 2013 ....................................................................................................... 8.87 -4.84 -9.20 -4.51 33,379 -212,036 -199,817 1,636,703 779,906
FY 2014 ....................................................................................................... 6.05 0.94 -14.74 9.63 -3,647 -358,583 -343,912 6,795,350 1,948,393
FY 2015 ....................................................................................................... 9.35 6.46 -12.48 9.60 -630 -16,982 -21,797 1,651,866 871,458
FY 2016 ....................................................................................................... 4.55 1.68 -3.93 1.05 -3,988 -63,564 -52,718 766,761 439,865
FY 2017 ....................................................................................................... 6.12 -1.09 -16.69 9.48 4,333 -164,500 -169,989 1,520,257 1,234,279
FY 2018 ....................................................................................................... 9.74 -6.15 -13.19 -2.70 -1,229 -210,977 -212,040 1,229,055 1,346,205
FY 2020 ....................................................................................................... 1.34 18.71 -4.08 21.46 -1,457 111,465 103,103 632,077 628,259
FY 2021 ....................................................................................................... -0.71 23.74 -9.52 33.97 671,783 2,138,134 1,901,928 8,614,372 8,806,612
FY 2022 ....................................................................................................... -2.21 -2.26 3.47 -3.52 -73,823 8,106 5,843 3,411,117 3,454,806
FY 2023 ....................................................................................................... 1.17 -12.00 4.28 -17.45 -44,273 -65,244 -62,764 455,260 454,140
FY 2024 ....................................................................................................... 4.25 4.76 0.61 -0.10 2,562 3,649 3,334 140,629 140,898
FY 2025 ....................................................................................................... 1.46 1.54 2.07 -1.98 -467 -467 -2,109 4,431,535 4,434,908
TIFIA General Fund:
TIFIA TIGER Direct Loans:
FY 2013 ....................................................................................................... 7.41 9.03 8.64 -7.02 -2,532 2,698 8,426 484,200 370,420
Railroad Rehabilitation and Improvement Program:
Railroad Rehabilitation and Improvement Financing Direct Loans:
FY 2002 ....................................................................................................... 0.00 -2.93 -6.22 3.29 -31 -48 43 101,921 267
FY 2003 ....................................................................................................... 0.00 -11.48 -8.32 -3.16 -16 -298 -224 13,300 ......
FY 2005 ....................................................................................................... 0.00 21.61 3.03 18.58 25 27,892 15,306 129,746 40,338
FY 2007 ....................................................................................................... 0.00 -2.79 -2.76 -0.04 -22 119 -970 117,057 ......
FY 2009 ....................................................................................................... 0.00 -2.50 -7.03 4.53 -97 2,942 -7,328 100,858 ......
FY 2010 ....................................................................................................... 0.00 -4.66 -2.96 -1.70 -2,792 -1,821 -637 170,563 11,439
FY 2011 ....................................................................................................... 0.00 -6.30 2.35 -8.65 -7 -53 -314 470,584 ......
FY 2012 ....................................................................................................... -2.12 -3.12 3.72 -4.72 -334 2,171 -10,579 138,358 93,302
FY 2015 ....................................................................................................... -2.10 -7.52 0.21 -5.63 -44 -427 -502 697,679 5,186
FY 2016 ....................................................................................................... 0.00 -2.37 5.80 -8.17 8,643 -52,954 -49,229 1,437,677 1,326,088
FY 2019 ....................................................................................................... -1.04 -2.81 -2.50 0.73 350 1,470 -320 17,434 5,395
56
Table 7. DIRECT LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2020 ....................................................................................................... -0.25 16.11 8.01 8.35 10,595 145,061 117,174 813,365 702,891
FY 2021 ....................................................................................................... -1.61 3.24 ...... 4.85 18,189 30,851 27,686 603,865 603,865
FY 2022 ....................................................................................................... -2.69 9.16 -17.97 29.81 3,042 23,495 21,894 203,342 215,330
FY 2023 ....................................................................................................... -0.76 1.35 4.01 -1.90 -8 710 685 27,443 29,609
FY 2024 ....................................................................................................... -1.14 -7.24 0.29 -6.39 -4,925 -4,975 -4,588 74,711 77,127
FY 2025 ....................................................................................................... -0.92 -0.92 ...... ...... ...... ...... ...... ...... ......
Maritime Administration:
Maritime Guaranteed Loan (Title XI):
Federal Ship Financing FFB Loan Guarantees:
FY 2020 ....................................................................................................... -0.58 -3.51 -23.33 20.41 191 -5,726 -9,460 325,527 259,236
FY 2022 ....................................................................................................... -2.51 -14.66 -15.67 3.52 357 -7,721 -7,332 51,458 46,207
Department of the Treasury
Departmental Offices:
Economic Stabilization:
13(3) Municipal Liquidity Facility:
FY 2020 ....................................................................................................... 0.00 ...... ...... ...... ...... ...... ...... 17,500,000 ......
13(3) Main Street Lending Program:
FY 2020 ....................................................................................................... 23.54 0.07 -7.31 -16.16 28,724 -16,590,835 -16,529,276 37,500,000 2,029,009
13(3) Term Asset-Backed Securities Loan Facility:
FY 2020 ....................................................................................................... 1.26 0.01 -1.26 0.01 ...... -39,401 -111,980 10,000,000 ......
Businesses Critical to National Security:
FY 2020 ....................................................................................................... 45.56 ...... -6.71 -38.85 ...... -318,927 -316,746 700,000 22,111
FY 2021 ....................................................................................................... 4.70 ...... -1.24 -3.46 3 -819 -1,133 35,934 18,524
Passenger Carriers, Large:
FY 2020 ....................................................................................................... 9.42 ...... ...... ...... ...... ...... ...... 1,575,000 ......
Passenger Carriers, Small:
FY 2021 ....................................................................................................... 1.11 ...... -1.11 ...... 1 -62 -2,988 325,400 74,821
MRO and Ticketing Agencies:
FY 2021 ....................................................................................................... 8.62 20.30 -3.16 14.84 3,245 5,095 4,726 39,538 17,059
Cargo Carriers:
FY 2021 ....................................................................................................... 7.75 80.60 -2.73 75.58 ...... 1,638 1,587 2,112 2,415
Community Development Financial Institutions Fund:
CDFI Fund Program Financial Assistance:
FY 1996 ....................................................................................................... 44.95 34.05 -8.55 -2.35 ...... -1,648 85 6,623 ......
FY 1997 ....................................................................................................... 32.14 32.28 -2.41 2.55 ...... -22 60 1,100 ......
FY 1998 ....................................................................................................... 40.93 38.44 6.03 -8.52 -16 -576 -510 6,150 ......
57
Table 7. DIRECT LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 1999 ....................................................................................................... 46.30 30.37 -10.95 -4.98 17 -1,431 -885 12,395 1,590
FY 2000 ....................................................................................................... 38.13 37.51 -2.45 1.83 -13 -284 -123 12,105 879
FY 2001 ....................................................................................................... 37.46 26.22 -2.19 -9.05 ...... -1,792 -1,298 12,877 ......
FY 2002 ....................................................................................................... 38.49 22.51 -1.34 -14.64 ...... -1,820 -1,231 8,260 ......
FY 2003 ....................................................................................................... 32.85 13.62 -3.44 -15.79 ...... -542 -468 2,615 ......
FY 2004 ....................................................................................................... 32.90 16.51 -3.27 -13.12 ...... -1,143 -803 4,994 ......
FY 2005 ....................................................................................................... 37.04 32.27 5.60 -10.37 -15 -716 -64 7,038 1,803
FY 2006 ....................................................................................................... 38.38 29.19 -7.95 -1.24 ...... -83 -91 1,040 ......
FY 2007 ....................................................................................................... 36.88 6.99 -14.37 -15.52 ...... -408 -325 1,147 ......
FY 2008 ....................................................................................................... 34.60 10.13 1.37 -25.84 ...... -954 -858 3,556 ......
FY 2012 ....................................................................................................... 40.26 -0.43 -32.15 -8.54 -23 -6,184 -5,794 14,161 2,756
FY 2013 ....................................................................................................... 32.15 5.30 -10.17 -16.68 -283 -3,390 -3,062 11,829 894
FY 2014 ....................................................................................................... 8.89 7.44 0.88 -2.33 -223 -388 -224 15,968 13,773
FY 2015 ....................................................................................................... 12.41 2.73 -3.48 -6.20 -103 -926 -1,063 9,893 8,974
FY 2016 ....................................................................................................... 12.38 5.44 -4.63 -2.31 -19 -176 -160 2,390 2,390
FY 2017 ....................................................................................................... 11.53 13.20 3.10 -1.43 -50 74 100 6,507 6,284
FY 2018 ....................................................................................................... 10.72 10.66 4.97 -5.03 -21 -10 -1 2,396 2,396
FY 2019 ....................................................................................................... 10.11 8.59 2.35 -3.87 -1 -1 -1 54 54
FY 2020 ....................................................................................................... 9.59 -5.95 -13.61 -1.93 -24 -305 -366 2,370 2,370
FY 2021 ....................................................................................................... 9.50 10.93 -4.05 5.48 -* 1 2 111 111
FY 2022 ....................................................................................................... 12.61 22.89 13.82 -3.54 -4 180 184 1,810 1,810
FY 2023 ....................................................................................................... 9.08 27.81 19.59 -0.86 401 468 466 2,546 2,546
FY 2025 ....................................................................................................... 8.39 7.45 ...... -0.94 -43 -43 -42 4,522 4,522
Bond Guarantee Program:
FY 2013 ....................................................................................................... -2.35 -3.61 -4.09 2.82 3,090 1,074 -17,529 325,000 199,946
FY 2014 ....................................................................................................... -2.72 -1.58 -1.30 2.44 -30 3,291 35 200,000 100,447
FY 2015 ....................................................................................................... -1.34 -4.34 -10.76 7.76 -79 -2,626 -15,842 285,108 208,686
FY 2016 ....................................................................................................... -2.49 -4.92 -6.30 3.88 -60 -863 -6,984 238,354 182,665
FY 2017 ....................................................................................................... -2.82 -4.06 -8.52 7.29 -577 2,327 -3,802 167,994 117,955
FY 2018 ....................................................................................................... -4.30 -3.00 -12.01 13.31 -38 2,328 1,347 150,000 111,554
FY 2019 ....................................................................................................... -4.75 -8.72 -0.05 -3.92 -1,478 -2,500 -3,706 100,000 96,059
FY 2020 ....................................................................................................... -3.34 -6.24 -0.10 -2.80 -3,801 -3,957 -2,417 100,000 95,058
FY 2021 ....................................................................................................... -4.62 -3.75 0.04 0.83 -1,289 -2,054 773 100,000 94,505
FY 2022 ....................................................................................................... -5.53 -7.15 ...... -1.62 -4,533 -4,783 -2,209 148,319 144,288
FY 2023 ....................................................................................................... -4.68 -3.99 ...... 0.69 -276 -276 108 115,979 114,485
FY 2024 ....................................................................................................... -4.18 -3.91 ...... 0.27 65 65 60 16,750 16,750
FY 2025 ....................................................................................................... -4.15 ...... ...... ...... ...... ...... ...... ...... ......
58
Table 7. DIRECT LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
Troubled Asset Relief Program Equity Purchase Program:
Capital Purchase Program:
FY 2009 ....................................................................................................... 26.99 -6.66 -9.39 -24.26 -6 -73,607,267 -65,740,949 204,617,573 ......
FY 2010 ....................................................................................................... 5.77 4.15 17.02 -18.64 ...... -33,715 -19,689 277,153 ......
Community Development Capital Initiative:
FY 2010 ....................................................................................................... 48.06 ...... ...... ...... ...... ...... ...... 570,073 ......
Small Business Lending Fund:
Small Business Lending Fund Investments:
FY 2011 ....................................................................................................... 7.24 -0.95 -1.44 -6.75 -1,732 -329,963 -323,129 4,027,704 65,738
GSE Mortgage-backed Securities Purchase:
New Issue Bond Program SF:
FY 2010 ....................................................................................................... -0.05 9.08 2.62 6.51 -1,833 1,205,814 1,228,203 12,432,648 99,775
New Issue Bond Program MF:
FY 2010 ....................................................................................................... -2.55 19.48 16.36 5.67 7,450 613,625 684,548 2,875,950 909,340
Department of Veterans Affairs
Benefits Programs:
Veterans Housing Benefit Program Fund:
Acquired Direct Loans:
FY 2007 ....................................................................................................... 10.43 30.61 -2.69 22.87 276 18,799 16,244 77,972 7,440
FY 2008 ....................................................................................................... 8.84 26.94 -7.31 25.41 188 12,347 9,689 52,025 4,660
FY 2009 ....................................................................................................... 3.04 22.06 -12.62 31.64 28 2,403 1,893 9,775 1,000
FY 2010 ....................................................................................................... -10.15 11.30 7.22 14.23 69 2,065 1,350 7,005 1,481
FY 2011 ....................................................................................................... -0.13 8.19 -7.03 15.35 47 762 778 9,382 2,940
FY 2012 ....................................................................................................... 4.09 12.69 -10.90 19.50 7 625 415 4,762 926
FY 2013 ....................................................................................................... -2.29 12.96 -9.56 24.81 47 393 343 2,230 815
FY 2014 ....................................................................................................... -5.00 13.36 4.81 13.55 -339 754 864 4,992 1,488
FY 2015 ....................................................................................................... -5.06 1.61 -12.19 18.86 61 67 120 7,422 4,629
FY 2016 ....................................................................................................... 1.71 37.56 -10.37 46.22 -37 3,117 2,782 7,752 3,912
FY 2017 ....................................................................................................... 1.92 -2.64 -8.20 3.64 397 -404 -309 7,482 5,147
FY 2018 ....................................................................................................... 7.94 30.47 -1.65 24.18 236 1,193 1,163 4,845 3,589
FY 2019 ....................................................................................................... 6.33 5.00 -2.23 0.90 170 804 69 2,116 1,417
FY 2024 ....................................................................................................... 11.99 31.94 3.36 16.59 16,920 -1,042,554 -988,988 402,040 381,469
FY 2025 ....................................................................................................... 24.70 25.85 0.29 0.86 122,981 122,981 174,327 10,078,249 10,066,322
Transitional Housing Direct Loan:
FY 2005 ....................................................................................................... 99.24 30.39 0.14 -68.99 -290 -5,169 -2,895 5,062 3,656
59
Table 7. DIRECT LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
Vendee Direct Loans:
FY 2007 ....................................................................................................... -3.46 -2.21 -0.38 1.63 -51 1,005 496 47,745 82
FY 2008 ....................................................................................................... -1.59 -1.90 -4.66 4.35 44 723 -379 79,539 891
FY 2009 ....................................................................................................... -3.29 -3.58 -5.60 5.31 -14 -918 -847 78,555 ......
FY 2010 ....................................................................................................... -4.45 -0.22 0.82 3.41 -10 7,378 9,182 222,474 320
FY 2011 ....................................................................................................... -2.42 0.10 -0.82 3.34 77 9,508 6,286 253,560 3,901
FY 2012 ....................................................................................................... -2.12 -11.94 -1.25 -8.57 805 -14,400 -15,465 157,092 33,342
FY 2013 ....................................................................................................... -2.55 -40.83 -1.16 -37.12 -13 -66 -57 137 ......
FY 2014 ....................................................................................................... -24.13 6.17 7.07 23.23 -15 325 252 844 481
FY 2015 ....................................................................................................... -20.79 -24.42 -18.23 14.60 -59 469 275 856 620
FY 2018 ....................................................................................................... -26.49 -16.61 -3.25 13.13 -39 -34 -16 99 85
FY 2019 ....................................................................................................... -5.47 -18.63 -2.84 -10.32 -216 -8,408 -9,042 68,542 28,996
FY 2020 ....................................................................................................... 8.51 -19.96 -29.69 1.22 -687 -13,009 -13,955 47,846 25,166
FY 2021 ....................................................................................................... -22.54 -16.44 -10.59 16.69 185 344 277 6,934 5,430
FY 2022 ....................................................................................................... -27.09 -11.10 12.90 3.09 29 772 866 4,976 4,254
FY 2023 ....................................................................................................... -26.29 -23.14 18.73 -15.59 41 55 221 12,806 11,559
FY 2024 ....................................................................................................... -27.93 -29.03 5.95 -7.05 -1,851 -134 10 12,199 11,540
FY 2025 ....................................................................................................... -28.97 -16.84 1.50 10.63 703 703 662 7,217 6,599
Acquired and Vendee Loan Reestimates:
FY 1992 ....................................................................................................... 7.08 -2.34 0.41 -9.83 -21 -211,164 -129,677 1,418,895 26
FY 1993 ....................................................................................................... 8.92 1.43 -0.32 -7.17 -10 -130,849 -121,855 1,597,138 120
FY 1994 ....................................................................................................... 2.11 14.08 0.53 11.44 -* 324,752 186,697 1,560,485 84
FY 1995 ....................................................................................................... 1.83 1.17 0.49 -1.15 126 13,755 -10,060 1,526,404 159
FY 1996 ....................................................................................................... 2.20 3.79 -1.32 2.91 1,839 61,045 20,477 1,327,810 215
FY 1997 ....................................................................................................... 1.33 5.27 1.99 1.95 3 95,838 50,173 1,284,544 93
FY 1998 ....................................................................................................... 2.36 2.51 -0.35 0.50 -67 20,894 2,921 1,369,895 991
FY 1999 ....................................................................................................... 7.78 8.47 0.18 0.51 43 77,102 14,770 1,633,317 2,019
FY 2000 ....................................................................................................... 2.99 4.18 0.24 0.95 876 85,378 17,919 1,426,752 3,179
FY 2001 ....................................................................................................... 2.16 -1.21 -0.53 -2.84 500 -9,726 -46,008 1,235,284 3,195
FY 2002 ....................................................................................................... 0.86 -3.74 -1.38 -3.22 484 -25,279 -47,201 1,019,212 5,387
FY 2003 ....................................................................................................... -1.39 -2.41 -1.79 0.77 312 -5,808 -4,835 516,488 3,746
FY 2004 ....................................................................................................... -1.36 35.01 -1.79 38.16 -1,192 50,962 53,671 156,133 4,568
FY 2005 ....................................................................................................... -5.12 4.49 -1.25 10.86 3,907 52,520 -778 191,821 5,579
FY 2006 ....................................................................................................... 1.97 11.92 -4.72 14.67 -892 701 15,736 158,563 6,230
Native American Veteran Housing Loan:
Native American Direct Loans:
FY 1995 ....................................................................................................... 7.72 6.29 (3) -1.43 -5 111 -80 5,595 ......
60
Table 7. DIRECT LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 1996 ....................................................................................................... 7.72 8.49 (3) 0.77 15 867 73 6,467 144
FY 1997 ....................................................................................................... 7.72 3.44 (3) -4.28 3 242 17 5,558 55
FY 1998 ....................................................................................................... 7.72 6.84 (3) -0.88 19 177 -25 2,702 21
FY 1999 ....................................................................................................... 7.72 -22.75 (3) -30.47 1 -1,051 -798 2,882 ......
FY 2000 ....................................................................................................... 7.72 0.07 (3) -7.65 3 -33 -139 1,555 66
FY 2001 ....................................................................................................... 7.72 -20.38 (3) -28.10 15 -557 -389 1,351 221
FY 2002 ....................................................................................................... 7.72 -13.95 (3) -21.67 12 -1,170 -1,170 5,700 580
FY 2003 ....................................................................................................... -8.96 3.02 -10.34 22.32 41 1,589 738 10,733 1,096
FY 2004 ....................................................................................................... 0.28 7.20 -14.38 21.30 31 998 383 5,510 892
FY 2005 ....................................................................................................... -7.75 7.20 -6.26 21.21 -87 1,526 551 4,962 727
FY 2006 ....................................................................................................... -13.79 6.42 -2.95 23.16 31 1,053 590 5,016 732
FY 2007 ....................................................................................................... -13.46 1.39 -5.56 20.41 26 1,075 750 7,414 647
FY 2008 ....................................................................................................... -14.48 -2.85 -11.55 23.18 7 1,475 701 6,392 354
FY 2009 ....................................................................................................... -10.07 0.03 -15.20 25.30 84 2,542 1,772 18,066 5,886
FY 2010 ....................................................................................................... -32.78 3.30 6.40 29.68 42 5,455 5,600 15,794 5,260
FY 2011 ....................................................................................................... -13.65 -7.50 -6.10 12.25 16 453 439 7,368 2,826
FY 2012 ....................................................................................................... -11.97 -8.37 -9.32 12.92 3 295 281 5,379 3,173
FY 2013 ....................................................................................................... -17.84 -6.53 -5.90 17.21 7 766 773 5,736 2,394
FY 2014 ....................................................................................................... -16.75 -4.81 3.15 8.79 30 677 573 5,623 1,973
FY 2015 ....................................................................................................... -17.04 -2.69 -7.48 21.83 34 510 475 3,469 1,648
FY 2016 ....................................................................................................... -18.08 4.26 -8.39 30.73 24 842 702 2,767 1,199
FY 2017 ....................................................................................................... -18.62 -10.29 -6.69 15.02 -21 250 340 4,519 1,969
FY 2018 ....................................................................................................... -20.22 0.93 -1.10 22.24 5 1,069 965 4,654 886
FY 2019 ....................................................................................................... -11.89 -7.95 -1.91 5.85 32 430 216 5,277 1,688
FY 2020 ....................................................................................................... -5.23 -10.24 -24.55 19.53 123 -358 -376 6,603 5,183
FY 2021 ....................................................................................................... -20.25 -10.03 -8.23 18.44 141 1,265 1,181 12,123 9,903
FY 2022 ....................................................................................................... -17.62 1.32 12.04 6.91 110 2,063 2,255 11,509 9,499
FY 2023 ....................................................................................................... -17.15 11.51 13.37 15.29 43 2,470 2,465 8,755 7,582
FY 2024 ....................................................................................................... -20.26 16.36 3.95 32.68 691 3,084 3,023 8,351 5,661
FY 2025 ....................................................................................................... -0.60 18.15 0.37 18.38 2,169 2,169 2,205 11,851 4,598
Vocational Rehabilitation:
FY 2023 ....................................................................................................... 0.76 -1.83 3.39 -5.97 13 -31 -15 563 93
FY 2024 ....................................................................................................... 3.87 63.43 0.41 59.16 343 353 328 549 4
FY 2025 ....................................................................................................... 4.12 -37.79 -0.54 -41.36 -312 -312 -303 727 335
61
Table 7. DIRECT LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
Environmental Protection Agency
Water Infrastructure Finance and Innovation:
Water Infrastructure Direct Loans:
FY 2018 ....................................................................................................... 0.34 16.33 -17.15 33.14 -5,914 13,930 10,435 87,369 86,563
FY 2019 ....................................................................................................... 0.82 5.42 -3.64 8.24 25,096 41,467 25,790 716,316 671,384
FY 2020 ....................................................................................................... 0.74 39.16 -16.96 55.37 549,819 1,955,117 1,636,108 4,723,147 4,769,917
FY 2021 ....................................................................................................... 0.83 20.39 6.39 13.18 348,624 872,434 755,839 3,216,914 3,265,849
FY 2022 ....................................................................................................... 0.47 -11.32 1.81 -13.60 -49,834 -158,172 -154,422 1,367,451 1,390,108
FY 2023 ....................................................................................................... 0.74 -18.81 2.21 -21.76 -84,388 -161,700 -152,075 846,489 860,370
FY 2024 ....................................................................................................... 0.67 -7.62 0.75 -9.04 -6,419 -12,659 -11,938 123,658 125,819
FY 2025 ....................................................................................................... 0.64 -22.53 ...... -23.17 -37,224 -37,224 -36,250 153,451 154,545
Small Business Administration
Business Loans:
7(m) Direct Microloans:
FY 1992 ....................................................................................................... 17.00 -6.18 -6.60 -16.58 ...... -5,533 -2,487 11,118 ......
FY 1993 ....................................................................................................... 15.95 18.48 -4.73 7.26 ...... 1,219 547 21,973 ......
FY 1994 ....................................................................................................... 10.15 43.52 0.75 32.62 ...... 4,947 2,291 7,260 ......
FY 1995 ....................................................................................................... 19.61 7.61 -9.37 -2.63 ...... -1,855 -1,446 12,430 ......
FY 1996 ....................................................................................................... 15.69 15.70 -5.75 5.76 ...... 95 7 7,998 ......
FY 1997 ....................................................................................................... 8.86 20.74 1.13 10.75 -* 1,419 868 7,941 ......
FY 1998 ....................................................................................................... 10.31 -218.47 -0.30 -228.48 ...... -30,822 -21,244 9,551 ......
FY 1999 ....................................................................................................... 9.54 16.85 -3.46 10.77 -2 1,086 954 13,355 7
FY 2000 ....................................................................................................... 8.54 4.31 5.66 -9.89 -3 -1,859 -1,052 25,622 ......
FY 2001 ....................................................................................................... 8.95 5.95 3.20 -6.20 -11 -422 -793 26,871 ......
FY 2002 ....................................................................................................... 6.78 3.95 -9.30 6.47 * -152 -355 12,874 ......
FY 2003 ....................................................................................................... 13.05 18.57 -5.29 10.81 -9 1,206 1,449 27,396 ......
FY 2004 ....................................................................................................... 9.55 12.53 0.64 2.34 -* 367 505 17,729 48
FY 2005 ....................................................................................................... 10.25 9.95 0.51 -0.81 -14 -376 -55 16,279 107
FY 2006 ....................................................................................................... 7.17 7.08 -2.22 2.13 -* 119 -19 16,718 ......
FY 2007 ....................................................................................................... 10.21 1.61 -6.64 -1.96 -1 -1,119 -1,531 17,810 96
FY 2008 ....................................................................................................... 10.12 7.81 -10.13 7.82 -1 420 -486 18,597 652
FY 2009 ....................................................................................................... 11.66 10.96 -10.02 9.32 -* 821 -251 17,576 215
FY 2010 ....................................................................................................... 12.04 12.58 -2.67 3.21 * -127 -207 5,944 102
FY 2011 ....................................................................................................... 15.06 8.51 -9.08 2.53 7 -1,984 -3,241 32,185 ......
FY 2012 ....................................................................................................... 14.71 14.78 -4.42 4.49 4 -1,139 -1,427 21,592 118
FY 2013 ....................................................................................................... 15.71 18.41 -2.15 4.85 -3 -2,985 -3,014 38,286 83
62
Table 7. DIRECT LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2014 ....................................................................................................... 18.64 21.82 1.26 1.92 -16 -2,799 -2,492 24,205 ......
FY 2015 ....................................................................................................... 10.12 23.20 -2.89 15.97 -445 -1,037 -1,261 31,498 63
FY 2016 ....................................................................................................... 8.87 30.50 -2.58 24.21 -319 1,263 1,069 32,911 3,065
FY 2017 ....................................................................................................... 9.08 35.97 1.55 25.34 -527 2,201 1,996 42,697 9,562
FY 2018 ....................................................................................................... 8.91 31.19 -1.82 24.10 -310 -44 -23 33,482 10,696
FY 2019 ....................................................................................................... 8.77 28.09 -4.39 23.71 -142 3,538 2,711 40,976 18,051
FY 2020 ....................................................................................................... 9.29 14.91 -1.79 7.41 -339 -939 -2,475 51,016 28,057
FY 2021 ....................................................................................................... 8.99 12.64 2.73 0.92 227 -2,211 -1,857 45,968 31,071
FY 2022 ....................................................................................................... 6.28 12.57 7.85 -1.56 2,227 240 2,117 37,587 26,899
FY 2023 ....................................................................................................... 8.18 10.65 2.54 -0.07 2,878 -584 713 43,504 39,126
FY 2024 ....................................................................................................... 10.46 5.44 ...... -5.02 -1,324 -1,833 -1,677 33,228 32,562
FY 2025 ....................................................................................................... 10.53 9.07 ...... -1.46 -239 -239 -180 15,000 15,000
Economic Opportunity Loans:
FY 1992 ....................................................................................................... 30.30 26.06 (3) -4.24 ...... -1,266 -587 15,650 ......
FY 1993 ....................................................................................................... 17.83 28.99 (3) 11.16 -7 1,926 1,092 7,912 5
FY 1994 ....................................................................................................... 21.89 48.71 (3) 26.82 8 4,287 2,409 7,604 ......
Handicapped Assistance Loans:
FY 1992 ....................................................................................................... 36.36 46.68 (3) 10.32 ...... 3,127 1,530 11,078 ......
FY 1993 ....................................................................................................... 25.71 45.44 (3) 19.73 ...... 4,645 2,550 10,625 ......
FY 1994 ....................................................................................................... 34.04 56.56 (3) 22.52 ...... 4,237 2,387 8,866 ......
FY 1995 ....................................................................................................... 41.82 67.17 (3) 25.35 ...... 1,881 1,094 3,295 ......
SBIC Direct Preferred Stock and Fee Loans:
FY 1992 ....................................................................................................... 44.33 26.86 (3) -17.47 ...... -6,270 -1,900 12,050 ......
FY 1993 ....................................................................................................... 38.06 33.33 (3) -4.73 ...... -2,669 -314 12,356 ......
FY 1994 ....................................................................................................... 31.64 41.26 (3) 9.62 ...... 4,285 1,576 15,029 ......
FY 1995 ....................................................................................................... 43.10 29.53 (3) -13.57 ...... -1,583 -679 5,594 ......
7(m) Direct Microloans—ARRA:
FY 2009 ....................................................................................................... 11.66 5.71 -10.02 4.07 -4 -58 -843 13,835 179
FY 2010 ....................................................................................................... 12.04 5.95 -2.67 -3.42 -7 -1,457 -1,731 28,242 314
Intermediary Lending Program:
FY 2011 ....................................................................................................... 30.58 14.22 -12.22 -4.14 -56 -2,652 -2,851 18,215 4,887
FY 2012 ....................................................................................................... 25.73 12.30 -6.28 -7.15 9 -2,040 -2,078 15,461 5,503
Disaster Loans:
Disaster Assistance Loans:
FY 1992 ....................................................................................................... 33.93 35.45 -0.79 2.31 -285 52,051 12,878 577,721 98
FY 1993 ....................................................................................................... 20.58 32.77 7.62 4.57 -115 258,748 143,021 1,213,651 76
FY 1994 ....................................................................................................... 22.99 26.77 10.50 -6.72 -414 258,335 98,361 3,143,906 36
63
Table 7. DIRECT LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 1995 ....................................................................................................... 31.54 26.55 0.51 -5.50 -133 11,348 -27,178 955,628 141
FY 1996 ....................................................................................................... 28.08 28.07 1.78 -1.79 -186 48,295 3,567 664,500 926
FY 1997 ....................................................................................................... 20.02 29.68 6.17 3.49 -133 137,731 77,192 832,786 392
FY 1998 ....................................................................................................... 23.46 27.05 -1.46 5.05 -137 52,718 19,996 550,917 1,483
FY 1999 ....................................................................................................... 22.36 24.91 -7.23 9.78 -419 39,772 18,163 688,195 4,571
FY 2000 ....................................................................................................... 22.20 25.02 (3) 2.82 -877 36,570 22,647 726,804 14,343
FY 2001 ....................................................................................................... 17.46 20.13 0.18 2.49 -1,278 23,094 19,458 687,358 17,489
FY 2002 ....................................................................................................... 14.67 24.42 (3) 9.75 -1,075 107,399 52,737 782,288 16,834
FY 2003 ....................................................................................................... 13.98 18.15 (3) 4.17 -1,869 25,988 23,221 549,462 32,252
FY 2004 ....................................................................................................... 11.72 20.48 -0.98 9.74 -1,211 39,076 40,750 484,473 29,056
FY 2005 ....................................................................................................... 12.86 17.62 -1.79 6.55 -4,001 43,304 53,306 1,179,909 78,230
FY 2006 ....................................................................................................... 14.64 20.58 0.27 5.67 -17,954 269,295 345,401 6,234,775 760,206
FY 2007 ....................................................................................................... 17.73 18.82 -3.61 4.70 -2,944 741 9,383 951,596 132,957
FY 2008 ....................................................................................................... 16.27 12.65 -7.16 3.54 -917 -24,719 -18,416 519,309 68,974
FY 2009 ....................................................................................................... 14.92 7.15 -8.82 1.05 -897 -45,588 -43,540 571,211 73,789
FY 2010 ....................................................................................................... 10.77 7.16 1.91 -5.52 -1,311 -22,292 -12,976 368,767 48,134
FY 2011 ....................................................................................................... 13.53 3.56 -7.67 -2.30 -887 -42,491 -38,159 391,091 79,236
FY 2012 ....................................................................................................... 11.03 0.29 -7.14 -3.60 -1,359 -41,769 -41,207 384,484 82,227
FY 2013 ....................................................................................................... 11.11 4.67 -4.44 -2.00 -5,236 -70,038 -64,503 1,015,613 238,900
FY 2014 ....................................................................................................... 8.50 6.45 1.74 -3.79 -2,020 -7,640 -4,645 232,943 67,681
FY 2015 ....................................................................................................... 12.43 5.23 -5.70 -1.50 -1,201 -17,522 -17,985 253,147 76,169
FY 2016 ....................................................................................................... 12.10 7.02 -5.12 0.04 -4,567 -36,286 -35,883 720,427 259,442
FY 2017 ....................................................................................................... 14.42 10.50 -3.85 -0.07 -9,179 -37,308 -34,912 911,172 404,603
FY 2018 ....................................................................................................... 12.54 15.12 -0.69 3.27 -37,006 87,787 98,041 3,882,365 2,088,425
FY 2019 ....................................................................................................... 12.29 9.66 -3.42 0.79 -9,086 -27,572 -29,479 1,137,391 622,569
FY 2020 ....................................................................................................... 13.62 5.71 -7.36 -0.55 39,121 -495,378 -564,338 7,325,956 5,552,331
FY 2021 ....................................................................................................... 8.95 15.67 -0.58 7.30 10,240 104,230 91,100 1,386,650 1,003,924
FY 2022 ....................................................................................................... 8.96 16.60 6.96 0.68 -3,337 62,177 72,127 974,384 744,614
FY 2023 ....................................................................................................... 12.91 21.20 5.61 2.68 118,530 26,570 56,700 1,433,727 1,189,947
FY 2024 ....................................................................................................... 20.55 20.77 1.06 -0.84 35,570 -3,684 2,755 1,419,964 1,350,069
FY 2025 ....................................................................................................... 22.22 18.10 ...... -4.12 -129,275 -129,275 -122,536 3,039,958 3,001,315
Economic Injury Disaster Loans—Terrorist Attack:
FY 2001 ....................................................................................................... 17.46 34.32 0.18 16.68 -77 1,716 1,701 10,674 320
FY 2002 ....................................................................................................... 22.67 26.82 -3.49 7.64 -649 -4,267 19,214 427,952 8,986
FY 2003 ....................................................................................................... 23.20 23.94 -6.16 6.90 -406 450 1,142 89,542 2,995
FY 2004 ....................................................................................................... 23.20 23.39 -6.16 6.35 ...... 19 4 1,788 ......
64
Table 7. DIRECT LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
COVID Economic Injury Disaster Loans:
FY 2020 ....................................................................................................... 13.62 20.12 -7.36 13.86 -2,036,809 14,148,355 11,535,508 173,464,595 145,538,914
FY 2021 ....................................................................................................... 8.95 25.31 -0.58 16.94 2,439,332 13,359,732 12,484,725 76,596,743 62,783,774
FY 2022 ....................................................................................................... 11.72 28.99 9.45 7.82 9,355,598 20,791,813 20,007,224 120,522,763 101,925,053
Export-Import Bank of the United States
Export-Import Bank Loans:
Direct Loans: Export Financing:
FY 1992 ....................................................................................................... -1.84 -1.84 (3) ...... ...... (6) (6) 25,340 ......
FY 1994 ....................................................................................................... 11.05 11.05 (3) ...... ...... (6) (6) 2,166,097 ......
FY 1995 ....................................................................................................... 2.88 ...... -2.89 ...... ...... (6) (6) 2,302,596 ......
FY 1996 ....................................................................................................... 1.08 –1.09 (3) 0.01 135 (6) (6) 1,522,291 16
FY 1997 ....................................................................................................... -0.53 -0.52 (3) 0.01 147 (6) (6) 1,345,561 ......
FY 1998 ....................................................................................................... 8.32 8.32 ...... ...... ...... (6) (6) 68,403 ......
FY 1999 ....................................................................................................... 3.54 ...... -3.55 ...... 1 (6) (6) 807,029 ......
FY 2000 ....................................................................................................... -3.64 -3.64 (3) ...... ...... (6) (6) 544,253 ......
FY 2001 ....................................................................................................... 11.41 11.41 ...... ...... ...... (6) (6) 407,750 ......
FY 2002 ....................................................................................................... 10.02 10.10 (3) 0.09 184 (6) (6) 293,962 9,700
FY 2004 ....................................................................................................... 5.14 5.14 ...... ...... ...... (6) (6) 144,892 ......
FY 2006 ....................................................................................................... 1.88 ...... 1.10 -2.98 ...... (6) (6) 102,937 ......
FY 2008 ....................................................................................................... -6.12 0.66 -10.30 17.08 -5,668 (6) (6) 717,699 31,699
FY 2009 ....................................................................................................... -9.77 0.02 -10.10 19.89 -650 (6) (6) 2,924,003 4,244
FY 2010 ....................................................................................................... -13.68 1.15 -2.13 16.96 11,521 (6) (6) 4,366,623 303,505
FY 2011 ....................................................................................................... -2.58 -0.61 0.06 1.91 -11,623 (6) (6) 5,566,097 745,315
FY 2012 ....................................................................................................... -1.67 8.24 0.06 9.86 178,916 682,865 617,052 8,224,839 4,558,951
FY 2013 ....................................................................................................... -4.09 0.70 0.02 4.77 -18,701 31,650 34,206 5,184,714 355,711
FY 2014 ....................................................................................................... -3.36 10.61 -0.03 14.00 36,105 156,012 132,352 1,309,538 197,001
FY 2015 ....................................................................................................... -9.26 13.16 -4.38 26.79 746 4,414 4,367 31,789 17,185
FY 2017 ....................................................................................................... 0.00 ...... ...... ...... -181 -9,755 -9,459 744 3,264
FY 2021 ....................................................................................................... -6.12 0.38 0.06 6.43 -7,178 -496 222 60,444 29,358
FY 2023 ....................................................................................................... 0.00 -37.26 5.41 -42.67 -15,655 -15,655 -14,698 52,604 55,392
FY 2024 ....................................................................................................... -8.28 -4.52 8.21 -4.45 -20,938 -18,162 -16,789 196,450 ......
FY 2025 ....................................................................................................... -4.34 ...... ...... ...... ...... ...... ...... ...... ......
Make More In America Direct Loans:
FY 2024 ....................................................................................................... -10.78 (4) ...... ...... ...... ...... ...... ...... ......
FY 2025 ....................................................................................................... -5.99 -5.76 ...... 0.23 -70 -70 -67 7,577 7,577
* Less than $500.
1 Reestimates for some programs did not appear in the 2027 Appendix because they were $500,000 or less. Information on all cohorts is provided in the electronic version of the Federal Credit Supplement at www.budget.gov.
2 Cohort is closed as of the end of 2025.
3 Breakout between technical and interest reestimates is not available.
4 Reestimates have not yet been calculated.
5 The 2004 cohort for State Repatriation Loans includes activity for fiscal years 1992 through 2004.
6 In FY 2012, Ex-Im Bank changed the definition of cohorts. Ex-Im Bank is unable to provide net lifetime reestimates by cohort for direct loans or loan guarantees for cohorts prior to FY 2012. The total net lifetime reestimate
excluding interest for all direct loans and loan guarantees was downward $9,429 million. The total net lifetime reestimate including interest for all cohorts was downward $11,917 million.
65
Table 8. GUARANTEED LOANS: SUBSIDY REESTIMATES 1
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
Department of Agriculture
Office of the Secretary:
Food Supply Chain and Agriculture Pandemic Response:
Food Processing Supply Chain Loan Guarantees:
FY 2022 ....................................................................................................... 7.30 11.64 ...... 4.34 13,162 5,993 5,885 170,948 136,858
FY 2023 ....................................................................................................... 6.91 5.90 ...... -1.01 396 -5,545 -5,760 366,416 320,524
Farm Service Agency:
Agricultural Credit Insurance Fund:
Farm Ownership—Unsubsidized:
FY 1992 ....................................................................................................... 4.89 0.38 -4.45 -0.06 -5 -28,492 -10,862 440,842 ......
FY 1993 ....................................................................................................... 4.58 0.35 -4.38 0.15 ...... -25,077 -8,619 436,497 17
FY 1994 ....................................................................................................... 3.82 0.53 -3.35 0.06 ...... -23,989 -9,268 532,104 67
FY 1995 ....................................................................................................... 3.71 0.83 -2.96 0.08 ...... -16,231 2,196 543,561 107
FY 1996 ....................................................................................................... 3.74 0.62 -3.32 0.20 1 -21,751 -14,464 521,502 158
FY 1997 ....................................................................................................... 3.69 0.40 -3.42 0.13 ...... -20,751 -15,366 513,989 472
FY 1998 ....................................................................................................... 3.86 0.56 -3.42 0.12 ...... -15,495 -13,048 415,760 650
FY 1999 ....................................................................................................... 1.59 0.34 -1.14 -0.11 17 -10,083 -9,574 749,207 1,815
FY 2000 ....................................................................................................... 0.56 0.26 -0.11 -0.19 2 -2,623 -1,448 850,064 2,121
FY 2001 ....................................................................................................... 0.51 0.27 -0.03 -0.21 7 -1,595 -2,137 833,986 3,496
FY 2002 ....................................................................................................... 0.45 -0.13 0.08 -0.66 14 -5,103 -5,808 1,069,330 5,680
FY 2003 ....................................................................................................... 0.75 -0.29 -0.05 -0.99 9 -9,731 -9,515 1,193,556 10,279
FY 2004 ....................................................................................................... 0.54 0.03 -0.03 -0.48 -107 2,928 2,029 1,073,125 12,574
FY 2005 ....................................................................................................... 0.53 0.35 ...... -0.18 110 3,566 2,014 998,176 15,061
FY 2006 ....................................................................................................... 0.48 0.28 -0.02 -0.18 105 2,351 1,250 917,635 18,899
FY 2007 ....................................................................................................... 0.58 0.65 0.04 0.03 2,088 10,728 6,748 925,787 30,370
FY 2008 ....................................................................................................... 0.40 0.15 0.09 -0.34 1,837 3,149 2,065 1,137,792 49,347
FY 2009 ....................................................................................................... 0.33 -0.29 0.13 -0.75 1,294 -2,612 -2,885 1,237,821 82,502
FY 2010 ....................................................................................................... 0.37 -0.51 0.02 -0.90 3,928 -9,829 -9,682 1,582,589 131,736
FY 2011 ....................................................................................................... 0.38 -0.67 0.10 -1.15 1,714 -17,166 -15,988 1,862,453 187,142
FY 2012 ....................................................................................................... -0.01 -0.98 0.07 -1.04 657 -13,227 -12,570 1,477,359 215,329
FY 2013 ....................................................................................................... -0.07 -1.13 0.04 -1.10 921 -13,588 -12,760 1,475,591 265,866
FY 2014 ....................................................................................................... -0.16 -0.87 -0.02 -0.69 6,099 -5,669 -5,675 1,965,738 401,739
FY 2015 ....................................................................................................... -0.12 -0.96 0.03 -0.87 8,442 -7,961 -7,750 1,982,550 537,472
FY 2016 ....................................................................................................... -0.14 -0.92 0.05 -0.83 11,598 -5,680 -5,866 2,430,694 812,818
FY 2017 ....................................................................................................... -0.06 -0.82 0.03 -0.79 12,279 -2,384 -3,056 2,223,464 889,806
FY 2018 ....................................................................................................... -0.18 -0.96 ...... -0.78 15,977 -509 -1,678 2,071,964 918,371
67
Table 8. GUARANTEED LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2019 ....................................................................................................... -0.23 -0.91 0.02 -0.70 15,743 3,569 2,286 2,010,222 1,078,689
FY 2020 ....................................................................................................... -0.29 -0.98 0.11 -0.80 13,164 -2,951 -2,786 2,890,846 1,952,565
FY 2021 ....................................................................................................... -0.24 -0.84 0.03 -0.63 13,086 -971 -1,171 2,674,021 1,978,703
FY 2022 ....................................................................................................... -0.38 -0.79 -0.07 -0.34 10,503 3,177 2,329 2,331,795 1,950,437
FY 2023 ....................................................................................................... -0.43 -0.71 -0.06 -0.22 2,657 -303 -545 1,335,853 1,170,006
FY 2024 ....................................................................................................... -0.46 -0.61 -0.02 -0.13 36,207 34,438 31,582 1,453,847 1,344,821
FY 2025 ....................................................................................................... -0.54 -0.64 ...... -0.10 -1,704 -1,704 -1,633 1,652,143 1,494,230
Farm Operating—Unsubsidized:
FY 1992 ....................................................................................................... 1.55 ...... ...... ...... ...... ...... ...... 943,920 ......
FY 1994 ....................................................................................................... 0.48 2.70 3.35 -1.13 -3 27,813 -12,568 1,054,565 ......
FY 1996 ....................................................................................................... 1.11 ...... ...... ...... ...... ...... ...... 1,103,702 ......
FY 1998 ....................................................................................................... 1.17 ...... ...... ...... ...... ...... ...... 740,124 ......
FY 1999 ....................................................................................................... 1.16 1.43 2.35 -2.08 -3 476 -9,098 1,228,124 ......
FY 2000 ....................................................................................................... 1.41 2.13 2.11 -1.39 * 6,600 -12,138 981,962 ......
FY 2001 ....................................................................................................... 1.37 1.67 2.16 -1.86 1 813 -1,727 988,695 ......
FY 2002 ....................................................................................................... 3.51 0.96 0.25 -2.80 * -23,463 -26,599 1,038,717 ......
FY 2003 ....................................................................................................... 3.17 -0.09 -0.04 -3.22 -1 -28,729 -29,139 999,187 ......
FY 2004 ....................................................................................................... 3.33 0.04 -0.06 -3.23 108 -31,176 -25,543 940,931 ......
FY 2005 ....................................................................................................... 3.23 0.23 0.02 -3.02 1 -23,755 -21,092 873,987 ......
FY 2006 ....................................................................................................... 3.03 0.32 -0.04 -2.67 -145 -23,432 -21,100 927,600 ......
FY 2007 ....................................................................................................... 2.47 0.91 0.05 -1.61 2,245 -9,433 -6,780 906,793 ......
FY 2008 ....................................................................................................... 2.42 0.77 0.23 -1.88 2,484 -8,662 -7,863 940,026 ......
FY 2009 ....................................................................................................... 2.49 -0.11 0.30 -2.90 895 -27,179 -25,257 1,224,159 ......
FY 2010 ....................................................................................................... 2.34 -0.42 0.05 -2.81 785 -33,484 -31,843 1,500,624 ......
FY 2011 ....................................................................................................... 2.33 -0.48 0.20 -3.01 2,913 -24,010 -23,336 1,165,189 ......
FY 2012 ....................................................................................................... 1.74 -0.71 0.14 -2.59 4,426 -12,898 -12,366 929,785 ......
FY 2013 ....................................................................................................... 1.19 -0.23 0.07 -1.49 3,826 174 97 888,724 ......
FY 2014 ....................................................................................................... 1.22 0.01 -0.03 -1.18 4,248 3,147 2,825 991,767 ......
FY 2015 ....................................................................................................... 1.06 -0.02 0.03 -1.11 14,499 9,473 8,287 1,351,498 ......
FY 2016 ....................................................................................................... 1.03 -0.50 0.08 -1.61 13,516 -1,420 -1,712 1,481,243 ......
FY 2017 ....................................................................................................... 1.07 -0.30 0.07 -1.44 12,878 -3,643 -4,026 1,351,535 ......
FY 2018 ....................................................................................................... 1.11 -0.76 -0.02 -1.85 7,776 -8,986 -8,917 1,073,143 ......
FY 2019 ....................................................................................................... 1.12 -1.07 0.02 -2.21 9,564 -11,610 -11,508 1,041,723 ......
FY 2020 ....................................................................................................... 1.07 -1.12 0.22 -2.41 6,542 -16,682 -15,883 1,171,626 ......
FY 2021 ....................................................................................................... 1.12 -0.96 0.10 -2.18 13,126 3,258 3,139 773,147 ......
FY 2022 ....................................................................................................... 0.78 -0.79 -0.11 -1.46 13,310 3,341 2,549 711,979 ......
FY 2023 ....................................................................................................... 0.53 -0.62 -0.14 -1.01 11,823 4,904 3,876 612,864 ......
68
Table 8. GUARANTEED LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2024 ....................................................................................................... 0.07 -0.68 -0.02 -0.73 24,570 19,853 18,044 759,916 ......
FY 2025 ....................................................................................................... -0.20 -0.66 0.01 -0.47 -4,447 -4,447 -4,273 944,874 ......
Farm Operating—Subsidized:
FY 1998 ....................................................................................................... 9.64 ...... ...... ...... ...... ...... ...... 255,963 ......
FY 1999 ....................................................................................................... 8.74 11.12 4.97 -2.59 ...... 7,707 17,950 521,298 ......
FY 2000 ....................................................................................................... 8.81 10.50 4.36 -2.67 ...... 3,695 28,601 794,754 ......
FY 2001 ....................................................................................................... 8.16 10.44 5.65 -3.37 ...... 6,348 18,891 463,317 ......
FY 2002 ....................................................................................................... 13.56 10.81 0.70 -3.45 1 -21,217 18,391 492,571 ......
FY 2003 ....................................................................................................... 11.80 11.33 -0.09 -0.38 * -5,688 18,554 412,240 ......
FY 2004 ....................................................................................................... 12.77 ...... ...... ...... ...... ...... ...... 269,098 ......
FY 2005 ....................................................................................................... 13.31 9.62 0.02 -3.71 -1 -12,299 -8,349 281,956 ......
FY 2006 ....................................................................................................... 12.50 8.46 -0.16 -3.88 ...... -13,243 -12,403 269,753 ......
FY 2007 ....................................................................................................... 10.07 9.22 0.13 -0.98 * -4,205 -4,736 271,135 ......
FY 2008 ....................................................................................................... 13.34 12.43 0.79 -1.70 * -1,509 -776 133,503 ......
FY 2009 ....................................................................................................... 13.79 13.64 1.02 -1.17 1 -290 514 148,713 ......
FY 2010 ....................................................................................................... 14.06 13.04 0.22 -1.24 11 -1,782 -1,466 179,973 ......
FY 2011 ....................................................................................................... 13.83 12.23 0.68 -2.28 2 -968 -952 61,482 ......
Conservation—Guaranteed:
FY 2013 ....................................................................................................... -0.28 -1.11 0.04 -0.87 -* -1 -1 75 ......
FY 2015 ....................................................................................................... -0.32 -1.16 ...... -0.84 -* -12 -11 1,355 ......
FY 2016 ....................................................................................................... -0.33 -1.14 ...... -0.81 -1 -12 -11 1,399 ......
Commodity Credit Corporation Export Loans:
GSM 102:
FY 1992 ....................................................................................................... 4.61 0.26 -3.38 -0.97 ...... -473,126 -233,922 5,393,167 ......
FY 1996 ....................................................................................................... 10.59 3.81 -10.56 3.78 539 -235,069 -173,579 2,827,774 5,748
FY 1997 ....................................................................................................... 10.23 2.25 -10.18 2.20 1,003 -285,344 -189,874 2,581,481 13,527
FY 1998 ....................................................................................................... 7.71 0.94 -7.73 0.96 ...... -287,947 -232,661 3,658,828 7,991
FY 1999 ....................................................................................................... 5.29 -0.53 -5.37 -0.45 ...... -182,121 -146,224 2,736,683 366
FY 2001 ....................................................................................................... 7.21 0.17 -7.06 0.02 ...... -244,892 -187,570 2,758,061 ......
FY 2002 ....................................................................................................... 2.48 -1.01 ...... -3.49 ...... -116,047 -96,406 2,744,525 387
FY 2004 ....................................................................................................... 7.81 -0.33 -5.19 -2.95 -1 -217,983 -195,370 2,618,604 2,858
FY 2005 ....................................................................................................... 6.09 -0.61 -1.98 -4.72 * -145,345 -140,809 2,100,379 ......
FY 2006 ....................................................................................................... 5.05 -0.73 -2.13 -3.65 ...... -70,754 -51,712 1,288,058 ......
FY 2007 ....................................................................................................... 4.48 -0.31 0.09 -4.88 -29 -52,442 -43,263 1,428,247 6,119
FY 2008 ....................................................................................................... 2.39 2.82 0.10 0.33 -572 23,946 17,009 2,982,805 72,134
FY 2009 ....................................................................................................... 0.87 -0.07 0.10 -1.04 -209 -31,356 -33,947 4,993,171 31,240
FY 2010 ....................................................................................................... -1.21 2.69 0.35 3.55 2 120,543 118,625 2,887,112 96,435
69
Table 8. GUARANTEED LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2011 ....................................................................................................... -0.86 -0.79 -0.42 0.49 -* 7,463 7,469 3,984,026 ......
FY 2012 ....................................................................................................... -0.69 -0.99 -0.01 -0.29 ...... -11,814 -11,814 3,933,629 ......
FY 2013 ....................................................................................................... -1.10 -1.24 -0.01 -0.13 ...... -58 88 3,007,643 ......
FY 2014 ....................................................................................................... -1.11 -1.27 ...... -0.16 -* -2,949 -2,907 2,034,302 ......
FY 2015 ....................................................................................................... -0.69 -0.65 ...... 0.04 -* -816 -810 1,822,394 ......
FY 2016 ....................................................................................................... -0.46 -0.02 -0.02 0.46 122 8,050 7,818 2,159,912 11,008
FY 2017 ....................................................................................................... -0.24 -0.53 -0.02 -0.27 -* -4,745 -4,490 1,590,196 ......
FY 2018 ....................................................................................................... -0.19 -0.50 -0.01 -0.30 -* -7,982 -7,703 1,956,593 ......
FY 2019 ....................................................................................................... -0.22 -0.28 -0.01 -0.05 24 -3 -31 1,943,739 3,953
FY 2020 ....................................................................................................... -0.21 -0.45 -0.04 -0.20 ...... -3,562 -3,513 2,145,555 ......
FY 2021 ....................................................................................................... -0.24 -0.45 -0.01 -0.20 -1 -3,676 -3,668 2,054,603 ......
FY 2022 ....................................................................................................... -0.25 -0.46 0.02 -0.23 -30 -6,122 -5,824 3,283,012 ......
FY 2023 ....................................................................................................... -0.26 -0.46 0.01 -0.21 -316 -6,041 -5,475 2,971,310 ......
FY 2024 ....................................................................................................... -0.24 -0.46 ...... -0.22 -5,136 -3,418 -2,980 2,667,149 ......
FY 2025 ....................................................................................................... -0.23 -0.30 0.01 -0.08 -501 -501 -480 2,356,747 ......
Supplier Credit:
FY 2000 ....................................................................................................... 0.53 ...... ...... ...... ...... ...... ...... 107,545 ......
FY 2001 ....................................................................................................... 0.26 ...... ...... ...... ...... ...... ...... 254,130 ......
FY 2002 ....................................................................................................... 0.95 ...... ...... ...... ...... ...... ...... 475,318 ......
FY 2003 ....................................................................................................... -0.15 ...... ...... ...... ...... ...... ...... 786,657 ......
FY 2004 ....................................................................................................... 14.24 3.82 -12.27 1.85 -1,080 -58,462 -44,481 1,048,400 31,588
FY 2005 ....................................................................................................... 1.54 7.79 2.13 4.12 -1,097 21,023 53,300 577,928 29,992
Rural Housing Service:
Rural Community Facilities:
Community Facility Loan Guarantees:
FY 1992 ....................................................................................................... -0.19 -0.80 0.17 -0.78 ...... -129 -64 21,251 56
FY 1993 ....................................................................................................... -0.42 -0.79 -0.26 -0.11 ...... -339 -175 45,690 328
FY 1996 ....................................................................................................... 4.76 -0.23 -2.92 -2.07 ...... -2,698 -2,176 36,832 319
FY 1997 ....................................................................................................... 0.41 8.21 -1.02 8.82 ...... 4,872 3,256 43,111 1,116
FY 1998 ....................................................................................................... 0.40 4.00 -1.01 4.61 ...... 2,477 2,058 56,536 3,500
FY 1999 ....................................................................................................... -0.54 0.20 -0.10 0.84 ...... 754 806 76,665 3,121
FY 2000 ....................................................................................................... -0.54 1.14 -0.10 1.78 ...... 1,280 1,302 71,089 3,071
FY 2001 ....................................................................................................... -0.54 14.03 -0.28 14.85 4 16,769 14,278 103,072 3,840
FY 2002 ....................................................................................................... -0.68 2.31 0.01 2.98 1 2,889 2,728 91,207 1,929
FY 2003 ....................................................................................................... -0.54 9.80 0.01 10.33 55 16,495 14,024 142,630 9,661
FY 2004 ....................................................................................................... -0.60 5.31 ...... 5.91 60 10,379 8,688 159,360 3,612
FY 2005 ....................................................................................................... 0.09 11.40 -0.01 11.32 55 18,635 15,350 150,451 22,320
70
Table 8. GUARANTEED LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2006 ....................................................................................................... 0.36 4.27 0.02 3.89 56 5,676 5,078 141,902 32,726
FY 2007 ....................................................................................................... 3.66 8.25 0.48 4.11 768 7,108 5,894 148,504 16,984
FY 2008 ....................................................................................................... 3.68 2.22 0.58 -2.04 112 -4,860 -3,199 195,245 42,453
FY 2009 ....................................................................................................... 3.08 3.06 0.48 -0.50 150 -1,378 -597 244,844 53,928
FY 2010 ....................................................................................................... 3.21 -0.85 0.14 -4.20 72 -11,140 -8,998 221,774 93,917
FY 2011 ....................................................................................................... 3.95 0.27 0.50 -4.18 -406 -8,050 -6,148 176,186 71,815
FY 2012 ....................................................................................................... 4.73 2.99 0.23 -1.97 1,864 -3,035 -2,819 170,751 63,184
FY 2013 ....................................................................................................... 6.75 6.74 0.14 -0.15 47 379 -44 66,887 32,957
FY 2014 ....................................................................................................... 4.97 -0.62 -0.08 -5.50 -341 -5,170 -4,666 84,645 24,891
FY 2015 ....................................................................................................... 4.78 -0.03 0.49 -5.30 -654 -4,856 -4,236 92,767 43,766
FY 2016 ....................................................................................................... 2.36 3.12 0.05 0.71 -160 846 884 117,449 67,660
FY 2017 ....................................................................................................... 2.24 0.62 0.10 -1.71 13 -1,945 -1,591 102,471 50,213
FY 2018 ....................................................................................................... 3.27 0.67 0.23 -2.84 -924 -4,197 -3,605 147,733 95,797
FY 2019 ....................................................................................................... 2.89 1.19 ...... -1.70 -272 -1,430 -1,229 59,848 49,083
FY 2020 ....................................................................................................... -0.51 -0.54 ...... -0.03 121 -52 -44 79,889 59,439
FY 2021 ....................................................................................................... -0.36 -1.46 -0.22 -0.88 294 -2,141 -2,059 191,037 177,978
FY 2022 ....................................................................................................... -0.29 -0.02 ...... 0.27 3,039 58 41 179,628 113,471
FY 2023 ....................................................................................................... -0.66 -1.74 ...... -1.08 -1,260 -1,581 -1,514 140,619 136,157
FY 2024 ....................................................................................................... -0.86 1.20 ...... 2.06 155 133 123 6,953 6,953
FY 2025 ....................................................................................................... -1.17 1.32 ...... 2.49 27 27 26 1,040 1,040
Rural Housing Insurance Fund:
Guaranteed 502 Single Family Housing, Purchase:
FY 1992 ....................................................................................................... 1.13 0.53 0.01 -0.61 ...... -2,078 -1,105 200,567 94
FY 1993 ....................................................................................................... 1.85 0.75 0.02 -1.12 ...... -7,652 -5,234 508,495 147
FY 1994 ....................................................................................................... 1.68 1.36 -0.40 0.08 -1 -2,724 -1,871 706,124 194
FY 1995 ....................................................................................................... 1.64 2.99 -0.01 1.36 -8 21,372 13,774 1,007,286 1,505
FY 1996 ....................................................................................................... 0.20 2.95 0.01 2.74 14 59,436 44,589 1,624,552 3,187
FY 1997 ....................................................................................................... 0.23 2.85 -0.01 2.63 70 63,853 49,747 1,908,242 7,462
FY 1998 ....................................................................................................... 0.23 2.53 0.03 2.27 95 79,548 61,455 2,699,310 19,835
FY 1999 ....................................................................................................... 0.09 2.67 0.02 2.56 150 95,118 72,905 2,861,933 29,984
FY 2000 ....................................................................................................... 0.61 3.40 0.01 2.78 78 76,913 56,475 2,088,684 23,335
FY 2001 ....................................................................................................... 0.20 2.58 0.23 2.15 108 72,856 52,057 2,303,114 43,548
FY 2002 ....................................................................................................... 1.28 2.54 0.21 1.05 207 40,632 27,597 2,262,447 60,531
FY 2003 ....................................................................................................... 1.22 3.20 0.21 1.77 677 71,647 54,262 2,805,251 111,802
FY 2004 ....................................................................................................... 1.32 4.07 0.05 2.70 769 110,139 79,269 3,131,137 152,945
FY 2005 ....................................................................................................... 1.07 6.01 0.02 4.92 635 191,897 142,519 2,976,428 177,397
FY 2006 ....................................................................................................... 1.16 7.77 -0.03 6.64 941 265,946 193,479 3,012,167 183,740
71
Table 8. GUARANTEED LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2007 ....................................................................................................... 1.21 10.35 0.10 9.04 2,568 418,629 319,567 3,600,279 270,493
FY 2008 ....................................................................................................... 1.20 9.90 0.29 8.41 6,039 690,048 577,666 6,789,985 550,250
FY 2009 ....................................................................................................... 1.27 4.49 0.34 2.88 8,737 536,060 487,556 15,392,202 1,509,361
FY 2010 ....................................................................................................... 1.44 2.38 0.03 0.91 9,065 184,088 188,199 16,367,280 1,913,469
Guaranteed 502, Refinance:
FY 2001 ....................................................................................................... 0.20 1.56 0.23 1.13 -1 218 122 9,760 248
FY 2002 ....................................................................................................... 1.28 2.13 0.20 0.65 8 44 -71 72,953 1,555
FY 2003 ....................................................................................................... 0.18 3.07 0.13 2.76 40 7,652 6,506 230,605 7,032
FY 2004 ....................................................................................................... 0.29 4.29 0.01 3.99 66 2,433 1,960 49,128 1,985
FY 2005 ....................................................................................................... 0.27 5.89 ...... 5.62 21 1,534 1,253 22,773 1,175
FY 2006 ....................................................................................................... 0.29 8.91 ...... 8.63 -* 411 311 3,574 73
FY 2007 ....................................................................................................... 0.50 13.86 0.03 13.33 -* 1,040 850 6,539 100
FY 2008 ....................................................................................................... 0.81 10.16 0.11 9.24 14 8,119 6,944 75,840 4,221
FY 2009 ....................................................................................................... 0.98 5.49 0.14 4.37 139 23,993 22,400 503,358 41,122
FY 2010 ....................................................................................................... 1.72 3.77 0.03 2.02 -23 5,309 5,516 272,282 23,456
Guaranteed 538 Multifamily Housing:
FY 1996 ....................................................................................................... 6.10 27.56 -0.34 21.80 18 488 541 3,176 1,193
FY 1997 ....................................................................................................... 3.09 -9.04 -2.62 -9.51 ...... -2,831 -1,069 8,200 ......
FY 1999 ....................................................................................................... 3.10 15.29 0.48 11.71 -3 1,047 798 11,835 3,613
FY 2000 ....................................................................................................... 0.48 11.19 2.94 7.77 88 2,252 1,156 12,965 4,130
FY 2002 ....................................................................................................... 3.93 7.12 -2.13 5.32 107 1,756 2,844 78,171 9,487
FY 2003 ....................................................................................................... 4.50 20.63 0.51 15.62 -2,056 3,310 5,394 41,181 19,982
FY 2004 ....................................................................................................... 5.95 22.54 -0.16 16.75 -2,488 10,705 11,831 77,023 44,868
FY 2005 ....................................................................................................... 3.49 14.71 -0.59 11.81 -1,425 6,111 5,516 59,242 38,252
FY 2006 ....................................................................................................... 5.42 17.95 0.20 12.33 -144 8,587 8,454 81,834 48,624
FY 2007 ....................................................................................................... 7.74 21.04 -5.35 18.65 -619 7,363 7,524 71,273 51,500
FY 2008 ....................................................................................................... 9.40 22.39 -7.56 20.55 -1,301 10,113 9,857 93,336 66,552
FY 2009 ....................................................................................................... 15.68 9.29 -8.48 2.09 -1,714 2,747 2,646 107,624 77,514
FY 2010 ....................................................................................................... 1.15 2.00 17.07 -16.22 -3,374 -333 1,084 114,949 82,148
FY 2011 ....................................................................................................... 9.69 1.23 1.04 -9.50 -822 -2,957 -2,298 29,108 21,593
FY 2012 ....................................................................................................... -0.06 -7.18 -0.06 -7.06 -941 -5,928 -5,062 78,922 57,484
FY 2013 ....................................................................................................... -0.04 -8.97 -0.51 -8.42 -699 -4,121 -3,431 42,921 44,204
FY 2014 ....................................................................................................... -0.19 -7.68 -0.35 -7.14 -664 -8,712 -7,864 114,881 97,929
FY 2015 ....................................................................................................... -1.27 -7.59 -0.59 -5.72 -589 -6,406 -5,973 103,929 88,649
FY 2016 ....................................................................................................... -2.97 -7.82 -0.20 -4.65 -1,946 -8,765 -8,111 182,268 168,346
FY 2017 ....................................................................................................... -3.53 -7.95 -0.59 -3.83 -1,510 -7,227 -6,819 166,551 156,462
FY 2018 ....................................................................................................... -3.62 -7.95 -0.45 -3.87 -1,829 -7,350 -7,026 172,898 163,532
72
Table 8. GUARANTEED LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2019 ....................................................................................................... -4.79 -7.60 -0.41 -2.40 -1,144 -4,092 -4,062 154,593 138,197
FY 2020 ....................................................................................................... -4.53 -5.81 -0.37 -0.91 -3,061 -2,624 -2,581 198,784 203,125
FY 2021 ....................................................................................................... -4.95 -5.09 0.56 -0.70 -6,390 -368 52 201,064 203,548
FY 2022 ....................................................................................................... -4.12 1.12 -1.23 6.47 1,654 12,216 11,645 219,192 204,279
FY 2023 ....................................................................................................... -2.97 1.95 ...... 4.92 349 7,670 7,492 150,538 136,103
FY 2024 ....................................................................................................... -2.30 2.76 ...... 5.06 7,166 11,327 10,667 212,926 146,660
FY 2025 ....................................................................................................... -0.86 1.79 ...... 2.65 850 850 815 31,194 28,163
Guaranteed 502 Single Family Housing:
FY 2011 ....................................................................................................... -0.19 -0.50 0.28 -0.59 9,498 -88,033 -51,988 16,670,866 2,462,313
FY 2012 ....................................................................................................... -0.04 -2.35 0.20 -2.51 21,080 -480,332 -401,171 19,004,757 3,503,632
FY 2013 ....................................................................................................... -0.25 -3.32 0.15 -3.22 31,683 -727,981 -637,719 22,082,676 4,586,362
FY 2014 ....................................................................................................... -0.14 -3.20 -0.03 -3.03 36,537 -594,807 -569,599 18,841,756 3,854,034
FY 2015 ....................................................................................................... -0.61 -4.19 0.10 -3.68 44,313 -681,152 -651,604 18,455,028 4,609,575
FY 2016 ....................................................................................................... -0.15 -5.15 0.33 -5.34 51,224 -811,704 -800,522 16,223,891 5,057,268
FY 2017 ....................................................................................................... -0.76 -2.32 -0.42 -1.14 52,353 -304,222 -293,345 19,152,337 6,449,395
FY 2018 ....................................................................................................... -0.71 -2.02 -0.26 -1.05 45,389 -233,217 -216,357 16,731,053 5,698,503
FY 2019 ....................................................................................................... -0.71 -2.11 -0.37 -1.03 49,074 -216,702 -203,388 14,758,939 6,167,357
FY 2020 ....................................................................................................... -0.56 -3.19 0.07 -2.70 95,008 -605,828 -591,304 22,853,265 14,165,907
FY 2021 ....................................................................................................... -0.70 -3.34 -0.52 -2.12 104,181 -598,158 -589,509 22,564,690 17,082,168
FY 2022 ....................................................................................................... -1.41 -1.33 -0.60 0.68 103,803 13,196 10,245 13,050,944 10,947,717
FY 2023 ....................................................................................................... -0.76 0.02 -0.25 1.03 59,135 55,954 51,438 6,766,839 6,145,654
FY 2024 ....................................................................................................... -0.44 -0.13 -0.63 0.94 18,783 18,783 18,250 6,088,181 5,898,419
FY 2025 ....................................................................................................... -0.54 -0.74 ...... -0.20 -11,892 -11,892 -11,398 5,789,606 5,159,826
Rural Business-Cooperative Service:
Rural Business:
North American Development Bank Loan Guarantees:
FY 1998 ....................................................................................................... 1.04 7.96 -0.20 7.12 ...... 1,979 4,460 66,629 34
FY 1999 ....................................................................................................... 0.96 20.70 -0.31 20.05 ...... 12,173 11,216 59,284 251
FY 2004 ....................................................................................................... 2.94 ...... ...... ...... ...... ...... ...... 7,187 ......
FY 2007 ....................................................................................................... 9.15 16.96 0.27 7.54 -12 328 252 3,490 ......
Guaranteed Business and Industry Loans - ARRA:
FY 2010 ....................................................................................................... 8.04 7.46 0.24 -0.82 -911 -14,580 -9,276 1,396,270 53,321
Business and Industry Loan Guarantees:
FY 1995 ....................................................................................................... 0.94 3.53 -0.01 2.60 -1 11,344 8,006 335,179 508
FY 1996 ....................................................................................................... 0.92 4.77 -0.44 4.29 28 26,592 19,281 520,397 ......
FY 1997 ....................................................................................................... 0.93 6.32 -0.49 5.88 52 39,218 36,268 696,477 459
FY 1998 ....................................................................................................... 0.97 4.47 -0.43 3.93 61 49,978 32,108 959,441 1,513
73
Table 8. GUARANTEED LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 1999 ....................................................................................................... 1.02 8.48 -0.48 7.94 101 95,970 69,681 985,090 1,709
FY 2000 ....................................................................................................... 3.11 7.02 -0.92 4.83 78 37,523 27,255 778,802 1,027
FY 2002 ....................................................................................................... 3.74 4.62 0.34 0.54 31 4,636 5,007 723,107 4,982
FY 2003 ....................................................................................................... 3.97 5.60 0.14 1.49 53 11,208 10,511 745,284 1,703
FY 2004 ....................................................................................................... 4.86 5.17 0.01 0.30 -553 -1,771 733 826,651 8,094
FY 2005 ....................................................................................................... 5.03 5.05 -0.15 0.17 -85 -2,047 -1,725 529,618 7,594
FY 2006 ....................................................................................................... 4.79 6.50 1.85 -0.14 14 10,518 7,172 575,219 4,529
FY 2007 ....................................................................................................... 4.36 11.96 0.30 7.30 969 46,715 41,389 593,335 12,082
FY 2008 ....................................................................................................... 4.32 6.15 0.21 1.62 -4,885 10,302 16,384 1,029,495 37,830
FY 2009 ....................................................................................................... 4.35 8.46 0.67 3.44 1,060 28,723 29,718 760,393 23,053
FY 2010 ....................................................................................................... 5.33 4.61 0.23 -0.95 8,386 -11,109 -9,274 1,089,378 69,337
FY 2011 ....................................................................................................... 5.06 2.58 0.40 -2.88 -832 -34,320 -28,993 1,120,560 68,990
FY 2012 ....................................................................................................... 5.58 0.34 0.28 -5.52 983 -48,820 -45,324 864,556 53,099
FY 2013 ....................................................................................................... 5.88 6.07 0.21 -0.02 1,158 2,720 1,297 726,440 88,333
FY 2014 ....................................................................................................... 6.99 0.45 -0.11 -6.43 3,566 -60,044 -57,052 876,650 129,478
FY 2015 ....................................................................................................... 5.11 0.64 0.24 -4.70 274 -40,661 -38,027 864,412 215,892
FY 2016 ....................................................................................................... 3.88 1.97 0.19 -2.09 -3,130 -20,468 -18,778 1,051,872 273,826
FY 2017 ....................................................................................................... 3.80 0.83 ...... -2.97 8,528 -35,465 -35,067 1,176,510 396,669
FY 2018 ....................................................................................................... 4.06 3.90 -0.09 -0.07 35,123 3,499 -2,127 1,054,277 476,969
FY 2019 ....................................................................................................... 2.32 -0.02 0.13 -2.47 18,936 -27,508 -25,664 1,116,110 650,419
FY 2020 ....................................................................................................... 2.05 3.93 0.26 1.61 4,611 16,883 19,661 1,042,849 726,791
FY 2021 ....................................................................................................... 1.14 1.81 -0.09 0.76 44,492 13,060 11,623 1,800,503 1,395,522
FY 2022 ....................................................................................................... 2.01 0.23 -0.26 -1.52 4,200 -25,961 -28,854 1,429,715 1,191,958
FY 2023 ....................................................................................................... 2.14 1.64 -0.30 -0.20 27,750 -8,035 -12,380 1,693,159 1,547,328
FY 2024 ....................................................................................................... 2.29 0.43 ...... -1.86 -18,549 -28,161 -26,949 1,360,481 1,206,995
FY 2025 ....................................................................................................... 0.20 2.56 ...... 2.36 15,961 15,961 15,298 663,450 650,304
Business and Industry Emergency Supplemental Loan Guarantees:
FY 2001 ....................................................................................................... 0.86 7.68 -0.75 7.57 -199 60,285 56,793 867,237 3,702
FY 2009 ....................................................................................................... 4.35 10.23 0.67 5.21 -52 10,808 10,040 178,150 7,292
FY 2010 ....................................................................................................... 5.33 2.95 0.32 -2.70 -112 -1,400 -1,208 49,286 2,461
FY 2013 ....................................................................................................... 5.88 5.45 0.21 -0.64 -101 -166 -91 20,446 7,226
FY 2016 ....................................................................................................... 5.77 -2.39 0.25 -8.41 -61 -557 -500 7,974 2,401
FY 2017 ....................................................................................................... 5.79 -0.16 0.15 -6.10 -4 -45 -39 979 128
Business and Industry CARES Act:
FY 2020 ....................................................................................................... 2.09 10.68 0.46 8.13 12,860 26,842 26,291 307,745 157,725
FY 2021 ....................................................................................................... 2.50 8.14 0.18 5.46 34,182 28,623 27,984 498,754 321,172
74
Table 8. GUARANTEED LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
Rural Business Investment:
Rural Business Investment Program:
FY 2006 ....................................................................................................... 7.72 ...... ...... ...... ...... ...... ...... 24,290 ......
Rural Energy for America Program:
Renewable Energy Loan Guarantees:
FY 2007 ....................................................................................................... 6.49 19.93 0.28 13.16 ...... 3,246 3,294 26,910 ......
FY 2008 ....................................................................................................... 9.69 -1.20 0.97 -11.86 ...... -2,113 -1,529 13,400 ......
FY 2009 ....................................................................................................... 9.69 -1.19 0.41 -11.29 -2 -6,287 -5,475 49,541 570
FY 2010 ....................................................................................................... 13.64 2.92 0.39 -11.11 -1 -6,662 -5,967 55,205 482
FY 2011 ....................................................................................................... 46.36 1.26 2.99 -48.09 181 -8,598 -7,700 17,720 691
FY 2012 ....................................................................................................... 26.19 ...... ...... ...... ...... ...... ...... 8,591 ......
FY 2013 ....................................................................................................... 24.01 0.60 0.34 -23.74 -1 -6,675 -6,646 28,836 6,478
FY 2014 ....................................................................................................... 27.43 -2.65 -0.43 -29.65 -162 -17,063 -16,506 55,025 34,823
FY 2015 ....................................................................................................... 10.58 -1.59 0.02 -12.19 421 -18,158 -17,278 144,620 62,107
FY 2016 ....................................................................................................... 6.60 -0.92 0.05 -7.57 3,492 -19,155 -17,906 243,752 128,601
FY 2017 ....................................................................................................... 4.64 -1.95 0.06 -6.66 677 -24,727 -22,436 347,742 239,879
FY 2018 ....................................................................................................... 3.87 -0.03 0.12 -4.02 488 -11,081 -10,147 263,309 141,187
FY 2019 ....................................................................................................... 4.46 8.59 0.36 3.77 2,382 9,822 8,137 200,635 167,961
FY 2020 ....................................................................................................... 3.53 -1.78 0.36 -5.67 227 -14,487 -13,059 257,331 230,485
FY 2021 ....................................................................................................... 1.96 0.30 -0.14 -1.52 9,893 -8,597 -9,075 538,422 501,454
FY 2022 ....................................................................................................... 0.84 -0.33 ...... -1.17 2,479 -5,890 -5,835 358,069 332,011
FY 2023 ....................................................................................................... 0.09 0.16 ...... 0.07 1,004 -283 -285 135,528 133,574
FY 2024 ....................................................................................................... -0.69 0.19 ...... 0.88 3,938 3,615 3,363 396,967 372,074
FY 2025 ....................................................................................................... -0.88 0.09 ...... 0.97 66 66 63 6,576 6,576
Biorefinery Assistance:
Section 9003 Loan Guarantees:
FY 2017 ....................................................................................................... 18.46 49.06 0.23 30.37 13,708 122,747 92,625 310,580 ......
FY 2021 ....................................................................................................... 32.96 10.69 2.58 -24.85 -5,087 -24,389 -23,290 104,590 100,976
Rural Utilities Service:
Rural Water and Waste Disposal:
Water and Waste Disposal Loan Guarantees:
FY 1998 ....................................................................................................... -1.90 -0.80 -1.29 2.39 ...... 167 152 14,019 2,458
FY 1999 ....................................................................................................... -1.08 -0.83 -3.31 3.56 ...... 11 16 5,864 218
FY 2000 ....................................................................................................... -0.83 -0.80 2.47 -2.44 ...... 6 4 9,013 537
FY 2002 ....................................................................................................... -0.80 -0.83 ...... -0.03 ...... -1 -* 2,247 101
FY 2004 ....................................................................................................... -0.90 -0.88 ...... 0.02 ...... 13 11 41,183 2,475
FY 2008 ....................................................................................................... -0.82 -0.90 ...... -0.08 ...... -21 -8 4,796 1,420
75
Table 8. GUARANTEED LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2009 ....................................................................................................... -0.82 -0.89 ...... -0.07 ...... -7 -2 1,983 1,302
FY 2010 ....................................................................................................... -0.82 -0.90 ...... -0.08 ...... -14 -10 9,018 5,849
FY 2011 ....................................................................................................... -0.85 -0.90 ...... -0.05 ...... -55 -33 29,036 2,039
FY 2012 ....................................................................................................... 1.59 -0.90 0.11 -2.60 ...... -165 -132 6,230 2,150
FY 2013 ....................................................................................................... 1.06 -0.90 0.05 -2.01 ...... -389 -342 17,990 7,861
FY 2014 ....................................................................................................... 0.71 -0.89 -0.03 -1.57 ...... -76 -68 4,293 2,312
FY 2015 ....................................................................................................... 0.59 -0.89 0.05 -1.53 ...... -240 -212 14,590 8,742
FY 2016 ....................................................................................................... 0.55 -0.90 0.03 -1.48 ...... -113 -100 7,028 5,019
FY 2017 ....................................................................................................... 0.48 -0.89 0.07 -1.45 ...... -79 -68 5,070 2,547
FY 2018 ....................................................................................................... 0.46 -0.90 0.08 -1.44 -35 -160 -140 10,894 8,787
FY 2019 ....................................................................................................... 0.38 -0.61 0.08 -1.07 -44 -88 -77 8,060 7,261
FY 2020 ....................................................................................................... 0.14 -0.12 0.07 -0.34 -10 -87 -61 23,558 21,014
FY 2021 ....................................................................................................... 0.12 -0.21 ...... -0.33 -8 -110 -103 25,971 20,483
FY 2022 ....................................................................................................... 0.09 -0.14 ...... -0.23 -4 -25 -24 9,506 7,145
FY 2023 ....................................................................................................... -0.02 -0.33 ...... -0.31 -28 -48 -44 12,287 11,965
FY 2024 ....................................................................................................... -0.14 (4) ...... -0.27 -9 -9 -9 3,435 2,504
Rural Electrification and Telecommunications Loans:
Guaranteed Electric:
FY 1999 ....................................................................................................... 0.00 ...... 0.01 -0.01 ...... -73 8 145,911 62,116
FY 2000 ....................................................................................................... 0.01 ...... ...... -0.01 ...... -33 -4 52,259 24,166
FY 2001 ....................................................................................................... 0.01 ...... ...... -0.01 ...... -30 -4 51,717 17,929
Forest Service:
Timber Production Expansion Guarantees:
FY 2025 ....................................................................................................... 7.54 3.23 ...... -4.31 -3,321 -3,321 -3,180 72,570 72,570
Department of War—Military Programs
Family Housing:
Department of War Family Housing Improvement Fund:
Family Housing Improvement Fund Guaranteed Loans:
FY 2000 ....................................................................................................... 6.76 ...... -0.25 -6.51 ...... -14,277 -8,641 172,635 47,160
FY 2002 ....................................................................................................... 5.55 ...... 0.24 -5.79 ...... -5,115 -3,439 64,600 40,568
FY 2003 ....................................................................................................... 5.63 ...... 0.09 -5.72 ...... -5,139 -3,774 74,000 44,645
FY 2005 ....................................................................................................... 6.27 ...... -0.07 -6.20 -319 -14,713 -10,346 165,000 130,796
FY 2010 ....................................................................................................... 6.02 1.35 0.11 -4.77 -946 -10,004 -7,364 145,000 136,654
FY 2013 ....................................................................................................... 15.28 3.21 0.93 -13.00 -2,461 -60,253 -49,989 450,061 424,437
76
Table 8. GUARANTEED LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
Department of Education
Office of Federal Student Aid:
Federal Family Education Loan:
FFEL Guarantees:
FY 1992 ....................................................................................................... 14.66 13.09 (3) -1.57 19,593 -2,932,215 -416,185 14,467,721 243,264
FY 1993 ....................................................................................................... 13.48 11.68 (3) -1.80 24,139 -2,331,590 -391,671 17,436,504 260,829
FY 1994 ....................................................................................................... 11.93 11.97 (3) 0.04 10,231 -577,656 -117,968 22,599,343 408,734
FY 1995 ....................................................................................................... 15.03 11.38 (3) -3.65 -74,159 984,861 -229,181 21,963,895 573,945
FY 1996 ....................................................................................................... 12.83 10.06 (3) -2.77 -41,354 -423,141 -538,100 21,854,875 745,253
FY 1997 ....................................................................................................... 12.71 9.70 (3) -3.01 17,968 -1,020,769 -642,509 23,226,779 786,391
FY 1998 ....................................................................................................... 8.83 9.95 (3) 1.12 10,802 663,475 212,266 23,289,359 606,130
FY 1999 ....................................................................................................... 12.34 9.56 0.04 -2.82 53,337 -2,169,755 -746,257 25,455,019 982,906
FY 2000 ....................................................................................................... 14.20 7.64 -0.10 -6.46 131,676 -782,063 -1,650,372 29,250,329 1,393,050
FY 2001 ....................................................................................................... 8.68 5.93 0.29 -3.05 299,882 588,729 -843,414 34,219,185 1,912,200
FY 2002 ....................................................................................................... 8.84 5.19 -0.31 -3.34 706,405 -1,238,467 -1,450,075 51,516,933 3,484,349
FY 2003 ....................................................................................................... 9.58 7.01 -0.04 -2.53 1,201,563 -1,210,706 -1,269,503 69,052,514 5,464,868
FY 2004 ....................................................................................................... 11.61 9.38 0.09 -2.32 1,050,953 -2,751,641 -2,475,174 75,325,872 7,112,060
FY 2005 ....................................................................................................... 11.26 9.40 0.25 -2.11 2,022,109 -2,049,440 -2,048,278 97,813,465 11,167,664
FY 2006 ....................................................................................................... 12.98 3.34 -0.95 -8.69 1,967,778 -14,256,794 -12,941,197 119,224,489 19,268,130
FY 2007 ....................................................................................................... 6.27 -6.29 0.07 -12.63 -808,481 -14,458,146 -12,866,163 99,119,814 21,415,649
FY 2008 ....................................................................................................... -3.67 -9.09 3.96 -9.38 -3,464,959 -6,648,752 -6,079,363 67,070,636 10,125,921
FY 2009 ....................................................................................................... -2.98 -4.54 0.09 -1.65 -1,222,191 -1,099,574 -1,230,956 66,778,650 6,830,751
FY 2010 ....................................................................................................... -0.15 -2.73 -0.01 -2.57 -140,701 -516,009 -526,107 20,021,252 2,326,569
Health Education Assistance Loans:
HEAL Loan Guarantee:
FY 1992 ....................................................................................................... 10.32 -4.21 ...... -14.53 -44 -112,356 -42,598 290,675 10,449
FY 1993 ....................................................................................................... 9.06 -3.95 -13.43 0.42 -31 -94,822 -43,848 340,752 10,160
FY 1994 ....................................................................................................... 8.87 1.30 -3.18 -4.39 -120 -48,873 -16,346 587,951 19,642
FY 1995 ....................................................................................................... 7.78 0.94 -1.02 -5.82 -172 -35,891 -16,487 616,250 24,121
FY 1996 ....................................................................................................... 0.06 0.19 1.62 -1.49 9 -8,139 507 464,112 14,770
FY 1997 ....................................................................................................... 0.34 0.47 1.27 -1.14 -75 -3,886 775 350,542 16,097
FY 1998 ....................................................................................................... 1.20 -0.24 1.98 -3.42 -69 -7,722 -1,985 331,270 7,609
FY 1999 ....................................................................................................... 0.00 2.58 5.45 -2.87 -40 1,887 6,611 252,495 6,058
FY 2000 ....................................................................................................... 0.00 3.34 ...... 3.34 -41 1,080 3,871 116,608 5,222
FY 2001 ....................................................................................................... 0.00 2.68 4.35 -1.67 -46 -1,409 3,497 150,489 5,378
FY 2002 ....................................................................................................... 10.67 2.50 -4.54 -3.63 -87 -21,448 -15,115 174,733 6,090
77
Table 8. GUARANTEED LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2003 ....................................................................................................... 15.76 2.50 -7.47 -5.79 41 -19,088 -14,187 78,857 2,042
FY 2004 ....................................................................................................... 16.48 3.59 2.99 -15.88 2 -26,797 -23,054 45,693 2,547
Department of Energy
Energy Programs:
Title 17 Innovative Technology Loan Guarantee Program:
Section 1703 Loan Guarantees:
FY 2023 ....................................................................................................... 0.17 0.10 -0.16 0.09 -3,442 -339 -179 412,900 368,732
Section 1705 Loan Guarantees:
FY 2011 ....................................................................................................... 5.04 0.75 0.54 -4.83 -7,988 -204,200 -164,017 3,964,267 1,276,386
Tribal Energy Loan Guarantee Program:
Tribal Energy Loan Guarantees:
FY 2024 ....................................................................................................... 2.71 2.18 -0.14 -0.40 -374 -562 -534 97,881 97,881
Department of Health and Human Services
Health Resources and Services Administration:
Health Resources and Services:
Facilities Renovation Loans:
FY 2005 ....................................................................................................... 3.57 0.51 -2.61 -0.45 -15 -587 -485 16,442 5,338
FY 2014 ....................................................................................................... 2.81 1.34 -0.52 -0.95 -6 -56 -50 3,300 1,837
FY 2016 ....................................................................................................... 2.67 1.12 -0.93 -0.62 -9 -143 -141 8,700 6,489
FY 2018 ....................................................................................................... 2.69 0.70 -0.54 -1.45 -15 -154 -139 7,000 5,699
FY 2020 ....................................................................................................... 2.57 1.28 0.50 -1.79 -2 -24 -22 1,725 1,110
FY 2021 ....................................................................................................... 2.78 1.51 0.15 -1.42 -72 -350 -340 26,810 24,894
FY 2022 ....................................................................................................... 2.93 1.19 0.14 -1.88 -12 -186 -181 10,573 5,764
FY 2023 ....................................................................................................... 2.89 2.26 0.18 -0.81 -48 -122 -119 23,622 21,593
FY 2024 ....................................................................................................... 2.53 2.18 0.54 -0.89 -24 -67 -65 18,670 15,409
FY 2025 ....................................................................................................... 2.45 1.71 0.62 -1.36 -89 -89 -85 11,500 11,384
Department of Housing and Urban Development
Public and Indian Housing Programs:
Native American Programs:
Title VI Indian Federal Guarantees Program:
FY 2000 ....................................................................................................... 11.07 ...... (3) -11.07 ...... -1,321 -854 6,996 ......
FY 2001 ....................................................................................................... 11.07 ...... (3) -11.07 -* -1,335 -827 7,365 ......
FY 2004 ....................................................................................................... 10.56 ...... (3) -10.56 ...... -1,669 -1,118 9,937 ......
FY 2005 ....................................................................................................... 10.32 ...... (3) -10.32 ...... -729 -634 4,493 ......
FY 2006 ....................................................................................................... 12.26 0.02 (3) -12.24 -1 -2,182 -1,391 11,489 789
78
Table 8. GUARANTEED LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2007 ....................................................................................................... 11.99 0.01 (3) -11.98 -3 -2,175 -961 11,156 2,164
FY 2008 ....................................................................................................... 12.12 ...... 0.19 -12.31 -1 -2,119 -1,243 9,577 53
FY 2010 ....................................................................................................... 11.18 ...... -0.36 -10.82 -* -429 -228 2,054 ......
FY 2011 ....................................................................................................... 10.20 0.06 -0.55 -9.59 -16 -2,397 -2,017 18,218 4,189
FY 2012 ....................................................................................................... 10.80 0.02 0.96 -11.74 -11 -2,520 -1,429 18,738 1,081
FY 2013 ....................................................................................................... 10.91 0.08 0.74 -11.57 -5 -2,141 -1,285 16,244 3,005
FY 2014 ....................................................................................................... 12.10 0.14 -0.24 -11.72 -7 -1,618 -1,437 11,518 3,702
FY 2015 ....................................................................................................... 11.21 0.08 0.59 -11.72 -19 -1,778 -1,449 14,487 2,898
FY 2016 ....................................................................................................... 11.46 0.04 0.79 -12.21 -3 -1,412 -1,118 12,215 1,428
FY 2017 ....................................................................................................... 11.20 0.06 ...... -11.14 -56 -667 -475 9,527 1,835
FY 2018 ....................................................................................................... 11.50 -0.01 -0.04 -11.47 -1 -235 -198 2,015 603
FY 2019 ....................................................................................................... 11.26 -0.85 0.62 -12.73 41 -528 -819 12,620 7,095
FY 2020 ....................................................................................................... 6.25 -0.22 ...... -6.48 -28 -235 -67 4,206 2,844
FY 2021 ....................................................................................................... 6.39 1.08 -6.14 0.83 -75 183 -1,458 18,853 11,132
FY 2022 ....................................................................................................... 5.55 1.96 -0.11 -3.48 17 102 -446 5,494 4,549
FY 2023 ....................................................................................................... 5.63 3.51 ...... -2.12 352 281 -782 8,000 7,653
FY 2024 ....................................................................................................... 5.13 0.27 ...... -4.86 -1 33 -33 645 645
FY 2025 ....................................................................................................... 4.41 ...... ...... ...... ...... ...... ...... ...... ......
Indian Housing Loan Guarantee Fund:
Indian Housing Loan Guarantee:
FY 1994 ....................................................................................................... 8.13 -53.80 (3) -61.93 ...... -436 -101 192 ......
FY 1995 ....................................................................................................... 8.13 -12.23 (3) -20.36 ...... -999 -587 1,983 9
FY 1996 ....................................................................................................... 8.13 -4.38 (3) -12.51 ...... -3,186 -2,862 14,646 815
FY 1997 ....................................................................................................... 8.13 -2.39 (3) -10.52 -* -3,535 -3,835 22,553 2,610
FY 1998 ....................................................................................................... 8.13 -4.55 (3) -12.68 * -2,523 -2,546 13,498 2,412
FY 1999 ....................................................................................................... 8.13 -0.93 (3) -9.06 25 -1,505 -1,896 11,907 2,216
FY 2000 ....................................................................................................... 8.13 -1.68 (3) -9.81 8 -1,697 -2,162 14,475 2,254
FY 2001 ....................................................................................................... 8.13 -0.04 (3) -8.17 -* -1,112 -1,489 11,817 2,878
FY 2002 ....................................................................................................... 2.47 -1.02 0.15 -3.64 1 -1,099 -946 25,979 3,718
FY 2003 ....................................................................................................... 2.43 0.58 0.30 -2.15 3 -673 -751 39,732 7,545
FY 2004 ....................................................................................................... 2.73 0.66 0.05 -2.12 130 -1,124 -1,451 61,619 14,584
FY 2005 ....................................................................................................... 2.58 4.05 (3) 1.47 164 3,460 2,200 100,548 27,660
FY 2006 ....................................................................................................... 2.42 5.85 (3) 3.43 818 10,335 7,267 184,360 46,667
FY 2007 ....................................................................................................... 2.35 5.91 (3) 3.56 698 12,224 8,367 231,692 59,366
FY 2008 ....................................................................................................... 2.42 7.12 0.36 4.34 1,059 18,387 15,569 300,997 51,375
FY 2009 ....................................................................................................... 2.52 2.00 0.40 -0.92 724 -2,999 -3,418 492,010 74,860
FY 2010 ....................................................................................................... 0.68 0.76 0.04 0.04 272 -539 1,471 546,752 97,297
79
Table 8. GUARANTEED LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2011 ....................................................................................................... 0.83 -0.08 0.10 -1.01 374 -7,053 -6,102 531,533 101,271
FY 2012 ....................................................................................................... 1.46 0.25 0.11 -1.32 26 -13,488 -11,354 784,339 206,502
FY 2013 ....................................................................................................... 1.35 -0.16 0.07 -1.58 -209 -12,838 -11,454 635,834 175,834
FY 2014 ....................................................................................................... 0.57 -0.38 -0.02 -0.93 306 -9,722 -9,513 701,295 183,700
FY 2015 ....................................................................................................... 1.16 -1.20 0.12 -2.48 977 -22,488 -21,787 770,796 230,587
FY 2016 ....................................................................................................... 0.63 -1.46 0.15 -2.24 -262 -19,122 -18,832 702,860 248,849
FY 2017 ....................................................................................................... 0.56 -1.51 ...... -2.07 377 -17,851 -17,809 679,751 253,139
FY 2018 ....................................................................................................... 0.37 -1.34 0.01 -1.72 247 -12,357 -12,562 571,510 197,786
FY 2019 ....................................................................................................... 0.26 -1.35 0.13 -1.74 604 -11,058 -11,282 551,520 224,621
FY 2020 ....................................................................................................... 0.11 -1.29 0.88 -2.28 -1,764 -15,343 -15,315 932,012 584,365
FY 2021 ....................................................................................................... 0.30 -0.89 ...... -1.19 -2,435 -15,824 -15,597 1,314,053 647,754
FY 2022 ....................................................................................................... 0.33 -1.33 ...... -1.66 -522 -13,299 -13,278 702,432 383,826
FY 2023 ....................................................................................................... 1.08 -0.52 -0.84 -0.76 -298 -3,292 -3,260 266,093 238,379
FY 2024 ....................................................................................................... 0.10 0.46 ...... 0.36 782 782 721 336,556 303,589
FY 2025 ....................................................................................................... 0.69 0.13 ...... -0.56 -2,145 -2,145 -2,048 373,257 373,257
Native Hawaiian Housing Loan Guarantee Fund:
Native Hawaiian Housing Loan Guarantees:
FY 2008 ....................................................................................................... 2.42 -0.94 (3) -3.36 -* -812 -145 4,342 657
FY 2009 ....................................................................................................... 2.52 3.10 0.40 0.18 -8 -427 89 14,112 2,544
FY 2010 ....................................................................................................... 2.52 1.92 0.08 -0.68 -259 -4,624 -156 36,025 4,305
FY 2011 ....................................................................................................... 0.83 1.76 1.28 -0.35 -* 7 109 12,286 4,346
FY 2012 ....................................................................................................... 0.93 3.03 0.07 2.03 -5 159 135 5,333 1,648
FY 2013 ....................................................................................................... 0.50 0.62 0.03 0.09 82 32 30 24,999 9,255
FY 2014 ....................................................................................................... 0.53 -0.94 0.01 -1.48 -1 -189 -166 11,305 3,580
FY 2015 ....................................................................................................... 0.62 -1.03 0.01 -1.66 -1 -192 -165 10,890 5,110
FY 2016 ....................................................................................................... 0.51 -0.84 0.01 -1.36 -9 -287 -216 16,042 8,031
FY 2017 ....................................................................................................... -0.28 -0.07 0.84 -0.63 -20 -118 13 15,202 9,514
FY 2018 ....................................................................................................... -0.29 -0.66 -0.03 -0.34 2 -102 -63 16,023 7,884
FY 2019 ....................................................................................................... -0.32 -0.73 -0.02 -0.39 -11 -102 -66 16,032 8,477
FY 2020 ....................................................................................................... -0.34 -0.67 -0.27 -0.06 -2 -54 -38 11,363 7,864
FY 2021 ....................................................................................................... -0.15 -0.88 -0.28 -0.45 -1 -137 -134 18,623 16,040
FY 2022 ....................................................................................................... -0.19 -0.72 -0.58 0.05 -3 -58 -56 10,660 8,963
FY 2023 ....................................................................................................... -0.35 -0.34 -0.22 0.23 -4 1 3 4,622 4,332
FY 2024 ....................................................................................................... -0.66 -0.23 ...... 0.43 5 11 23 2,719 2,684
FY 2025 ....................................................................................................... -0.19 -1.83 ...... -1.64 -36 -36 -34 2,850 2,850
80
Table 8. GUARANTEED LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
Community Planning and Development:
Community Development Loan Guarantees:
Section 108 Community Development Loan Guarantee:
FY 1996 ....................................................................................................... 2.10 ...... (3) ...... ...... ...... ...... 273,405 ......
FY 1997 ....................................................................................................... 2.30 ...... (3) ...... ...... ...... ...... 211,118 ......
FY 1998 ....................................................................................................... 2.30 ...... (3) ...... ...... ...... ...... 277,198 ......
FY 1999 ....................................................................................................... 2.30 ...... (3) ...... ...... ...... ...... 293,147 ......
FY 2000 ....................................................................................................... 2.30 ...... (3) -2.30 -* -13,466 -6,534 300,048 ......
FY 2001 ....................................................................................................... 2.30 ...... (3) -2.30 -* -7,846 -3,979 188,973 411
FY 2002 ....................................................................................................... 2.30 ...... (3) -2.30 -* -14,305 -5,584 259,968 69
FY 2003 ....................................................................................................... 2.30 ...... (3) -2.30 -1 -13,101 -6,150 281,379 2,002
FY 2004 ....................................................................................................... 2.30 ...... (3) -2.30 -3 -10,974 -5,188 238,735 3,862
FY 2005 ....................................................................................................... 2.30 ...... (3) -2.30 -10 -11,459 -5,181 262,554 9,714
FY 2006 ....................................................................................................... 2.20 ...... 0.06 -2.26 -18 -8,643 -3,470 181,890 9,824
FY 2007 ....................................................................................................... 2.17 ...... 0.17 -2.34 -47 -6,862 -2,858 158,020 29,927
FY 2008 ....................................................................................................... 2.25 ...... 0.22 -2.47 -14 -4,833 -2,339 123,481 6,153
FY 2009 ....................................................................................................... 2.26 0.01 0.16 -2.41 -66 -4,901 -2,522 148,676 27,512
FY 2010 ....................................................................................................... 2.40 0.01 0.04 -2.43 -93 -4,056 -2,904 129,352 30,143
FY 2011 ....................................................................................................... 2.34 0.02 0.12 -2.45 -167 -5,384 -3,567 202,065 51,895
FY 2012 ....................................................................................................... 2.48 0.04 0.07 -2.51 -180 -4,427 -3,086 126,381 45,854
FY 2013 ....................................................................................................... 2.46 0.03 0.05 -2.48 -66 -1,565 -1,246 72,305 18,121
FY 2014 ....................................................................................................... 2.56 0.10 -0.03 -2.43 -64 -1,275 -1,005 43,240 22,223
FY 2015 ....................................................................................................... 2.42 0.05 0.05 -2.43 -57 -1,539 -1,206 123,271 22,540
Section 108 Community Development Loan Guarantee (Fee):
FY 2016 ....................................................................................................... 0.00 -2.44 0.04 -2.48 -32 -916 -795 36,401 19,852
FY 2017 ....................................................................................................... 0.00 -2.39 0.06 -2.45 -110 -506 -440 19,968 10,987
FY 2018 ....................................................................................................... 0.00 -2.09 0.04 -2.13 -17 -968 -842 45,084 28,252
FY 2019 ....................................................................................................... 0.00 -1.88 ...... -1.88 446 -355 -332 18,710 16,179
FY 2020 ....................................................................................................... 0.00 -1.78 ...... -1.78 -90 -488 -423 11,655 6,418
FY 2021 ....................................................................................................... 0.00 -1.69 ...... -1.69 -163 -1,536 -1,426 74,653 65,525
FY 2022 ....................................................................................................... 0.00 -1.55 ...... -1.55 -441 -1,258 -1,221 40,732 31,709
FY 2023 ....................................................................................................... 0.00 -0.47 ...... -0.47 -38 -61 -58 8,219 7,151
FY 2024 ....................................................................................................... 0.00 -1.19 ...... -1.19 -70 -70 -66 5,848 5,848
Housing Programs:
FHA-Mutual Mortgage Insurance:
MMI Fund:
FY 1992 ....................................................................................................... -2.60 -3.26 -0.82 0.16 -60,362 -355,543 -278,119 43,436,966 ......
81
Table 8. GUARANTEED LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 1993 ....................................................................................................... -2.70 -2.66 -0.16 0.20 -695 222,083 12,239 71,620,338 ......
FY 1994 ....................................................................................................... -2.79 -1.79 0.76 0.24 3,052 1,573,189 942,023 82,367,121 *
FY 1995 ....................................................................................................... -1.95 -0.72 0.99 0.24 1,103 946,962 608,921 40,997,968 ......
FY 1996 ....................................................................................................... -2.77 -1.03 1.42 0.32 2,129 1,962,874 1,509,902 64,199,785 18,960
FY 1997 ....................................................................................................... -2.88 -0.98 1.34 0.56 2,958 2,240,688 1,646,695 67,016,474 85,550
FY 1998 ....................................................................................................... -2.99 -1.40 1.18 0.41 4,900 1,994,432 1,383,457 93,255,810 246,690
FY 1999 ....................................................................................................... -2.62 -1.23 0.91 0.48 7,336 2,203,205 1,477,450 111,807,782 540,080
FY 2000 ....................................................................................................... -1.99 0.26 1.69 0.56 9,244 2,595,236 1,804,869 84,858,576 443,040
FY 2001 ....................................................................................................... -2.15 0.16 1.54 0.77 18,480 3,696,018 2,646,375 121,642,414 736,920
FY 2002 ....................................................................................................... -2.07 0.45 1.41 1.11 16,066 4,215,286 3,192,564 131,415,258 1,459,240
FY 2003 ....................................................................................................... -2.53 -0.17 1.53 0.83 -1,151 2,486,660 2,650,022 115,979,735 3,092,720
FY 2004 ....................................................................................................... -2.47 2.67 0.98 4.16 14,679 6,640,927 5,468,272 107,616,910 3,566,530
FY 2005 ....................................................................................................... -1.80 6.16 0.97 6.99 21,751 5,060,846 4,620,972 57,971,792 323,790
FY 2006 ....................................................................................................... -1.70 7.76 1.52 7.94 32,663 5,776,879 4,903,444 51,765,426 2,785,760
FY 2007 ....................................................................................................... -0.37 9.72 ...... 10.09 48,583 6,404,547 5,731,528 56,509,219 3,202,270
FY 2008 ....................................................................................................... -0.25 7.21 0.04 7.42 88,968 14,554,424 12,927,012 171,825,322 8,654,260
FY 2009 ....................................................................................................... -0.05 1.79 0.09 1.75 50,300 6,767,682 6,135,771 330,458,853 18,662,040
FY 2010 ....................................................................................................... -0.86 -1.40 0.04 -0.58 10,639 -1,952,278 -1,653,767 297,614,083 21,919,400
FY 2011 ....................................................................................................... -3.10 -2.87 -0.22 0.45 31,758 201,931 239,110 217,747,580 17,931,960
FY 2012 ....................................................................................................... -2.53 -4.79 -0.03 -2.23 7,270 -5,256,316 -4,933,666 213,166,996 23,899,170
FY 2013 ....................................................................................................... -7.22 -5.12 -0.24 2.34 23,956 4,369,084 4,391,855 239,975,097 37,049,770
FY 2014 ....................................................................................................... -7.25 -5.99 0.23 1.03 -1,532,008 1,005,034 1,424,921 135,032,745 14,151,060
FY 2015 ....................................................................................................... -9.03 -5.01 2.49 1.53 30,364 2,020,644 2,067,371 212,917,636 28,913,910
FY 2016 ....................................................................................................... -3.70 -5.09 -0.19 -1.20 47,959 -3,975,788 -3,642,199 245,447,908 90,307,980
FY 2017 ....................................................................................................... -4.42 -4.95 -1.00 0.47 117,907 -1,961,847 -1,626,925 250,923,367 54,031,170
FY 2018 ....................................................................................................... -3.18 -4.72 -0.06 -1.48 -395,569 -3,833,796 -3,403,911 209,175,630 46,221,080
FY 2019 ....................................................................................................... -3.20 -4.07 -0.04 -0.83 -487,805 -2,397,858 -2,050,841 214,715,096 50,721,530
FY 2020 ....................................................................................................... -2.27 -5.45 -0.22 -2.96 -9,341 -10,298,941 -9,959,215 310,438,201 120,364,610
FY 2021 ....................................................................................................... -3.36 -7.14 -0.10 -3.68 -204,278 -13,595,576 -13,149,036 344,463,794 227,858,380
FY 2022 ....................................................................................................... -2.69 -5.93 0.11 -3.35 422,108 -8,833,968 -8,386,928 253,935,330 207,400,320
FY 2023 ....................................................................................................... -3.05 -3.29 1.69 -1.93 -101,862 -3,078,526 -2,785,101 204,090,887 172,810,060
FY 2024 ....................................................................................................... -1.32 -2.18 0.01 -0.87 -551,559 -2,207,125 -2,087,368 231,482,488 199,052,600
FY 2025 ....................................................................................................... -2.02 -2.27 0.02 -0.27 -994,301 -994,301 -948,217 274,718,452 270,102,060
MMI HECM:
FY 2009 ....................................................................................................... -1.37 4.90 -1.01 7.28 -24,398 1,222,120 1,870,742 30,188,777 1,687,580
FY 2010 ....................................................................................................... -0.50 1.96 4.01 -1.55 -5,478 61,517 532,753 21,732,179 1,112,884
FY 2011 ....................................................................................................... -0.01 0.34 0.59 -0.24 34,566 -539,207 64,438 18,224,410 952,826
82
Table 8. GUARANTEED LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2012 ....................................................................................................... -1.52 -0.31 -2.02 3.23 -23,015 -266,230 150,140 13,170,788 753,993
FY 2013 ....................................................................................................... -2.29 -1.55 -0.90 1.64 -37,213 -291,476 121,442 14,775,707 842,118
FY 2014 ....................................................................................................... -0.41 -4.01 0.82 -4.42 124,533 -659,093 -488,934 13,533,612 1,258,043
FY 2015 ....................................................................................................... -0.40 -4.61 -1.93 -2.28 506,670 -792,715 -674,209 15,988,470 1,910,698
FY 2016 ....................................................................................................... -0.69 -5.45 -0.82 -3.94 650,164 -746,325 -699,025 14,651,756 2,046,521
FY 2017 ....................................................................................................... -0.33 -5.37 -2.38 -2.66 633,478 -945,962 -893,517 17,700,508 3,385,013
FY 2018 ....................................................................................................... -0.49 -4.87 -0.02 -4.36 200,534 -751,262 -687,480 16,189,002 3,574,289
FY 2019 ....................................................................................................... -0.15 -4.00 0.06 -3.91 23,160 -437,023 -404,967 10,855,810 2,308,275
FY 2020 ....................................................................................................... -0.08 -5.48 -0.49 -4.91 50,843 -888,849 -870,052 16,429,812 4,793,439
FY 2021 ....................................................................................................... -2.39 -6.02 -0.44 -3.19 -565,568 -844,702 -785,862 21,330,365 8,868,433
FY 2022 ....................................................................................................... -2.54 0.94 0.73 2.75 -39,601 1,203,119 1,095,572 32,123,157 15,996,225
FY 2023 ....................................................................................................... -4.19 -5.39 1.42 -2.62 -232,828 -232,828 -213,195 16,170,890 5,949,593
FY 2024 ....................................................................................................... -2.87 -1.64 0.10 1.13 161,738 161,738 147,543 13,357,229 4,327,999
FY 2025 ....................................................................................................... -2.65 -1.23 ...... 1.42 201,570 201,570 191,770 15,031,276 4,522,120
Home Ownership Preservation Equity Fund:
HOPE for Homeowners Loan Guarantees:
FY 2009 ....................................................................................................... 13.38 -43.83 1.35 -58.56 -1,786 -3,129 -1,792 4,239 1
FY 2010 ....................................................................................................... 16.91 -7.53 0.25 -24.69 2,013 -1,677 -1,465 19,751 5
FY 2011 ....................................................................................................... 10.90 -10.25 0.67 -21.82 4,776 -12,262 -10,258 101,318 26
FHA-General and Special Risk:
Apartment New Construction / Substantial Rehab:
FY 2018 ....................................................................................................... -1.61 -3.01 -0.02 -1.39 4,662 -56,405 -39,505 3,994,939 2,409,860
FY 2019 ....................................................................................................... -0.20 -1.44 1.11 -2.35 -5,649 -76,341 -59,361 3,838,445 2,797,495
FY 2020 ....................................................................................................... -1.18 -2.48 -0.20 -1.10 7,329 -47,890 -42,263 3,691,217 3,461,446
FY 2021 ....................................................................................................... -1.19 -4.18 -1.22 -1.77 19,747 -64,143 -60,885 3,482,450 3,375,457
FY 2022 ....................................................................................................... -1.32 -3.44 0.11 -2.23 16,120 -57,749 -57,024 2,740,023 2,701,348
FY 2023 ....................................................................................................... -0.90 -3.49 0.06 -2.66 5,981 -29,176 -29,191 1,239,606 1,236,861
FY 2024 ....................................................................................................... -1.18 -1.80 ...... -0.62 2,768 -12,287 -12,821 2,245,814 2,245,804
FY 2025 ....................................................................................................... -1.34 -4.70 ...... -3.36 -29,511 -29,511 -29,863 1,021,794 1,021,790
Tax Credits:
FY 2018 ....................................................................................................... -1.63 -2.04 -0.01 -0.40 2,349 88,431 91,027 3,683,493 2,752,470
FY 2019 ....................................................................................................... -2.49 -2.00 -0.03 0.52 11,132 48,127 48,748 3,356,104 2,847,385
FY 2020 ....................................................................................................... -2.25 -2.14 -0.49 0.59 10,329 -4,419 -4,544 3,920,991 3,585,796
FY 2021 ....................................................................................................... -2.27 -1.98 -0.74 0.45 -13,511 5,828 8,299 5,707,609 5,174,162
FY 2022 ....................................................................................................... -2.52 -1.13 0.22 1.17 31,196 62,766 58,753 3,731,852 3,592,843
FY 2023 ....................................................................................................... -2.17 -0.88 0.21 1.08 43,443 29,967 26,955 2,060,351 2,032,934
FY 2024 ....................................................................................................... -1.77 -1.16 0.03 0.57 22,093 12,618 11,550 1,574,201 1,567,822
83
Table 8. GUARANTEED LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2025 ....................................................................................................... -1.79 -0.50 ...... 1.29 15,969 15,969 14,571 669,074 665,851
Apartment Refinances:
FY 2018 ....................................................................................................... -3.92 -2.99 -0.02 0.95 -5,041 40,211 44,331 6,549,656 2,961,760
FY 2019 ....................................................................................................... -3.27 -3.19 -0.05 0.13 -2,903 -56,234 -54,326 4,633,278 3,307,969
FY 2020 ....................................................................................................... -3.28 -3.67 -0.48 0.09 -49,453 -66,048 -63,202 12,997,593 11,093,294
FY 2021 ....................................................................................................... -2.43 -3.73 ...... -1.30 -109,855 -296,902 -266,090 20,491,412 18,370,532
FY 2022 ....................................................................................................... -2.88 -2.96 0.23 -0.31 -25,338 -24,154 -5,149 10,833,032 10,199,852
FY 2023 ....................................................................................................... -2.25 -2.22 0.21 -0.18 56,452 -3,959 3,626 4,328,910 4,170,330
FY 2024 ....................................................................................................... -1.77 -2.07 0.03 -0.33 7,942 -10,215 -5,213 2,614,438 2,559,719
FY 2025 ....................................................................................................... -1.80 -2.23 ...... -0.43 -9,967 -9,967 -7,011 2,938,881 2,926,615
Housing Finance Agency Risk Sharing:
FY 2018 ....................................................................................................... -0.27 -2.55 ...... -2.28 886 -738 -1,138 55,235 51,481
FY 2019 ....................................................................................................... -0.23 -1.92 ...... -1.69 614 -71 -543 54,240 52,315
FY 2020 ....................................................................................................... -1.83 -1.43 -0.36 0.76 -186 1,397 1,091 167,805 154,451
FY 2021 ....................................................................................................... -1.32 -2.16 0.02 -0.86 2,176 3,664 3,342 216,397 201,727
FY 2022 ....................................................................................................... -2.27 -2.31 0.30 -0.34 2,464 435 -515 105,315 101,634
FY 2023 ....................................................................................................... -1.56 -9.82 ...... -8.26 983 610 -448 20,779 20,256
FY 2024 ....................................................................................................... -1.14 -17.09 ...... -15.95 -2,754 -2,431 -2,751 17,860 17,721
FY 2025 ....................................................................................................... -1.16 -0.98 ...... 0.18 -364 -364 -396 231,322 229,204
Residential Care Facilities:
FY 2018 ....................................................................................................... -7.04 -27.99 -0.06 -20.89 -35,906 -28,386 -22,858 140,050 78,655
FY 2019 ....................................................................................................... -5.81 -3.32 -0.10 2.59 5,963 3,718 2,388 214,362 161,170
FY 2020 ....................................................................................................... -5.20 -6.81 -0.85 -0.76 3,678 -1,248 -1,043 97,015 91,119
FY 2021 ....................................................................................................... -6.32 -2.17 -0.21 4.35 7,025 2,654 2,500 91,774 87,160
FY 2022 ....................................................................................................... -6.51 -3.76 0.54 2.21 5,430 2,058 1,113 31,035 30,319
FY 2024 ....................................................................................................... -4.99 -2.85 0.11 2.03 3,653 465 410 35,722 35,673
FY 2025 ....................................................................................................... -3.69 0.20 ...... 3.89 5,891 5,891 5,777 23,072 23,072
Residential Care Facility Refinances:
FY 2018 ....................................................................................................... -5.94 -4.62 -0.01 1.33 27,103 110,138 117,778 3,361,585 2,433,855
FY 2019 ....................................................................................................... -5.23 -5.85 -0.08 -0.54 -10,108 -27,411 -19,399 3,766,139 2,867,840
FY 2020 ....................................................................................................... -4.95 -5.41 -0.76 0.30 3,884 -10,781 -13,590 3,680,714 2,964,184
FY 2021 ....................................................................................................... -2.70 -4.47 -0.10 -1.67 -9,413 -78,547 -72,135 4,119,820 3,451,494
FY 2022 ....................................................................................................... -3.50 -4.31 0.35 -1.16 25,424 -17,867 -20,235 2,621,083 2,417,376
FY 2023 ....................................................................................................... -2.27 -3.85 -0.08 -1.51 29,528 -42,054 -42,332 2,739,523 2,656,876
FY 2024 ....................................................................................................... -1.12 -2.68 ...... -1.56 -54,527 -58,741 -55,386 3,759,697 3,698,681
FY 2025 ....................................................................................................... -2.68 -3.60 ...... -0.92 -30,144 -30,144 -28,780 4,000,565 3,985,184
84
Table 8. GUARANTEED LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
Hospitals:
FY 2018 ....................................................................................................... -5.23 -9.02 -0.01 -3.78 354 -8,336 -7,739 205,221 182,115
FY 2019 ....................................................................................................... -5.59 -7.08 -0.09 -1.40 185 -2,792 -3,073 218,411 178,321
FY 2020 ....................................................................................................... -5.65 -6.62 -0.95 -0.02 2,515 -21,796 -19,201 695,414 596,853
FY 2021 ....................................................................................................... -5.81 -8.13 -0.29 -2.03 -2,159 -16,646 -14,961 1,228,293 1,094,312
FY 2022 ....................................................................................................... -5.37 -5.79 0.55 -0.97 1,495 771 -380 134,816 116,116
FY 2023 ....................................................................................................... -5.73 -3.92 0.69 1.12 1,045 966 401 23,109 23,080
FY 2024 ....................................................................................................... -5.22 -4.60 0.18 0.44 1,235 1,156 610 70,250 69,552
FY 2025 ....................................................................................................... -5.36 -5.07 ...... 0.29 316 316 284 59,061 58,797
Other Rental:
FY 2018 ....................................................................................................... -3.68 -3.95 ...... -0.27 -268 -1,488 -1,079 214,284 166,901
FY 2019 ....................................................................................................... -0.89 -2.83 -0.01 -1.93 2,831 -4,916 -4,704 191,367 182,178
FY 2020 ....................................................................................................... -1.77 -6.16 -0.22 -4.18 6,878 -1,844 -855 44,542 42,272
FY 2021 ....................................................................................................... -2.27 -1.93 -0.05 0.39 7,694 1,532 2,332 356,700 347,300
FY 2022 ....................................................................................................... -3.34 -2.82 0.25 0.27 6,270 2,061 1,992 214,046 210,892
FY 2023 ....................................................................................................... -2.64 -1.95 0.18 0.51 11,360 1,530 1,285 50,316 50,316
FY 2024 ....................................................................................................... -2.99 -1.60 0.04 1.35 7,061 -833 27 117,304 117,304
FY 2025 ....................................................................................................... -3.02 0.07 ...... 3.09 7,632 7,632 7,524 24,065 24,065
Title 1 Property Improvement:
FY 2018 ....................................................................................................... -1.07 -3.58 -0.39 -2.12 16 -1,149 -1,154 55,353 10,395
FY 2019 ....................................................................................................... -1.00 -3.33 0.01 -2.35 161 -1,024 -1,306 54,833 14,570
FY 2020 ....................................................................................................... -1.41 -3.57 -0.01 -2.15 -36 -515 -620 32,274 11,407
FY 2021 ....................................................................................................... -2.45 -3.43 -0.06 -0.93 -169 -92 -214 24,991 13,978
FY 2022 ....................................................................................................... -1.69 -2.41 ...... -0.72 309 403 -130 19,118 14,650
FY 2023 ....................................................................................................... -1.60 -1.99 0.03 -0.42 753 1,405 -66 15,970 14,138
FY 2024 ....................................................................................................... -2.51 -2.12 0.02 0.37 277 574 66 15,792 15,375
FY 2025 ....................................................................................................... -2.36 -3.01 ...... -0.65 140 140 134 11,547 11,547
Title 1 Manufactured Housing:
FY 2018 ....................................................................................................... -4.36 7.41 0.04 11.73 213 3,438 3,145 27,479 15,572
FY 2019 ....................................................................................................... -3.87 -4.32 0.02 -0.46 336 732 423 10,562 6,861
FY 2020 ....................................................................................................... -4.79 -3.89 -0.24 1.14 158 171 3 2,512 1,563
FY 2021 ....................................................................................................... -6.20 -4.46 -0.21 1.94 151 216 63 225 109
GI/SRI Pre-2018 Reestimates:
FY 1992 ....................................................................................................... 0.46 0.92 (3) 0.46 -12,774 -25,620 2,211 3,221,024 5,769
FY 1993 ....................................................................................................... 1.65 1.64 (3) -0.01 -1,712 -3,513 -434 3,253,031 ......
FY 1994 ....................................................................................................... 0.11 0.10 (3) -0.01 -1,065 -4,420 -571 4,760,030 2,546
FY 1995 ....................................................................................................... -0.39 -0.40 (3) -0.01 -1,067 -3,822 -442 5,596,554 8,177
85
Table 8. GUARANTEED LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 1996 ....................................................................................................... 0.00 -0.02 (3) -0.02 -2,668 -6,608 -963 6,057,345 54,783
FY 1997 ....................................................................................................... -0.02 -0.03 (3) -0.01 575 -2,228 -351 6,288,531 15,729
FY 1998 ....................................................................................................... 0.14 -0.01 (3) 0.15 -65 -1,942 -404 6,055,805 52,937
FY 1999 ....................................................................................................... 0.03 0.01 (3) -0.02 -1,168 -5,192 -1,181 5,631,091 87,916
FY 2000 ....................................................................................................... 1.31 1.27 (3) -0.04 -4,345 -10,133 -2,114 4,873,545 93,568
FY 2001 ....................................................................................................... -0.14 -0.15 (3) -0.01 -2,280 -2,759 -767 6,045,553 64,649
FY 2002 ....................................................................................................... -1.53 -1.50 (3) 0.03 7,899 9,654 2,545 9,128,597 101,014
FY 2003 ....................................................................................................... -1.02 -1.07 (3) -0.05 3,814 -16,198 5,226 10,808,874 177,721
FY 2004 ....................................................................................................... -1.00 -1.02 (3) -0.02 19,546 -6,469 -2,126 14,896,215 455,630
FY 2005 ....................................................................................................... -0.85 -0.94 (3) -0.09 29,649 -31,168 -12,347 14,888,208 314,711
FY 2006 ....................................................................................................... -1.74 -1.74 (3) ...... 120,942 9,371 1,502 24,964,761 755,061
FY 2007 ....................................................................................................... -2.46 -2.20 (3) 0.26 160,708 188,166 75,774 29,320,753 658,109
FY 2008 ....................................................................................................... -1.58 -1.54 (3) 0.04 169,623 36,735 13,717 28,385,096 425,410
FY 2009 ....................................................................................................... -2.14 -1.65 (3) 0.49 32,742 62,347 -38,279 7,781,472 1,002,400
FY 2010 ....................................................................................................... -2.96 -2.79 (3) 0.17 1,735 43,239 26,139 15,515,220 1,633,910
FY 2011 ....................................................................................................... -2.73 -2.71 (3) 0.02 5,770 4,517 3,152 16,920,502 2,768,646
FY 2012 ....................................................................................................... -1.98 -2.04 (3) -0.06 8,668 -15,847 11,177 20,979,539 5,287,181
FY 2013 ....................................................................................................... -4.29 -4.26 (3) 0.03 8,360 12,056 8,045 23,054,127 6,005,076
FY 2014 ....................................................................................................... -3.84 -4.00 (3) -0.16 584 -29,950 -22,317 15,082,922 4,483,096
FY 2015 ....................................................................................................... -4.12 -4.26 (3) -0.14 5,116 -21,217 -17,214 12,775,086 4,104,331
FY 2016 ....................................................................................................... -3.22 -3.15 (3) 0.07 -4,020 12,817 10,999 14,475,383 5,645,221
FY 2017 ....................................................................................................... 0.00 -0.26 (3) -0.26 -5,735 -56,879 -47,146 19,317,269 10,147,328
Government National Mortgage Association: 5
Guarantees of Mortgage-backed Securities:
FY 2025 ....................................................................................................... -0.29 -0.29 0.01 -0.01 2,046,793 -1,016,550 -991,862 10,491,470,345 2,839,553,316
Department of the Interior
Bureau of Indian Affairs:
Indian Guaranteed Loan:
Indian Guaranteed Loans:
FY 1992 ....................................................................................................... 6.73 4.24 (3) -2.49 -2 -2,942 375 48,990 ......
FY 1993 ....................................................................................................... 11.69 20.88 (3) 9.19 -4 -37,038 -22,008 57,501 ......
FY 1994 ....................................................................................................... 12.73 1.58 (3) -11.15 -5 -16,589 -8,675 59,090 ......
FY 1995 ....................................................................................................... 18.73 3.02 (3) -15.71 -2 -14,345 -8,027 38,085 ......
FY 1997 ....................................................................................................... 13.00 7.73 (3) -5.27 -13 -1,315 -586 13,512 ......
FY 1998 ....................................................................................................... 13.00 0.60 (3) -12.40 ...... -2,816 -1,532 17,019 ......
FY 1999 ....................................................................................................... 7.54 4.65 (3) -2.89 ...... -2,666 -678 46,810 ......
86
Table 8. GUARANTEED LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2000 ....................................................................................................... 7.54 4.80 8.72 -11.46 11 -3,042 -2,301 53,928 53
FY 2001 ....................................................................................................... 6.73 1.89 0.51 -5.35 -* -3,080 -1,631 38,747 ......
FY 2002 ....................................................................................................... 6.00 3.45 0.29 -2.84 42 -2,742 -1,035 53,034 866
FY 2003 ....................................................................................................... 6.91 7.65 0.37 0.37 -1 62 2,529 56,745 338
FY 2004 ....................................................................................................... 6.13 3.53 -0.02 -2.58 -28 -4,571 1,499 75,193 312
FY 2005 ....................................................................................................... 6.76 3.32 -0.15 -3.29 35 -3,840 -158 68,054 3,145
FY 2006 ....................................................................................................... 4.75 5.33 -0.01 0.59 28 -1,010 664 102,933 5,927
FY 2007 ....................................................................................................... 6.45 10.20 0.49 3.26 11 1,421 2,358 66,327 2,321
FY 2008 ....................................................................................................... 6.56 0.51 0.75 -6.80 1 -5,972 -3,862 69,642 112
FY 2009 ....................................................................................................... 7.73 1.01 -0.41 -6.31 -89 -6,414 -4,412 69,592 12,076
FY 2010 ....................................................................................................... 7.29 1.45 0.13 -5.97 95 -4,170 -4,718 61,491 22,057
FY 2011 ....................................................................................................... 8.16 4.40 0.89 -4.65 -23 -3,954 -111 78,239 9,918
FY 2012 ....................................................................................................... 8.42 3.26 0.44 -5.60 -123 -4,143 -2,043 69,731 4,694
FY 2013 ....................................................................................................... 5.57 3.05 0.18 -2.70 -16 -1,918 -885 60,079 17,556
FY 2014 ....................................................................................................... 5.79 17.56 -0.04 11.81 -183 11,964 10,887 96,109 38,447
FY 2015 ....................................................................................................... 6.68 3.71 -0.01 -2.96 166 -3,173 -3,296 96,226 34,817
FY 2016 ....................................................................................................... 5.90 3.02 0.17 -3.05 -197 -3,474 -3,223 108,833 45,314
FY 2017 ....................................................................................................... 6.31 8.86 -1.85 4.40 -43 1,974 2,299 88,579 44,371
FY 2018 ....................................................................................................... 6.49 -0.89 -2.00 -5.38 -1,601 -9,015 -7,770 110,615 22,785
FY 2019 ....................................................................................................... 5.33 -0.43 0.81 -6.57 -1,733 -7,712 -6,791 122,737 38,437
FY 2020 ....................................................................................................... 5.55 2.36 2.70 -5.89 3 -4,018 -3,790 120,498 92,609
FY 2021 ....................................................................................................... 12.30 2.11 -10.66 0.47 -208 -5,211 -5,080 50,505 35,612
FY 2022 ....................................................................................................... 9.87 2.12 -5.63 -2.12 -172 -7,753 -7,499 98,451 87,230
FY 2023 ....................................................................................................... 7.48 0.05 -3.56 -3.87 -1,931 -10,866 -9,869 141,570 71,614
FY 2024 ....................................................................................................... 6.04 3.12 ...... -2.92 -94 -3,073 -2,893 104,831 88,722
FY 2025 ....................................................................................................... 5.01 4.27 ...... -0.74 -105 -105 -100 13,736 13,736
Indian Insured Loans:
FY 2010 ....................................................................................................... 3.08 7.33 -1.88 6.13 -* 41 36 852 11
FY 2011 ....................................................................................................... 4.04 14.79 0.65 10.10 -15 70 66 676 ......
FY 2015 ....................................................................................................... 3.87 -0.86 0.24 -4.97 -1 -26 -14 456 40
FY 2016 ....................................................................................................... 3.28 19.30 0.13 15.89 316 276 225 1,433 692
FY 2017 ....................................................................................................... 6.89 -0.64 0.46 -7.99 -5 -72 -62 860 107
FY 2018 ....................................................................................................... 7.04 -0.09 -3.59 -3.54 -17 -227 -203 2,889 1,013
FY 2019 ....................................................................................................... 5.92 2.00 10.95 -14.87 13 -92 -81 2,109 1,093
FY 2020 ....................................................................................................... 6.21 1.08 4.02 -9.15 -15 -68 -65 1,279 732
FY 2021 ....................................................................................................... 12.75 1.66 -4.32 -6.77 -39 -292 -285 2,584 1,732
FY 2022 ....................................................................................................... 9.51 1.77 -4.66 -3.08 -54 -205 -194 2,565 1,886
87
Table 8. GUARANTEED LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2023 ....................................................................................................... 6.27 2.82 -0.05 -3.40 2 -25 -23 695 695
FY 2024 ....................................................................................................... 5.74 2.16 ...... -3.58 -13 -13 -12 335 291
FY 2025 ....................................................................................................... 4.89 6.02 ...... 1.13 6 6 6 508 477
International Assistance Programs
Multilateral Assistance:
Treasury International Assistance Programs:
World Bank IBRD Loan Guarantee:
FY 2025 ....................................................................................................... 0.62 ...... ...... ...... ...... ...... ...... ...... ......
Asian Development Bank Loan Guarantee:
FY 2025 ....................................................................................................... 1.87 1.25 0.11 -0.73 -6,517 -6,517 -6,209 1,000,000 1,000,000
Agency for International Development:
Loan Guarantees to Israel:
Loan Guarantees to Israel:
FY 1994 ....................................................................................................... 0.00 ...... ...... ...... ...... ...... ...... 1,563,000 ......
FY 1995 ....................................................................................................... 0.00 -4.50 ...... -4.50 -15,311 -266,242 -56,693 1,250,000 ......
FY 1996 ....................................................................................................... 0.00 -4.39 ...... -4.39 -29,887 -335,536 -77,451 1,751,300 92,200
FY 1997 ....................................................................................................... 0.00 -4.15 ...... -4.15 -16,557 -227,130 -52,439 1,250,000 181,311
FY 1998 ....................................................................................................... 0.00 -4.00 ...... -4.00 -23,470 -204,967 -57,171 1,411,868 210,607
FY 2003 ....................................................................................................... 0.00 -6.28 1.13 -7.41 -7,301 -242,707 -118,998 1,600,000 479,760
FY 2005 ....................................................................................................... 0.00 -3.99 0.58 -4.57 -87,768 -99,019 -29,547 750,000 ......
MENA Loan Guarantee:
Loan Guarantees to Jordan:
FY 2015 ....................................................................................................... 12.37 0.58 0.06 -11.85 -153,161 -253,785 -176,957 1,500,000 ......
United States International Development Finance Corporation:
Insurance of Debt:
Insurance of Debt:
FY 2021 ....................................................................................................... -1.00 -1.80 -0.01 -0.79 -3,838 -3,337 -2,346 364,000 364,000
FY 2022 ....................................................................................................... -0.68 0.19 0.04 0.83 -14,664 7,670 7,294 683,796 683,796
FY 2023 ....................................................................................................... -0.04 1.57 ...... 1.61 -3,424 8,521 8,196 500,000 500,000
FY 2024 ....................................................................................................... -0.20 -0.69 ...... -0.49 -12,110 -12,110 -11,259 1,000,000 1,000,000
FY 2025 ....................................................................................................... -0.18 -1.46 ...... -1.28 -7,359 -7,359 -7,048 1,000,000 1,000,000
Program Account:
Mission-led Guarantees:
FY 2003 ....................................................................................................... 3.77 0.26 ...... -3.51 154 -3,301 -2,923 147,478 ......
FY 2005 ....................................................................................................... 5.08 -0.11 ...... -5.19 222 -8,647 -7,336 121,343 ......
FY 2008 ....................................................................................................... 3.79 -0.01 ...... -3.80 694 -8,783 -7,201 147,965 ......
88
Table 8. GUARANTEED LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2009 ....................................................................................................... 2.16 -0.17 ...... -2.33 167 -5,236 -3,649 69,671 ......
FY 2010 ....................................................................................................... 4.86 2.64 ...... -2.22 1,299 -8,421 3,164 232,920 ......
FY 2011 ....................................................................................................... 2.16 1.60 ...... -0.56 -4,161 -6,056 -3,663 85,409 7,998
FY 2012 ....................................................................................................... 7.56 -0.89 ...... -8.45 1,933 -19,433 -10,854 207,568 ......
FY 2013 ....................................................................................................... 6.93 1.04 ...... -5.89 488 -6,317 -4,791 144,469 1,360
FY 2014 ....................................................................................................... 3.38 2.77 ...... -0.61 -5,824 -3,649 -3,105 231,153 5,890
FY 2015 ....................................................................................................... 11.74 0.94 ...... -10.80 5,700 -18,423 -16,466 411,806 12,777
FY 2016 ....................................................................................................... 4.06 6.66 ...... 2.60 -813 21,404 18,271 409,870 53,595
FY 2017 ....................................................................................................... 3.29 2.03 ...... -1.26 1,459 -3,349 -2,552 308,343 13,068
FY 2018 ....................................................................................................... 3.70 3.46 ...... -0.24 -2,109 1,260 1,123 208,402 9,662
FY 2019 ....................................................................................................... 1.49 3.10 2.21 -0.60 468 3,346 2,308 356,633 97,102
FY 2020 ....................................................................................................... 2.65 0.36 0.01 -2.30 -234 -643 -589 38,333 15,008
FY 2021 ....................................................................................................... 5.29 2.40 0.04 -2.93 -538 -1,472 -1,496 322,249 118,572
FY 2022 ....................................................................................................... 6.33 3.64 0.03 -2.72 -3,694 -1,477 -2,026 432,452 264,312
FY 2023 ....................................................................................................... 11.88 9.74 ...... -2.14 2,245 3,165 2,976 240,473 212,432
FY 2024 ....................................................................................................... 12.66 10.18 ...... -2.48 -647 -647 -504 33,029 33,029
FY 2025 ....................................................................................................... 2.46 1.27 ...... -1.19 -495 -495 -475 26,638 22,633
Loan Guarantees:
FY 1995 ....................................................................................................... 1.64 ...... ...... ...... ...... ...... ...... 623,740 ......
FY 1996 ....................................................................................................... 2.60 -9.87 0.31 -12.78 -41 -219,950 -102,401 752,713 ......
FY 2004 ....................................................................................................... -5.22 ...... ...... ...... ...... ...... ...... 888,238 ......
FY 2005 ....................................................................................................... 2.31 -1.82 0.02 -4.16 * -32,289 -17,332 485,586 ......
FY 2006 ....................................................................................................... -2.39 ...... ...... ...... ...... ...... ...... 409,992 ......
FY 2007 ....................................................................................................... 0.77 2.83 -0.12 2.18 271 7,876 14,045 712,977 12,467
FY 2008 ....................................................................................................... -1.66 (2) ...... 0.53 27 -14,120 -11,079 411,005 ......
FY 2009 ....................................................................................................... -5.38 -7.72 -0.45 -1.89 -6,332 -99,730 -77,290 1,139,017 359,760
FY 2010 ....................................................................................................... -2.31 -7.13 -0.02 -4.80 -1,216 -52,370 -45,430 655,253 93,671
FY 2011 ....................................................................................................... -8.37 -8.41 -0.67 0.63 -601 -31,265 -28,910 723,570 89,181
FY 2012 ....................................................................................................... -10.90 -9.10 -0.49 2.29 -5,239 12,894 9,020 1,735,090 208,700
FY 2013 ....................................................................................................... -12.89 -1.69 0.05 11.15 81 107,289 85,876 1,400,194 148,542
FY 2014 ....................................................................................................... -11.19 -1.19 -0.11 10.11 -10,415 251,138 222,396 2,150,815 364,562
FY 2015 ....................................................................................................... -9.05 -11.05 -0.02 -1.98 -116,401 -175,489 -150,428 1,145,553 389,289
FY 2016 ....................................................................................................... -10.63 -16.37 -3.57 -2.18 -33,313 -126,590 -93,159 1,690,218 689,672
FY 2017 ....................................................................................................... -9.06 -8.68 -0.49 0.87 -15,948 5,782 9,596 997,983 289,210
FY 2018 ....................................................................................................... -8.31 -1.03 1.52 5.77 3,750 114,686 104,976 1,627,567 415,436
FY 2019 ....................................................................................................... -11.71 -5.44 -0.55 6.82 39,258 61,905 46,784 1,616,722 976,740
FY 2020 ....................................................................................................... -1.44 -4.74 0.10 -3.40 -3,626 -16,468 -16,352 317,222 214,954
89
Table 8. GUARANTEED LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2021 ....................................................................................................... -1.82 -1.27 -0.06 0.61 61,344 47,400 41,422 244,874 189,678
FY 2022 ....................................................................................................... 3.51 0.50 -0.14 -2.87 -2,811 -4,792 -4,317 67,438 45,649
FY 2023 ....................................................................................................... 1.30 1.35 ...... 0.06 676 1,320 1,182 123,054 107,129
FY 2024 ....................................................................................................... 0.77 0.76 ...... -0.01 -56 -56 -52 5,000 4,875
Guaranteed Loan Investment Funds:
FY 2004 ....................................................................................................... -8.55 -9.61 0.08 -1.14 15 -19 2,262 104,000 ......
FY 2009 ....................................................................................................... -7.74 3.38 1.71 9.41 -2,832 39,236 30,862 170,500 81,693
FY 2011 ....................................................................................................... -7.44 -0.33 0.68 6.43 26,812 31,521 24,901 232,500 161,037
FY 2012 ....................................................................................................... -0.60 -3.07 0.51 -2.98 -212 -4,593 -4,316 95,000 28,219
FY 2013 ....................................................................................................... -9.13 -6.96 -0.19 2.36 -141 1,564 1,418 44,000 10,850
FY 2014 ....................................................................................................... -9.17 9.63 0.12 18.68 42,749 42,659 37,335 139,100 111,918
FY 2015 ....................................................................................................... -7.92 -9.60 1.17 -2.84 -1,222 -3,233 -2,990 171,100 87,569
FY 2016 ....................................................................................................... -9.68 16.36 -0.07 26.11 19,072 138,704 112,035 326,850 281,597
FY 2017 ....................................................................................................... -0.75 -0.25 0.01 0.49 -564 -1,474 -1,362 18,000 14,100
FY 2018 ....................................................................................................... -7.98 -9.14 0.44 -1.60 -7,145 -3,150 -2,891 93,026 77,287
FY 2019 ....................................................................................................... -11.91 -0.89 -0.03 11.05 17,900 19,019 16,282 153,600 152,900
Non-Honoring of Sovereign Guarantees:
FY 2005 ....................................................................................................... -0.35 -5.58 0.23 -5.45 -203 -35,290 -30,343 532,796 7,427
NIS Guaranteed Loans:
FY 2003 ....................................................................................................... -5.95 ...... ...... ...... ...... ...... ...... 100,000 ......
FY 2008 ....................................................................................................... 0.76 ...... ...... ...... ...... ...... ...... 22,340 ......
FY 2013 ....................................................................................................... 6.40 2.83 0.01 -3.58 9 -1,602 -1,514 27,272 ......
Limited Arbitral Award Coverage:
FY 2017 ....................................................................................................... -6.03 -7.64 0.05 -1.66 -9,110 -4,320 -4,482 236,692 171,532
Loan Guarantees in Foreign Currencies:
FY 2022 ....................................................................................................... -1.89 -2.91 ...... -1.03 -2,474 -2,913 -2,713 234,000 234,000
FY 2023 ....................................................................................................... 2.21 0.52 -0.20 -1.49 -935 -1,428 -1,470 386,900 386,450
FY 2024 ....................................................................................................... 3.13 3.13 ...... ...... 126 126 116 180,000 180,000
Urban and Environmental Credit:
DFC Urban and Environmental Loan Guarantees:
FY 1992 ....................................................................................................... 15.51 -6.08 -5.56 -16.03 1,606 -14,969 -10,391 53,000 ......
FY 1993 ....................................................................................................... 20.85 1.48 -7.69 -11.68 -29 -17,622 -15,178 94,000 2,617
FY 1994 ....................................................................................................... 8.48 -1.35 -2.88 -6.95 -1,090 -19,681 -12,695 153,750 3,550
FY 1995 ....................................................................................................... 13.58 5.71 -1.14 -6.73 -2,276 -1,776 -9,132 138,000 10,523
FY 1996 ....................................................................................................... 5.04 -4.63 0.80 -10.47 -997 -12,876 -6,539 76,450 7,246
FY 1997 ....................................................................................................... 7.50 -6.78 1.39 -15.67 -424 -10,053 -5,037 39,000 7,127
FY 1998 ....................................................................................................... 24.67 69.84 31.57 13.60 -27 10,792 4,269 10,000 2,734
90
Table 8. GUARANTEED LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
Department of Transportation
Maritime Administration:
Maritime Guaranteed Loan (Title XI):
Federal Ship Financing Loan Guarantees:
FY 2000 ....................................................................................................... 6.47 2.82 -1.29 -2.36 -10,139 -81,841 -27,457 797,809 14,645
FY 2001 ....................................................................................................... 4.60 -0.35 0.65 -5.60 -1,632 -57,939 -26,475 690,771 41,817
FY 2009 ....................................................................................................... 4.83 -5.84 1.72 -12.39 -288 -54,929 -34,571 310,029 15,591
FY 2010 ....................................................................................................... 6.21 ...... ...... ...... ...... ...... ...... 22,544 ......
FY 2011 ....................................................................................................... 8.16 21.94 1.07 12.71 -858 101,802 93,734 593,976 160,562
FY 2014 ....................................................................................................... 9.53 -4.40 -0.45 -13.48 -1,381 -51,307 -40,017 317,500 196,850
FY 2015 ....................................................................................................... 6.09 6.26 -3.74 3.91 -264 101 19 12,000 6,300
FY 2017 ....................................................................................................... 9.78 4.02 0.32 -6.08 -70,862 -27,313 -18,768 397,020 282,620
Department of the Treasury
Departmental Offices:
Troubled Asset Relief Program, Housing Programs:
FHA Refi Letter of Credit:
FY 2011 ....................................................................................................... 1.26 ...... ...... ...... ...... ...... ...... 73,075 ......
FY 2012 ....................................................................................................... 4.00 ...... ...... ...... ...... ...... ...... 233,131 ......
FY 2013 ....................................................................................................... 2.48 ...... ...... ...... ...... ...... ...... 183,211 ......
FY 2015 ....................................................................................................... 1.64 ...... ...... ...... ...... ...... ...... 122,023 ......
FY 2017 ....................................................................................................... 0.80 ...... ...... ...... ...... ...... ...... 8,558 ......
Department of Veterans Affairs
Benefits Programs:
Veterans Housing Benefit Program Fund:
Housing Guaranteed Loans:
FY 1992 ....................................................................................................... 2.19 1.66 0.21 -0.74 -11 -60,186 -91,885 26,473,457 ......
FY 1993 ....................................................................................................... 2.33 0.03 (3) -2.30 -69 -1,181,092 -769,532 44,040,055 ......
FY 1994 ....................................................................................................... 1.36 -0.30 -0.02 -1.64 -46 -1,123,656 -709,679 44,630,046 ......
FY 1995 ....................................................................................................... 1.18 -0.51 -0.21 -1.48 731 -609,063 -371,051 24,514,642 ......
FY 1996 ....................................................................................................... 1.56 -0.47 0.16 -2.19 573 -883,479 -595,701 32,082,686 5,565
FY 1997 ....................................................................................................... 0.74 -0.88 -0.30 -1.32 237 -663,986 -403,370 27,191,137 18,367
FY 1998 ....................................................................................................... 0.49 -0.41 0.01 -0.91 -998 -606,167 -363,882 44,709,106 69,812
FY 1999 ....................................................................................................... 0.45 -0.21 -0.03 -0.63 -1,412 -428,720 -286,993 47,235,321 114,244
FY 2000 ....................................................................................................... 0.68 -1.05 -0.05 -1.68 -233 -495,510 -352,936 21,799,649 37,227
FY 2001 ....................................................................................................... 0.29 -0.51 0.01 -0.81 -842 -404,639 -253,239 34,064,438 111,963
91
Table 8. GUARANTEED LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2002 ....................................................................................................... 0.39 -0.62 0.05 -1.06 -1,317 -476,666 -371,753 38,871,184 206,454
FY 2003 ....................................................................................................... 0.81 0.10 0.19 -0.90 -9,004 -497,234 -450,715 66,656,165 774,959
FY 2004 ....................................................................................................... 0.50 0.40 -0.05 -0.05 -6,597 7,473 -31,215 35,693,154 664,565
FY 2005 ....................................................................................................... -0.32 1.48 0.03 1.77 -9,399 600,038 430,990 24,135,638 515,450
FY 2006 ....................................................................................................... -0.32 1.82 (3) 2.14 -7,462 668,892 503,985 23,922,505 401,091
FY 2007 ....................................................................................................... -0.36 2.00 0.03 2.33 -11,003 746,446 587,063 25,109,088 413,087
FY 2008 ....................................................................................................... -0.37 1.41 0.08 1.70 -16,109 762,257 665,117 37,568,735 550,359
FY 2009 ....................................................................................................... -0.66 1.00 0.11 1.55 -38,009 1,199,742 1,142,378 69,821,793 1,492,720
FY 2010 ....................................................................................................... -0.17 0.18 -0.01 0.36 -35,644 231,114 240,147 65,894,530 1,845,894
FY 2011 ....................................................................................................... -0.31 -0.18 0.10 0.03 -34,717 60,434 112,440 75,214,249 2,869,124
FY 2012 ....................................................................................................... -0.13 -0.25 0.02 -0.14 -37,675 -188,295 -108,794 124,092,024 9,589,534
FY 2013 ....................................................................................................... -0.10 -0.48 0.07 -0.45 -48,186 -569,597 -463,851 137,607,669 15,315,264
FY 2014 ....................................................................................................... -0.02 -0.88 -0.02 -0.84 -48,435 -901,192 -801,065 102,687,643 7,100,881
FY 2015 ....................................................................................................... 0.27 -0.79 0.06 -1.12 -96,533 -1,668,173 -1,525,857 154,650,690 14,246,048
FY 2016 ....................................................................................................... 0.25 -0.80 0.09 -1.14 -130,587 -1,920,095 -1,786,196 181,786,473 21,986,351
FY 2017 ....................................................................................................... 0.51 -0.91 0.07 -1.49 -180,971 -2,453,416 -2,303,694 174,746,228 22,815,616
FY 2018 ....................................................................................................... 0.27 -0.98 -0.01 -1.24 -156,116 -1,793,413 -1,694,180 153,865,973 15,117,044
FY 2019 ....................................................................................................... 0.07 -0.86 0.02 -0.96 -278,195 -1,593,703 -1,490,819 187,409,206 20,987,160
FY 2020 ....................................................................................................... -0.30 -0.43 0.15 -0.28 -52,835 -193,265 -136,278 362,210,312 118,671,860
FY 2021 ....................................................................................................... -0.50 -0.23 0.04 0.24 877,915 1,637,657 1,624,916 422,797,982 271,215,168
FY 2022 ....................................................................................................... -0.08 -0.17 -0.05 -0.05 913,200 242,816 180,408 238,090,971 180,094,080
FY 2023 ....................................................................................................... 0.08 0.05 -0.07 0.05 192,783 326,320 279,187 139,444,470 91,032,354
FY 2024 ....................................................................................................... -0.03 0.14 -0.03 0.20 -121,025 514,421 494,916 155,490,393 116,333,594
FY 2025 ....................................................................................................... -0.19 0.15 ...... 0.34 571,931 571,931 549,763 195,800,071 183,297,859
Guaranteed Loan Sale Securities—Vendee:
FY 1992 ....................................................................................................... 0.00 1.49 (3) 1.49 -10 23,792 18,399 1,234,037 ......
FY 1993 ....................................................................................................... 0.00 3.50 (3) 3.50 73 82,282 55,437 1,591,309 ......
FY 1994 ....................................................................................................... 0.00 5.87 (3) 5.87 37 115,705 83,070 1,407,246 ......
FY 1995 ....................................................................................................... 0.00 5.04 (3) 5.04 -95 96,692 67,918 1,351,043 ......
FY 1996 ....................................................................................................... 0.00 5.11 (3) 5.11 7 72,854 64,426 1,262,970 1,988
FY 1997 ....................................................................................................... 0.00 1.16 (3) 1.16 -105 4,654 10,906 979,856 1,708
FY 1998 ....................................................................................................... 0.00 -0.46 (3) -0.46 -252 -19,007 -4,665 1,127,250 3,951
FY 1999 ....................................................................................................... 5.69 1.89 (3) -3.80 2 -47,293 -35,223 967,977 5,725
FY 2000 ....................................................................................................... 5.45 2.05 -0.08 -3.32 -264 -66,482 -48,000 1,487,972 9,944
FY 2001 ....................................................................................................... 5.21 -0.09 0.02 -5.32 -51 -50,191 -41,810 808,091 7,837
FY 2002 ....................................................................................................... 5.05 0.32 0.28 -5.01 -247 -46,228 -44,822 967,494 15,780
FY 2003 ....................................................................................................... 5.06 -0.46 0.30 -5.82 -256 -15,766 -15,255 282,669 6,239
92
Table 8. GUARANTEED LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2004 ....................................................................................................... 5.65 2.83 0.11 -2.93 -113 -5,657 -8,094 297,104 7,322
FY 2008 ....................................................................................................... 2.14 6.92 0.20 4.58 174 11,783 9,276 192,616 12,976
FY 2010 ....................................................................................................... 2.42 2.14 -0.02 -0.26 -171 -1,849 -558 226,696 24,639
FY 2011 ....................................................................................................... 2.00 1.96 0.15 -0.19 -554 -1,331 -24 185,975 23,684
FY 2012 ....................................................................................................... 10.75 -2.47 0.23 -13.45 551 -26,342 -24,876 189,735 29,754
Small Business Administration 6
Business Loans:
7(a) General Business Loan Guarantees:
FY 1992 ....................................................................................................... 4.85 2.38 0.53 -3.00 -33 -160,105 -128,046 5,229,734 603
FY 1993 ....................................................................................................... 5.21 1.72 0.22 -3.71 -31 -235,593 -201,819 5,928,192 323
FY 1994 ....................................................................................................... 2.15 0.51 0.04 -1.68 -28 -178,884 -114,424 7,192,207 165
FY 1995 ....................................................................................................... 2.74 2.37 0.23 -0.60 -153 -4,050 -9,935 7,143,805 443
FY 1996 ....................................................................................................... 1.06 1.04 (3) -0.02 -489 8,604 -4,681 6,611,175 982
FY 1997 ....................................................................................................... 1.93 0.64 0.30 -1.59 -568 -91,348 -101,427 7,888,766 910
FY 1998 ....................................................................................................... 2.14 1.02 -0.91 -0.21 -596 -71,207 -86,258 7,646,582 675
FY 1999 ....................................................................................................... 1.39 1.47 -0.50 0.58 -433 30,067 3,629 8,624,170 2,178
FY 2000 ....................................................................................................... 1.16 2.27 -0.07 1.18 -778 156,660 90,022 8,956,852 3,682
FY 2001 ....................................................................................................... 1.16 2.36 0.05 1.15 -532 129,896 93,651 8,521,477 4,881
FY 2002 ....................................................................................................... 1.07 1.17 0.14 -0.04 -311 15,955 1,675 8,898,897 8,272
FY 2003 ....................................................................................................... 1.04 2.39 (3) 1.35 -1,334 115,594 98,710 8,316,925 14,648
FY 2004 ....................................................................................................... 0.78 2.77 -0.17 2.16 -1,758 255,337 208,509 11,800,528 41,608
FY 2005 ....................................................................................................... 0.00 4.73 -0.06 4.79 -4,181 711,436 584,332 13,236,046 88,518
FY 2006 ....................................................................................................... 0.00 8.55 -0.05 8.60 -5,438 1,240,947 1,027,387 12,765,802 117,786
FY 2007 ....................................................................................................... 0.00 11.48 ...... 11.48 -9,083 1,576,877 1,369,327 12,574,074 139,232
FY 2008 ....................................................................................................... 0.00 9.08 0.08 9.00 -7,151 1,004,185 943,097 11,069,966 181,551
FY 2009 ....................................................................................................... 0.00 3.58 ...... 3.58 -253 75,026 75,713 2,452,566 40,821
FY 2010 ....................................................................................................... 0.46 0.19 0.11 -0.38 -321 -22,215 -18,667 2,059,618 32,211
FY 2011 ....................................................................................................... 0.97 -0.83 0.09 -1.89 2,060 -262,838 -245,913 8,568,647 231,607
FY 2012 ....................................................................................................... 1.05 -1.18 0.01 -2.24 -1,689 -507,692 -481,072 13,219,855 479,549
FY 2013 ....................................................................................................... 1.64 -0.93 0.01 -2.58 1,353 -711,543 -689,303 15,494,034 889,693
FY 2014 ....................................................................................................... 0.01 0.11 -0.01 0.11 43 -407,442 -394,096 16,949,487 1,179,109
FY 2015 ....................................................................................................... 0.00 1.08 -0.04 1.12 -1,509 -440,364 -416,123 20,424,686 1,963,588
FY 2016 ....................................................................................................... 0.00 2.50 0.03 2.47 3,661 -384,855 -375,808 21,733,656 2,865,758
FY 2017 ....................................................................................................... 0.00 3.10 0.02 3.08 16,673 -438,555 -424,900 23,172,626 3,842,364
FY 2018 ....................................................................................................... 0.00 4.21 -0.03 4.24 35,453 -325,956 -313,960 22,966,528 5,081,642
FY 2019 ....................................................................................................... 0.00 5.01 0.02 4.99 27,645 -301,685 -281,579 20,714,669 6,064,157
FY 2020 ....................................................................................................... 0.33 2.79 0.15 2.31 42,454 -1,000,089 -943,966 19,588,620 6,969,379
93
Table 8. GUARANTEED LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2021 ....................................................................................................... 0.08 -2.36 0.05 -2.49 17,051 -113,651 -114,384 4,705,332 1,973,623
FY 2022 ....................................................................................................... 0.00 -0.04 -0.12 0.08 77,462 9,219 -7,869 23,113,997 15,397,511
FY 2023 ....................................................................................................... 0.00 1.39 -0.13 1.52 37,221 389,197 334,785 24,326,762 19,025,988
FY 2024 ....................................................................................................... 0.00 2.09 -0.01 2.10 110,544 579,457 549,750 26,539,320 23,139,980
FY 2025 ....................................................................................................... 0.00 0.62 ...... 0.62 276,363 276,363 265,668 22,923,771 21,277,275
7(a) General Business Loan Guarantees—STAR:
FY 2002 ....................................................................................................... 1.67 1.88 (3) 0.21 -515 8,171 2,630 1,637,736 3,096
FY 2003 ....................................................................................................... 1.04 1.88 (3) 0.84 -118 12,319 9,766 1,378,686 2,481
Section 504 Certified Development Companies Debentures:
FY 1992 ....................................................................................................... 0.49 3.38 (3) 2.89 ...... 9,212 15,772 562,596 521
FY 1993 ....................................................................................................... 0.54 1.49 (3) 0.95 -508 -14,470 6,465 723,343 102
FY 1994 ....................................................................................................... 0.51 6.07 1.68 3.88 -17 81,584 64,227 1,135,379 567
FY 1995 ....................................................................................................... 0.57 3.97 2.40 1.00 -131 36,195 38,414 1,314,744 179
FY 1996 ....................................................................................................... 0.00 2.14 -0.01 2.15 -79 25,664 39,551 2,076,040 74
FY 1997 ....................................................................................................... 0.00 -1.97 -0.07 -1.90 -1,150 -22,139 -23,322 1,203,911 377
FY 1998 ....................................................................................................... 0.00 -1.49 -1.35 -0.14 -79 -23,319 -21,476 1,464,717 488
FY 1999 ....................................................................................................... 0.00 -0.40 0.30 -0.70 -289 -9,106 -6,402 1,596,446 1,365
FY 2000 ....................................................................................................... 0.00 0.54 0.05 0.49 -128 4,986 5,278 1,492,097 355
FY 2001 ....................................................................................................... 0.00 1.74 0.06 1.68 -621 36,253 26,529 1,910,784 3,491
FY 2002 ....................................................................................................... 0.00 0.46 0.06 0.40 -347 -356 2,391 2,065,244 2,860
FY 2003 ....................................................................................................... 0.00 1.33 0.06 1.27 -480 28,741 21,324 2,680,491 4,891
FY 2004 ....................................................................................................... 0.00 3.99 -0.01 4.00 -1,030 131,078 107,231 3,257,047 11,356
FY 2005 ....................................................................................................... 0.00 9.21 -0.07 9.28 -2,957 402,939 344,843 4,216,905 28,884
FY 2006 ....................................................................................................... 0.00 15.47 -0.04 15.51 -3,963 750,341 675,097 4,769,779 72,623
FY 2007 ....................................................................................................... 0.00 19.24 0.05 19.19 -3,358 960,880 905,531 5,216,577 134,100
FY 2008 ....................................................................................................... 0.00 14.49 0.06 14.43 -935 523,627 500,828 4,251,306 169,371
FY 2009 ....................................................................................................... -0.07 8.91 0.05 8.93 -1,401 54,792 57,908 886,516 49,027
FY 2010 ....................................................................................................... 0.00 -0.98 0.07 -1.05 -280 -31,097 -26,692 772,157 70,295
FY 2011 ....................................................................................................... 0.00 -3.25 -0.17 -3.08 -2,946 -178,491 -134,914 2,681,519 287,375
FY 2012 ....................................................................................................... 1.09 -4.59 -0.01 -5.67 -2,531 -328,132 -296,702 3,744,118 445,954
FY 2013 ....................................................................................................... 2.02 -4.60 ...... -6.62 -4,395 -437,258 -405,565 4,319,288 698,016
FY 2014 ....................................................................................................... 1.71 -4.00 -0.08 -5.63 -5,278 -333,046 -314,431 3,482,351 723,328
FY 2015 ....................................................................................................... 0.60 -3.53 -0.09 -4.04 -7,755 -293,393 -273,560 3,535,523 981,135
FY 2016 ....................................................................................................... 0.00 -2.03 -0.03 -2.00 -13,973 -251,705 -224,146 3,851,234 1,363,703
FY 2017 ....................................................................................................... 0.00 -0.32 -0.04 -0.28 -25,860 -194,584 -168,975 3,921,299 1,674,215
FY 2018 ....................................................................................................... 0.00 -0.06 -0.07 0.01 -15,160 -176,604 -152,497 3,831,924 2,121,701
FY 2019 ....................................................................................................... 0.00 0.73 -0.01 0.74 -22,690 -147,813 -127,448 4,117,757 2,767,654
94
Table 8. GUARANTEED LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2020 ....................................................................................................... 0.00 -0.72 -0.03 -0.69 -20,697 -237,315 -211,658 4,435,041 3,289,667
FY 2021 ....................................................................................................... 0.00 -4.56 2.04 -6.60 -3,066 -61,921 -59,068 1,335,897 998,305
FY 2022 ....................................................................................................... 0.00 -0.76 ...... -0.76 -29,970 -51,481 -46,533 6,252,526 5,629,050
FY 2023 ....................................................................................................... 0.00 -0.91 ...... -0.91 -45,185 -39,170 -35,588 4,112,575 3,888,858
FY 2024 ....................................................................................................... 0.00 -1.11 ...... -1.11 -33,755 -35,437 -32,841 3,042,394 2,940,337
FY 2025 ....................................................................................................... 0.00 -0.89 ...... -0.89 -15,188 -15,188 -14,476 1,679,553 1,659,456
Section 504 Certified Development Companies Debentures—DELTA:
FY 1996 ....................................................................................................... 0.57 -1.10 (3) -1.67 ...... -251 -134 8,463 ......
FY 1997 ....................................................................................................... 1.01 -174.21 (3) -175.22 ...... -5,039 -2,898 1,727 ......
FY 1998 ....................................................................................................... 0.72 -161.76 (3) -162.48 ...... -12,436 -8,252 5,278 ......
FY 1999 ....................................................................................................... 1.29 -3.06 (3) -4.35 ...... -105 -72 1,725 ......
SBIC Debentures:
FY 1992 ....................................................................................................... 14.29 16.55 0.19 2.07 ...... -3,708 1,234 60,060 ......
FY 1993 ....................................................................................................... 15.40 2.34 0.07 -13.13 ...... -16,696 -8,154 63,350 ......
FY 1994 ....................................................................................................... 16.25 -3.62 -0.46 -19.41 ...... -32,673 -19,399 100,000 ......
FY 1995 ....................................................................................................... 14.65 -17.86 0.41 -32.92 ...... -59,465 -32,710 104,430 ......
FY 1996 ....................................................................................................... 15.46 -27.22 -0.02 -42.66 ...... -75,663 -44,351 108,570 ......
FY 1997 ....................................................................................................... 3.19 -20.45 -0.01 -23.63 ...... -53,229 -31,439 138,725 ......
FY 1998 ....................................................................................................... 1.94 0.07 -2.89 1.02 -7 -22,694 -5,041 382,035 1,491
FY 1999 ....................................................................................................... 1.38 6.43 -2.36 7.41 ...... 19,773 13,910 292,750 ......
FY 2000 ....................................................................................................... 0.00 0.50 (3) 0.50 ...... 5,574 1,598 296,155 ......
FY 2001 ....................................................................................................... 0.00 -1.22 (3) -1.22 ...... -1,883 -5,070 391,360 ......
FY 2002 ....................................................................................................... 0.00 6.94 (3) 6.94 * 38,550 24,592 376,940 50
FY 2003 ....................................................................................................... 0.00 -2.12 0.03 -2.15 -3 -18,614 -7,735 403,750 1,517
FY 2004 ....................................................................................................... 0.00 -4.76 -0.06 -4.70 ...... -26,994 -20,924 460,780 ......
FY 2005 ....................................................................................................... 0.00 -6.25 -0.20 -6.05 -* -22,278 -17,711 301,420 54
FY 2006 ....................................................................................................... 0.00 -14.13 ...... -14.13 7,144 -96,255 -54,078 419,705 25,657
FY 2007 ....................................................................................................... 0.00 -6.68 0.15 -6.83 253 -49,315 -40,303 649,525 3,720
FY 2008 ....................................................................................................... 0.00 -2.14 0.32 -2.46 ...... -28,026 -19,608 971,370 ......
FY 2009 ....................................................................................................... 0.00 -1.86 0.11 -1.97 ...... -19,237 -14,130 671,095 ......
FY 2010 ....................................................................................................... 0.00 -2.19 0.39 -2.58 6,565 -30,064 -22,606 1,067,455 18,245
FY 2011 ....................................................................................................... 0.00 -5.87 0.09 -5.96 ...... -115,707 -98,713 1,739,550 ......
FY 2012 ....................................................................................................... 0.00 -6.34 -0.09 -6.25 ...... -123,504 -109,136 1,811,670 ......
FY 2013 ....................................................................................................... 0.00 -5.93 -0.11 -5.82 -7 -127,145 -110,597 1,948,360 825
FY 2014 ....................................................................................................... 0.00 -1.34 -0.13 -1.22 -9,387 -31,498 -30,332 2,325,990 106,420
FY 2015 ....................................................................................................... 0.00 -8.03 -0.31 -7.72 -6,870 -202,755 -180,924 2,354,645 146,260
FY 2016 ....................................................................................................... 0.00 -5.62 -0.09 -5.53 -1,079 -133,087 -120,579 2,254,035 323,225
95
Table 8. GUARANTEED LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2017 ....................................................................................................... 0.00 -4.30 -0.08 -4.22 -5,230 -74,550 -67,776 1,652,670 468,215
FY 2018 ....................................................................................................... 0.00 -2.88 -0.04 -2.84 45 -65,348 -60,530 2,194,635 978,015
FY 2019 ....................................................................................................... 0.00 -4.44 0.03 -4.47 -4,455 -74,484 -65,555 1,546,875 1,130,580
FY 2020 ....................................................................................................... 0.00 0.07 -0.23 0.30 -6,466 2,338 3,227 1,897,930 1,514,965
FY 2021 ....................................................................................................... 0.00 -2.67 -0.02 -2.65 -18,678 -98,674 -93,769 3,631,355 3,271,610
FY 2022 ....................................................................................................... 0.00 -2.30 -0.11 -2.19 -10,272 -79,721 -81,323 3,515,070 3,188,995
FY 2023 ....................................................................................................... 0.00 -2.15 ...... -2.15 -32,565 -71,142 -66,992 2,993,190 2,878,250
FY 2024 ....................................................................................................... 0.00 -1.04 ...... -1.04 -23,994 -25,208 -23,790 2,342,250 2,360,624
FY 2025 ....................................................................................................... 0.00 -2.10 ...... -2.10 -19,868 -19,868 -19,380 940,935 941,617
SBIC Participating Securities:
FY 1994 ....................................................................................................... 9.00 -4.86 -0.41 -13.45 ...... -24,591 -20,856 149,660 ......
FY 1995 ....................................................................................................... 8.90 24.59 0.18 15.51 ...... 73,443 32,611 219,940 ......
FY 1996 ....................................................................................................... 9.00 10.85 -0.02 1.87 ...... 17,210 3,527 231,230 ......
FY 1997 ....................................................................................................... 3.29 26.17 -0.10 22.98 8 66,216 51,745 232,830 600
FY 1998 ....................................................................................................... 2.20 5.49 -0.93 4.22 * -7,383 24,174 677,825 3,693
FY 1999 ....................................................................................................... 2.19 54.84 -1.03 53.68 7 576,131 472,424 930,450 988
FY 2000 ....................................................................................................... 1.80 32.73 0.26 30.67 22 300,725 340,406 1,089,560 1
FY 2001 ....................................................................................................... 1.31 21.30 -0.24 20.23 104 306,735 279,764 1,677,425 425
FY 2002 ....................................................................................................... 0.00 23.15 -0.22 23.37 407 274,471 229,964 1,107,935 142
FY 2003 ....................................................................................................... 0.00 16.33 -0.36 16.69 425 154,846 159,719 1,057,225 291
FY 2004 ....................................................................................................... 0.00 22.53 -0.07 22.60 395 644,934 588,283 2,910,155 17,782
SBIC New Market Venture Capital:
FY 2002 ....................................................................................................... 14.47 49.47 1.16 33.84 ...... 8,295 5,606 18,750 ......
FY 2003 ....................................................................................................... 15.46 45.74 1.23 29.05 ...... 24,283 11,734 53,250 1,425
7(a) General Business—Delta:
FY 1995 ....................................................................................................... 4.86 1.07 (3) -3.79 ...... -91 -47 1,220 ......
FY 1996 ....................................................................................................... 3.15 9.50 (3) 6.35 ...... 2,415 1,283 21,115 ......
FY 1997 ....................................................................................................... 3.47 0.88 (3) -2.59 ...... -1,183 -685 27,309 ......
FY 1998 ....................................................................................................... 3.36 5.17 (3) 1.81 ...... 500 480 27,296 ......
FY 1999 ....................................................................................................... 2.08 9.55 (3) 7.47 3 3,699 2,534 35,028 ......
FY 2000 ....................................................................................................... 1.83 7.07 (3) 5.24 ...... 967 669 13,508 ......
FY 2001 ....................................................................................................... 1.87 22.60 (3) 20.73 ...... 649 498 2,470 ......
FY 2002 ....................................................................................................... 1.73 -3.18 (3) -4.91 ...... -57 -48 1,002 ......
FY 2003 ....................................................................................................... 1.51 -1.48 (3) -2.99 ...... -5 -4 150 ......
Secondary Market Guarantee:
FY 2004 ....................................................................................................... 0.00 0.27 (3) 0.27 1,410 63,043 102,640 38,008,032 23,155
FY 2005 ....................................................................................................... 0.00 0.51 ...... 0.51 -211 23,872 20,430 4,224,301 49,934
96
Table 8. GUARANTEED LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2006 ....................................................................................................... 0.00 0.30 ...... 0.30 -418 12,946 9,737 3,633,474 70,573
FY 2007 ....................................................................................................... 0.00 0.42 ...... 0.42 -981 20,963 14,413 3,678,115 63,686
FY 2008 ....................................................................................................... 0.00 0.35 ...... 0.35 -142 19,273 12,934 4,137,912 83,615
FY 2009 ....................................................................................................... 0.00 1.12 ...... 1.12 364 32,035 25,143 2,381,185 63,892
FY 2010 ....................................................................................................... 0.00 2.11 0.05 2.06 484 83,788 68,248 3,379,396 96,672
FY 2011 ....................................................................................................... 0.00 1.90 0.01 1.89 -44 92,764 77,878 4,299,164 132,731
FY 2012 ....................................................................................................... 0.00 2.32 -0.02 2.34 932 97,096 87,665 3,925,573 140,982
FY 2013 ....................................................................................................... 0.00 2.03 -0.02 2.05 199 93,132 89,741 4,489,916 205,425
FY 2014 ....................................................................................................... 0.00 0.78 0.02 0.76 -376 38,185 37,084 5,394,207 259,243
FY 2015 ....................................................................................................... 0.00 0.37 -0.05 0.42 -5,456 17,715 19,713 6,236,502 359,772
FY 2016 ....................................................................................................... 0.00 0.24 -0.04 0.28 -3,144 13,966 15,718 7,409,509 701,792
FY 2017 ....................................................................................................... 0.00 0.24 -0.05 0.29 5,305 14,600 16,140 9,301,175 1,088,232
FY 2018 ....................................................................................................... 0.00 -0.20 -0.04 -0.16 2,294 -33,049 -29,491 7,998,843 1,230,361
FY 2019 ....................................................................................................... 0.00 -0.29 ...... -0.29 643 -36,786 -33,100 8,497,583 1,734,904
FY 2020 ....................................................................................................... 0.00 -0.33 -0.02 -0.31 -8,260 -25,379 -23,783 6,543,493 1,774,067
FY 2021 ....................................................................................................... 0.00 -0.18 -0.01 -0.17 -16,897 -16,479 -15,781 8,980,775 3,000,518
FY 2022 ....................................................................................................... 0.00 -0.08 0.05 -0.13 -3,705 -10,152 -9,611 11,756,399 5,712,763
FY 2023 ....................................................................................................... 0.00 -0.17 0.03 -0.20 6,064 -14,995 -14,985 8,999,461 5,784,800
FY 2024 ....................................................................................................... 0.00 -0.08 ...... -0.08 10,109 -7,227 -7,333 9,340,972 7,793,705
FY 2025 ....................................................................................................... 0.00 -0.10 ...... -0.10 -11,570 -11,570 -11,033 10,992,859 10,672,944
502 Local Development Companies:
FY 1992 ....................................................................................................... 5.95 5.87 (3) -0.08 ...... -17 -7 28,070 ......
FY 1993 ....................................................................................................... 5.58 1.06 (3) -4.52 ...... -3,339 -1,476 34,301 436
FY 1994 ....................................................................................................... 1.60 1.96 (3) 0.36 ...... 350 129 36,626 ......
FY 1995 ....................................................................................................... 1.50 0.24 (3) -1.26 ...... -945 -443 36,985 732
Secondary Market 504 First Mortgage Guarantees—ARRA:
FY 2010 ....................................................................................................... 0.00 10.02 0.01 10.01 -152 4,137 3,962 40,035 4,569
FY 2011 ....................................................................................................... 0.00 3.56 -0.07 3.63 -748 6,642 6,389 183,767 12,797
FY 2012 ....................................................................................................... 0.00 -2.08 -0.09 -1.99 -222 -16,259 -14,453 709,570 46,438
ARC Loan Guarantees—ARRA:
FY 2009 ....................................................................................................... 75.77 24.91 3.83 -54.69 -54 -47,553 -44,136 88,321 32
FY 2010 ....................................................................................................... 76.15 23.35 0.87 -53.67 -116 -98,363 -93,807 179,513 136
7(a) General Business Loan Guarantees—ARRA:
FY 2009 ....................................................................................................... 3.10 3.95 0.17 0.68 -1,816 5,644 17,407 5,631,403 100,684
FY 2010 ....................................................................................................... 4.23 2.58 0.17 -1.82 -457 -61,725 -56,144 2,520,501 47,933
Section 504 Certified Development Companies—ARRA:
FY 2009 ....................................................................................................... 2.14 5.91 0.03 3.74 -619 8,470 30,898 2,200,292 145,970
97
Table 8. GUARANTEED LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2010 ....................................................................................................... 2.05 1.76 0.05 -0.34 -1,855 -38,802 -27,592 1,150,955 85,521
7(a) Dealer Floor Plan:
FY 2011 ....................................................................................................... 0.56 -3.80 0.01 -4.37 ...... -690 -611 14,528 ......
FY 2012 ....................................................................................................... 0.49 -4.18 -0.04 -4.63 ...... -677 -596 13,600 ......
FY 2013 ....................................................................................................... 0.67 -4.00 -0.01 -4.66 ...... -223 -215 4,500 ......
7(a) Dealer Floor Plan—ARRA:
FY 2009 ....................................................................................................... 3.14 -0.98 0.19 -4.31 ...... -561 -466 12,450 ......
FY 2010 ....................................................................................................... 3.29 -0.06 0.05 -3.40 -4 -2,308 -2,151 67,188 60
Section 504 Certified Development Companies Debentures—ARRA Ext:
FY 2010 ....................................................................................................... 2.05 1.76 0.05 -0.34 -310 -55,685 -44,439 1,725,867 131,987
FY 2011 ....................................................................................................... 2.18 -1.27 -0.19 -3.26 -316 -75,287 -62,291 1,103,567 102,332
504 Commercial Real Estate (CRE) Refinance Program:
FY 2011 ....................................................................................................... 0.00 -4.93 -0.13 -4.80 -438 -17,227 -15,899 226,013 15,281
FY 2012 ....................................................................................................... 0.00 -6.47 -0.07 -6.40 -2,518 -192,008 -182,594 2,007,211 210,466
FY 2016 ....................................................................................................... 0.00 -2.50 -0.02 -2.48 -42 -2,883 -2,607 38,632 9,845
FY 2017 ....................................................................................................... 0.00 -0.17 -0.22 0.05 -1,272 -12,279 -11,054 249,771 99,951
FY 2018 ....................................................................................................... 0.00 0.42 -0.06 0.48 274 -6,233 -5,631 134,529 66,861
FY 2019 ....................................................................................................... 0.00 2.93 -0.02 2.95 -512 -2,425 -2,053 126,642 74,692
FY 2020 ....................................................................................................... 0.00 -0.23 -0.03 -0.20 -935 -147,701 -139,846 327,445 230,370
FY 2021 ....................................................................................................... 0.00 -5.27 -0.02 -5.25 -550 -5,538 -5,315 102,314 71,211
FY 2022 ....................................................................................................... 0.00 -1.79 ...... -1.79 -7,235 -14,504 -13,250 753,772 638,543
FY 2023 ....................................................................................................... 0.00 -0.99 0.06 -1.05 -4,692 -4,470 -4,064 427,711 391,229
FY 2024 ....................................................................................................... 0.00 -0.84 ...... -0.84 -4,384 -5,976 -5,590 684,005 668,560
FY 2025 ....................................................................................................... 0.00 -1.28 ...... -1.28 -6,057 -6,057 -5,791 463,783 461,091
7(a) Business Loan Guarantees—ARRA:
FY 2010 ....................................................................................................... 4.23 2.07 0.17 -2.33 -1,211 -165,891 -151,872 5,406,158 130,255
FY 2011 ....................................................................................................... 5.48 1.12 0.15 -4.51 -1,986 -427,599 -398,516 7,483,528 204,522
Paycheck Protection Program (PPP):
FY 2020 ....................................................................................................... 101.72 101.25 0.41 -0.88 -22,155 -10,315,184 -4,390,434 521,453,625 3,581,126
FY 2021 ....................................................................................................... 103.70 107.01 0.92 2.39 458,121 6,347,855 8,147,069 271,146,812 8,751,071
7(a) General Business—PL 116-260 Part-Year COVID Support:
FY 2021 ....................................................................................................... 5.40 2.90 0.11 -2.61 50,247 -1,238,370 -1,206,772 27,305,679 13,995,948
Section 504 Debentures—PL 116-260 Part-Year COVID Support:
FY 2021 ....................................................................................................... 2.04 -0.32 ...... -2.36 -15,280 -198,987 -186,397 4,773,852 3,965,886
504 CRE Refinance—PL 116-260 Part-Year COVID Support:
FY 2021 ....................................................................................................... 2.12 -1.33 -0.02 -3.43 -3,595 -40,244 -38,066 507,167 403,699
98
Table 8. GUARANTEED LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
Export-Import Bank of the United States
Export-Import Bank Loans:
Short Term Insurance:
FY 1994 ....................................................................................................... 1.54 ...... (3) -1.54 4 (7) (7) 125,683 ......
FY 1996 ....................................................................................................... 2.50 0.01 (3) -2.49 118 (7) (7) 647,683 ......
FY 1998 ....................................................................................................... 1.36 ...... (3) -1.36 13 (7) (7) 1,701,899 ......
FY 1999 ....................................................................................................... 1.00 ...... (3) ...... ...... (7) (7) 1,474,005 ......
FY 2000 ....................................................................................................... 1.00 ...... (3) ...... ...... (7) (7) 1,240,431 ......
FY 2001 ....................................................................................................... 0.01 0.02 (3) 0.01 19 (7) (7) 1,309,867 ......
FY 2003 ....................................................................................................... 0.32 ...... (3) -0.32 65 (7) (7) 1,866,379 ......
FY 2004 ....................................................................................................... 1.00 ...... (3) -1.00 -115 (7) (7) 2,749,437 ......
FY 2005 ....................................................................................................... 0.21 -0.01 (3) -0.22 208 (7) (7) 3,080,010 ......
FY 2006 ....................................................................................................... -0.01 ...... (3) 0.01 180 (7) (7) 2,391,584 ......
FY 2007 ....................................................................................................... 1.00 ...... (3) -1.00 55 (7) (7) 3,736,735 ......
FY 2008 ....................................................................................................... 1.00 ...... (3) -1.00 64 (7) (7) 4,419,525 ......
FY 2009 ....................................................................................................... 0.17 ...... 0.03 -0.20 178 (7) (7) 4,745,496 ......
FY 2010 ....................................................................................................... 0.28 ...... 0.01 -0.29 11 (7) (7) 4,867,904 ......
FY 2011 ....................................................................................................... 0.21 0.01 0.01 -0.21 509 (7) (7) 6,668,919 ......
FY 2012 ....................................................................................................... 0.12 -0.52 0.01 -0.65 373 -26,549 -26,429 5,064,554 ......
FY 2013 ....................................................................................................... 0.23 -0.68 0.02 -0.93 200 -33,690 -32,938 4,864,141 ......
FY 2014 ....................................................................................................... -0.01 -0.95 ...... -0.94 348 -35,415 -34,806 3,665,306 ......
FY 2015 ....................................................................................................... 0.00 -0.53 ...... -0.53 208 -13,190 -13,039 2,449,789 ......
FY 2016 ....................................................................................................... 0.00 -0.47 0.01 -0.47 40 -11,235 -11,103 2,382,972 ......
FY 2017 ....................................................................................................... 0.00 -0.45 0.01 -0.45 16 -11,097 -10,667 2,415,454 ......
FY 2018 ....................................................................................................... 0.00 -0.40 -0.01 -0.39 24 -10,536 -10,172 2,566,532 ......
FY 2019 ....................................................................................................... 0.00 -0.20 ...... -0.19 252 -4,749 -4,580 2,357,508 ......
FY 2020 ....................................................................................................... 0.00 -0.35 0.03 -0.37 23 -7,310 -6,981 2,095,104 ......
FY 2021 ....................................................................................................... 0.00 -0.41 0.02 -0.43 19 -10,317 -10,007 2,500,696 ......
FY 2022 ....................................................................................................... 0.00 -0.39 -0.01 -0.37 -18 -9,738 -9,351 2,379,372 ......
FY 2023 ....................................................................................................... 0.00 -0.37 -0.04 -0.33 -6,266 -9,566 -8,650 2,332,893 188
FY 2024 ....................................................................................................... 0.00 -0.19 ...... -0.19 -4,065 -3,500 -3,179 1,759,164 308,736
FY 2025 ....................................................................................................... 0.00 0.13 ...... 0.13 727 727 694 535,188 309,872
Medium Term Insurance:
FY 1996 ....................................................................................................... 10.77 0.01 (3) -7.76 133 (7) (7) 174,013 ......
FY 1998 ....................................................................................................... 10.77 ...... (3) -7.77 1 (7) (7) 291,415 ......
FY 1999 ....................................................................................................... 9.08 ...... (3) -6.08 4 (7) (7) 248,675 ......
FY 2000 ....................................................................................................... 9.44 ...... (3) ...... ...... (7) (7) 347,581 ......
99
Table 8. GUARANTEED LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2001 ....................................................................................................... 11.42 0.16 (3) -8.26 77 (7) (7) 224,670 ......
FY 2002 ....................................................................................................... 8.27 ...... (3) -5.27 14 (7) (7) 338,286 ......
FY 2003 ....................................................................................................... 3.34 0.02 (3) -0.32 21 (7) (7) 309,911 ......
FY 2004 ....................................................................................................... 3.34 0.06 (3) -0.28 340 (7) (7) 539,211 ......
FY 2005 ....................................................................................................... 2.72 0.05 (3) 0.33 80 (7) (7) 290,721 ......
FY 2006 ....................................................................................................... 4.61 -0.46 (3) -2.07 -785 (7) (7) 293,754 ......
FY 2007 ....................................................................................................... 4.50 -0.01 (3) -1.51 -14 (7) (7) 198,815 ......
FY 2008 ....................................................................................................... 1.00 -0.15 (3) 1.85 -130 (7) (7) 173,958 ......
FY 2009 ....................................................................................................... 6.01 0.02 0.61 -6.60 -47 (7) (7) 100,634 ......
FY 2010 ....................................................................................................... 2.52 0.17 0.15 -2.50 12 (7) (7) 143,154 ......
FY 2011 ....................................................................................................... 9.86 -0.06 0.18 -10.10 -16 (7) (7) 140,893 ......
FY 2012 ....................................................................................................... 6.67 -16.60 0.05 -23.32 257 -19,180 -17,984 107,057 ......
FY 2013 ....................................................................................................... 3.88 -14.64 ...... -18.52 * -13,273 -12,154 83,351 ......
FY 2014 ....................................................................................................... -0.12 -6.30 -0.04 -6.14 ...... -4,125 -3,725 59,458 ......
FY 2015 ....................................................................................................... -3.74 -5.56 0.01 -1.83 2 -1,740 -1,653 29,725 ......
FY 2016 ....................................................................................................... -0.67 -3.63 0.03 -2.99 -* -445 -405 11,354 ......
FY 2017 ....................................................................................................... -3.38 -1.84 0.05 1.49 34 -828 -752 41,261 ......
FY 2018 ....................................................................................................... -2.40 -2.89 -0.03 -0.46 -597 -2,773 -2,410 83,821 1,534
FY 2019 ....................................................................................................... -2.25 -4.26 0.01 -2.02 -873 -3,390 -3,088 72,978 5,788
FY 2020 ....................................................................................................... -2.80 -0.32 0.13 2.34 291 -105 -117 36,299 5,256
FY 2021 ....................................................................................................... -5.51 -1.45 0.05 4.01 -126 -408 -384 26,704 13,034
FY 2022 ....................................................................................................... -8.90 0.83 -0.10 9.83 780 652 523 51,165 33,627
FY 2023 ....................................................................................................... -5.67 0.70 -0.11 6.47 1,037 729 587 59,126 46,767
FY 2024 ....................................................................................................... -7.84 1.87 ...... 9.71 2,239 2,405 2,232 54,664 50,031
FY 2025 ....................................................................................................... -5.56 -5.95 ...... -0.39 -17 -17 -17 896 851
Medium Term Guarantees:
FY 1992 ....................................................................................................... 6.20 6.20 (3) ...... ...... (7) (7) 2,330 ......
FY 1995 ....................................................................................................... 7.86 7.86 ...... ...... ...... (7) (7) 444,499 ......
FY 1996 ....................................................................................................... 8.49 8.49 ...... ...... ...... (7) (7) 832,558 ......
FY 1997 ....................................................................................................... 9.68 9.68 ...... ...... 9 (7) (7) 839,494 ......
FY 1998 ....................................................................................................... 7.56 7.56 ...... ...... 24 (7) (7) 921,362 ......
FY 1999 ....................................................................................................... 6.32 6.32 ...... ...... 18 (7) (7) 919,971 ......
FY 2000 ....................................................................................................... 6.56 6.58 ...... 0.02 73 (7) (7) 1,305,939 ......
FY 2001 ....................................................................................................... 5.65 5.66 ...... 0.01 103 (7) (7) 1,193,926 ......
FY 2002 ....................................................................................................... 3.46 3.47 ...... 0.01 72 (7) (7) 1,057,673 ......
FY 2003 ....................................................................................................... 1.65 1.67 ...... 0.02 35 (7) (7) 1,099,757 ......
FY 2004 ....................................................................................................... 1.65 1.71 ...... 0.06 563 (7) (7) 1,299,224 ......
100
Table 8. GUARANTEED LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2005 ....................................................................................................... 1.50 1.51 ...... 0.01 278 (7) (7) 1,359,558 ......
FY 2006 ....................................................................................................... 0.50 0.53 ...... 0.03 645 (7) (7) 1,457,440 ......
FY 2007 ....................................................................................................... 8.53 8.53 ...... ...... 15 (7) (7) 1,552,942 ......
FY 2008 ....................................................................................................... 1.00 1.01 ...... 0.01 296 (7) (7) 1,709,491 ......
FY 2009 ....................................................................................................... 1.00 1.03 ...... 0.03 66 (7) (7) 1,638,843 ......
FY 2010 ....................................................................................................... 4.74 0.02 0.06 -4.78 702 (7) (7) 2,627,306 ......
FY 2011 ....................................................................................................... 9.86 -0.01 0.18 -10.05 404 (7) (7) 2,717,465 ......
FY 2012 ....................................................................................................... 6.67 -0.37 0.05 -7.09 -40 -11,152 -11,533 2,911,402 ......
FY 2013 ....................................................................................................... 3.99 0.07 ...... -3.92 67 1,125 1,826 2,690,391 ......
FY 2014 ....................................................................................................... -0.10 -0.38 -0.04 -0.24 25 -7,265 -7,856 2,014,917 ......
FY 2015 ....................................................................................................... -1.63 -0.77 0.01 0.85 -6 -9,932 -9,161 1,198,234 ......
FY 2016 ....................................................................................................... 0.00 -0.14 0.05 -0.18 -60 -1,464 -1,614 1,189,017 ......
FY 2017 ....................................................................................................... -1.14 -0.58 0.06 0.50 -143 -5,749 -5,516 945,164 ......
FY 2018 ....................................................................................................... -0.10 -0.19 -0.04 -0.05 -6 -1,555 -1,533 820,464 ......
FY 2019 ....................................................................................................... -0.11 -0.93 ...... -0.82 -927 -9,274 -8,263 893,814 ......
FY 2020 ....................................................................................................... -0.21 -1.09 0.02 -0.89 -3,078 -18,680 -18,113 1,665,800 ......
FY 2021 ....................................................................................................... -2.00 0.27 0.02 2.25 -581 3,189 3,046 1,164,862 ......
FY 2022 ....................................................................................................... -7.14 -0.45 -0.08 6.77 268 -6,450 -6,224 1,320,478 ......
FY 2023 ....................................................................................................... -3.90 0.87 -0.19 4.97 17,877 13,384 11,890 1,342,982 ......
FY 2024 ....................................................................................................... -6.34 -0.33 -0.04 6.05 -5,887 -4,379 -3,951 1,493,172 ......
FY 2025 ....................................................................................................... -6.72 -6.91 ...... -0.19 2,411 2,411 2,309 973,837 ......
Long Term Guarantees:
FY 1996 ....................................................................................................... 7.49 ...... ...... -7.49 193 (7) (7) 4,042,697 ......
FY 2000 ....................................................................................................... 8.95 ...... ...... -8.95 -* (7) (7) 6,322,202 ......
FY 2004 ....................................................................................................... 1.00 -0.02 ...... -1.02 -1,286 (7) (7) 5,034,356 ......
FY 2005 ....................................................................................................... -0.62 ...... ...... 0.62 -* (7) (7) 7,612,026 ......
FY 2006 ....................................................................................................... 2.91 ...... -0.14 -2.77 -* (7) (7) 5,992,645 ......
FY 2007 ....................................................................................................... 0.25 ...... 0.31 -0.56 ...... (7) (7) 7,111,851 ......
FY 2008 ....................................................................................................... -3.07 -0.02 ...... 3.05 -455 (7) (7) 7,567,577 15,442
FY 2009 ....................................................................................................... -3.82 ...... 0.10 3.72 -487 (7) (7) 7,894,372 ......
FY 2010 ....................................................................................................... -2.74 -0.12 0.02 2.60 -2,686 (7) (7) 8,612,072 130,091
FY 2011 ....................................................................................................... -2.58 -0.08 0.06 2.44 -7,305 (7) (7) 13,235,288 69,797
FY 2012 ....................................................................................................... -1.68 -1.95 0.06 -0.33 -12,967 -322,645 -277,002 14,409,527 302,831
FY 2013 ....................................................................................................... -4.12 -2.64 0.01 1.47 -6,970 -339,481 -294,081 11,197,426 204,009
FY 2014 ....................................................................................................... -3.41 -1.31 -0.03 2.14 -44,585 -168,007 -126,795 10,060,118 977,345
FY 2015 ....................................................................................................... -4.70 -0.42 0.03 4.25 -22,663 -39,979 -31,580 7,453,332 836,566
FY 2016 ....................................................................................................... -6.61 -0.03 0.06 6.52 ...... -* -* 1,084 ......
101
Table 8. GUARANTEED LOANS: SUBSIDY REESTIMATES 1 – Continued
(In percentages, unless noted otherwise)
Characteristics of Subsidy Reestimates
Net lifetime
Percentage Total
Percentage Current Net lifetime reestimate
Agency, Bureau, Program, Risk Category, and Cohort Year Current point disbursements Outstanding
Original Subsidy point reestimate reestimate amount
Reestimated change due to to balances
Rate change due to amount amount excluding
Rate technical date ($ thousands)
interest rates ($ thousands) ($ thousands) interest
assumptions ($ thousands)
($ thousands)
FY 2017 ....................................................................................................... -8.47 19.18 0.08 27.58 -65 963 949 4,976 2,324
FY 2020 ....................................................................................................... -6.00 -4.30 0.04 1.66 -8,051 -29,233 -24,799 798,052 227,917
FY 2021 ....................................................................................................... -6.12 -0.34 0.06 5.72 -5,957 -5,526 -4,700 1,630,933 1,131,169
FY 2022 ....................................................................................................... -5.01 -2.85 ...... 2.16 -4,535 -31,888 -31,245 906,857 742,798
FY 2023 ....................................................................................................... -5.43 -3.13 -0.10 2.40 2,814 -86,260 -84,324 3,078,877 2,698,939
FY 2024 ....................................................................................................... -8.28 -7.69 -0.02 0.62 -24,866 -64,412 -60,217 2,282,272 2,194,114
FY 2025 ....................................................................................................... -5.99 -4.21 ...... 1.78 -2,892 -2,892 -2,771 357,846 358,582
* Less than $500.
1 Reestimates for some programs did not appear in the 2027 Appendix because they were $500,000 or less. Information on all cohorts is provided in the electronic version of the Federal Credit Supplement at www.budget.gov.
2 Cohort is closed as of the end of 2025.
3 Breakout between technical and interest reestimates is not available.
4 Reestimates have not yet been calculated.
5 The 2024 cohort of Guarantees for Mortgage-backed Securities includes activities for fiscal years 1996 through 2025.
6 The disbursements and outstanding balance of Secondary Market Guarantee pools are secured by the guaranteed portion of 7(a) loans reported in other risk categories.
7 In FY 2012, Ex-Im Bank changed the definition of cohorts. Ex-Im Bank is unable to provide net lifetime reestimates by cohort for direct loans or loan guarantees for cohorts prior to FY 2012. The total net lifetime reestimate excluding
interest for all direct loans and loan guarantees was downward $9,429 million. The total net lifetime reestimate including interest for all cohorts was downward $11,917 million.
102
Table 9. DIRECT LOAN PROGRAM DISBURSEMENT RATE ASSUMPTIONS UNDERLYING THE 2027 SUBSIDY ESTIMATES
Percentage total disbursements made in year
Agency, Bureau, Program and Risk Category
One Two Three Four Five Six Seven Eight Nine Ten and Later
Department of Agriculture
Farm Service Agency:
Agricultural Credit Insurance Fund:
Farm Ownership ............................................................................................ 80 20 ...... ...... ...... ...... ...... ...... ...... ......
Farm Operating .............................................................................................. 88 12 ...... ...... ...... ...... ...... ...... ...... ......
Emergency Disaster....................................................................................... 94 6 ...... ...... ...... ...... ...... ...... ...... ......
Farm Storage Facility Loans:
Farm Storage Facility Loans .......................................................................... 21 79 ...... ...... ...... ...... ...... ...... ...... ......
Sugar Storage Facility Loans......................................................................... 21 79 ...... ...... ...... ...... ...... ...... ...... ......
Rural Housing Service:
Rural Community Facilities:
Community Facility Loans.............................................................................. 10 30 29 18 7 2 1 1 1 1
Rural Housing Insurance Fund:
Section 502 Single Family Housing ............................................................... 77 22 1 ...... ...... ...... ...... ...... ...... ......
Section 515 Multifamily Housing ................................................................... 7 36 28 13 6 4 2 1 1 2
Section 504 Housing Repair .......................................................................... 87 13 ...... ...... ...... ...... ...... ...... ...... ......
Section 514 Farm Labor Housing .................................................................. 10 16 21 21 12 10 5 4 1 ......
Single Family Housing Credit Sales .............................................................. 100 ...... ...... ...... ...... ...... ...... ...... ...... ......
Multifamily Housing Revitalization Seconds .................................................. 6 34 33 16 5 2 1 3 ...... ......
Multifamily Housing Revitalization Zero......................................................... 10 36 38 15 1 ...... ...... ...... ...... ......
Rural Business-Cooperative Service:
Rural Economic Development Loans ............................................................ 23 60 13 1 1 1 1 ...... ...... ......
Rural Utilities Service:
Rural Water and Waste Disposal:
Water and Waste Disposal Loans ................................................................. 3 20 29 21 12 7 3 2 1 2
Rural Electrification and Telecommunications Loans:
Treasury Electric Loans ................................................................................. 7 30 26 17 13 6 1 ...... ...... ......
FFB Electric Loans......................................................................................... 5 25 30 19 10 7 4 ...... ...... ......
FFB Telecommunications Loans ................................................................... 6 20 15 13 13 8 8 8 3 6
Department of Commerce
National Oceanic and Atmospheric Administration:
Fisheries Finance:
Individual Fishing Quota Loans ..................................................................... 23 28 4 3 1 2 ...... ...... ...... ......
Traditional Direct Loans ................................................................................. 30 46 7 1 1 2 ...... ...... ...... ......
National Institute of Standards and Technology:
CHIPS Direct Loans....................................................................................... 33 33 33 ...... ...... ...... ...... ...... ...... ......
Department of War—Military Programs
Procurement:
Defense Strategic Capital Credit Program:
Office of Strategic Capital Direct Loans......................................................... 15 20 25 20 10 5 5 ...... ...... ......
103
Table 9. DIRECT LOAN PROGRAM DISBURSEMENT RATE ASSUMPTIONS UNDERLYING THE 2027 SUBSIDY ESTIMATES – Continued
Percentage total disbursements made in year
Agency, Bureau, Program and Risk Category
One Two Three Four Five Six Seven Eight Nine Ten and Later
Office of Strategic Capital Direct Loans (Legislative Proposal) .................... 50 20 20 10 ...... ...... ...... ...... ...... ......
Department of Education
Office of Postsecondary Education:
Historically Black Colleges and Universities.................................................. 20 20 20 20 20 ...... ...... ...... ...... ......
Office of Federal Student Aid:
TEACH Grant:
TEACH Grants ............................................................................................... 75 18 ...... ...... ...... ...... ...... ...... ...... ......
Federal Direct Student Loan:
Consolidation ................................................................................................. 100 ...... ...... ...... ...... ...... ...... ...... ...... ......
PLUS .............................................................................................................. 67 29 ...... ...... ...... ...... ...... ...... ...... ......
Stafford........................................................................................................... 64 24 ...... ...... ...... ...... ...... ...... ...... ......
Unsubsidized Stafford.................................................................................... 61 26 ...... ...... ...... ...... ...... ...... ...... ......
Weighted Average of Total Obligations ......................................................... 74 18 ...... ...... ...... ...... ...... ...... ...... ......
Department of Energy
Energy Programs:
Title 17 Innovative Technology Loan Guarantee Program:
Section 1703 FFB Loans ............................................................................... ...... 25 25 25 25 ...... ...... ...... ...... ......
Section 1706 FFB Loans ............................................................................... ...... 20 20 20 20 20 ...... ...... ...... ......
Tribal Energy Loan Guarantee Program:
Tribal Energy FFB Loans ............................................................................... ...... 50 50 ...... ...... ...... ...... ...... ...... ......
Department of Homeland Security
Federal Emergency Management Agency:
Community Disaster Loan Program .............................................................. 56 24 13 ...... ...... 7 ...... ...... ...... ......
Department of State
Administration of Foreign Affairs:
Repatriation Loans......................................................................................... 100 ...... ...... ...... ...... ...... ...... ...... ...... ......
International Assistance Programs
International Security Assistance:
FMF Direct Loan Program ............................................................................. 25 25 25 25 ...... ...... ...... ...... ...... ......
United States International Development Finance Corporation:
Program Account:
Direct Loans ................................................................................................... 43 57 ...... ...... ...... ...... ...... ...... ...... ......
Direct Loan Investment Funds....................................................................... 14 17 19 17 17 9 3 5 ...... ......
Direct Loans in Foreign Currencies ............................................................... 100 ...... ...... ...... ...... ...... ...... ...... ...... ......
Department of Transportation
Office of the Secretary:
TIFIA Highway Trust Fund:
TIFIA Direct Loans ......................................................................................... 3 5 5 5 43 40 ...... ...... ...... ......
104
Table 9. DIRECT LOAN PROGRAM DISBURSEMENT RATE ASSUMPTIONS UNDERLYING THE 2027 SUBSIDY ESTIMATES – Continued
Percentage total disbursements made in year
Agency, Bureau, Program and Risk Category
One Two Three Four Five Six Seven Eight Nine Ten and Later
Railroad Rehabilitation and Improvement Program:
Railroad Rehabilitation and Improvement Financing Direct Loans ............... 22 15 21 10 5 3 4 1 1 17
Maritime Administration:
Federal Ship Financing FFB Loan Guarantees ............................................. 100 ...... ...... ...... ...... ...... ...... ...... ...... ......
Department of the Treasury
Departmental Offices:
CDFI Rural Financial Assistance Program .................................................... 100 ...... ...... ...... ...... ...... ...... ...... ...... ......
Department of Veterans Affairs
Benefits Programs:
Veterans Housing Benefit Program Fund:
Acquired Direct Loans ................................................................................... 100 ...... ...... ...... ...... ...... ...... ...... ...... ......
Vendee Direct Loans ..................................................................................... 100 ...... ...... ...... ...... ...... ...... ...... ...... ......
Native American Veteran Housing Loan:
Native American Direct Loans ....................................................................... 84 12 2 ...... 1 ...... ...... ...... ...... ......
Vocational Rehabilitation ............................................................................... 100 ...... ...... ...... ...... ...... ...... ...... ...... ......
Corps of Engineers—Civil Works
Water Infrastructure Finance and Innovation, Corps .................................... 14 14 14 14 14 14 14 ...... ...... ......
Environmental Protection Agency
Water Infrastructure Direct Loans.................................................................. 20 20 20 20 20 ...... ...... ...... ...... ......
Small Business Administration
Business Loans:
7(m) Direct Microloans................................................................................... 32 48 16 5 ...... ...... ...... ...... ...... ......
Disaster Loans:
Disaster Assistance Loans ............................................................................ 66 29 5 ...... ...... ...... ...... ...... ...... ......
Export-Import Bank of the United States
Export-Import Bank Loans:
Direct Loans: Export Financing ..................................................................... 90 10 ...... ...... ...... ...... ...... ...... ...... ......
Make More In America Direct Loans ............................................................. 90 10 ...... ...... ...... ...... ...... ...... ...... ......
105
Table 10. LOAN GUARANTEE PROGRAM DISBURSEMENT RATE ASSUMPTIONS UNDERLYING THE 2027 SUBSIDY ESTIMATES
Percentage total disbursements made in year
Agency, Bureau, Program and Risk Category
One Two Three Four Five Six Seven Eight Nine Ten and Later
Department of Agriculture
Farm Service Agency:
Agricultural Credit Insurance Fund:
Farm Ownership—Unsubsidized ................................................................... 81 19 1 ...... ...... ...... ...... ...... ...... ......
Farm Operating—Unsubsidized .................................................................... 90 10 ...... ...... ...... ...... ...... ...... ...... ......
Commodity Credit Corporation Export Loans:
GSM 102 ........................................................................................................ 90 10 ...... ...... ...... ...... ...... ...... ...... ......
Export Guarantee Program—Facilities .......................................................... 90 10 ...... ...... ...... ...... ...... ...... ...... ......
Rural Housing Service:
Rural Community Facilities:
Community Facility Loan Guarantees ........................................................... 10 31 29 19 9 2 ...... ...... ...... ......
Rural Housing Insurance Fund:
Guaranteed 538 Multifamily Housing ............................................................ 11 34 29 18 5 3 ...... ...... ...... ......
Guaranteed 502 Single Family Housing ........................................................ 93 7 ...... ...... ...... ...... ...... ...... ...... ......
Rural Business-Cooperative Service:
Rural Business:
Business and Industry Loan Guarantees ...................................................... 44 40 11 4 1 ...... ...... ...... ...... ......
Rural Energy for America Program:
Renewable Energy Loan Guarantees ........................................................... 3 44 34 12 6 1 ...... ...... ...... ......
Rural Utilities Service:
Water and Waste Disposal Loan Guarantees ............................................... 9 29 30 15 17 ...... ...... ...... ...... ......
Department of Health and Human Services
Administration for a Healthy America:
AHA Facilities Renovation Loans .................................................................. 100 ...... ...... ...... ...... ...... ...... ...... ...... ......
Department of Housing and Urban Development
Public and Indian Housing Programs:
Native American Programs:
Title VI Indian Federal Guarantees Program................................................. 18 49 20 10 3 ...... ...... ...... ...... ......
Indian Housing Loan Guarantee Fund:
Indian Housing Loan Guarantee.................................................................... 64 31 3 2 ...... ...... ...... ...... ...... ......
Housing Programs:
FHA-Mutual Mortgage Insurance:
MMI Fund ....................................................................................................... 100 ...... ...... ...... ...... ...... ...... ...... ...... ......
MMI HECM..................................................................................................... 100 ...... ...... ...... ...... ...... ...... ...... ...... ......
FHA-General and Special Risk:
Apartment New Construction / Substantial Rehab ........................................ 81 19 ...... ...... ...... ...... ...... ...... ...... ......
Tax Credits..................................................................................................... 60 30 11 ...... ...... ...... ...... ...... ...... ......
Apartment Refinances ................................................................................... 89 11 ...... ...... ...... ...... ...... ...... ...... ......
Housing Finance Agency Risk Sharing ......................................................... ...... 7 93 ...... ...... ...... ...... ...... ...... ......
Residential Care Facilities ............................................................................. 62 38 ...... ...... ...... ...... ...... ...... ...... ......
107
Table 10. LOAN GUARANTEE PROGRAM DISBURSEMENT RATE ASSUMPTIONS UNDERLYING THE 2027 SUBSIDY ESTIMATES – Continued
Percentage total disbursements made in year
Agency, Bureau, Program and Risk Category
One Two Three Four Five Six Seven Eight Nine Ten and Later
Residential Care Facility Refinances ............................................................. 85 15 ...... ...... ...... ...... ...... ...... ...... ......
Hospitals ........................................................................................................ 63 37 ...... ...... ...... ...... ...... ...... ...... ......
Other Rental................................................................................................... 100 ...... ...... ...... ...... ...... ...... ...... ...... ......
Title 1 Property Improvement ........................................................................ 100 ...... ...... ...... ...... ...... ...... ...... ...... ......
Title 1 Manufactured Housing ........................................................................ 100 ...... ...... ...... ...... ...... ...... ...... ...... ......
Government National Mortgage Association:
Guarantees of Mortgage-backed Securities .................................................. 100 ...... ...... ...... ...... ...... ...... ...... ...... ......
International Assistance Programs
International Security Assistance:
FMF Guaranteed Loan Program ................................................................... 25 25 25 25 ...... ...... ...... ...... ...... ......
United States International Development Finance Corporation:
Insurance of Debt:
Insurance of Debt........................................................................................... 100 ...... ...... ...... ...... ...... ...... ...... ...... ......
Program Account:
Mission-led Guarantees ................................................................................. 16 26 26 32 ...... ...... ...... ...... ...... ......
Loan Guarantees ........................................................................................... 100 ...... ...... ...... ...... ...... ...... ...... ...... ......
Loan Guarantees in Foreign Currencies ....................................................... 100 ...... ...... ...... ...... ...... ...... ...... ...... ......
Department of Veterans Affairs
Benefits Programs:
Housing Guaranteed Loans ........................................................................... 100 ...... ...... ...... ...... ...... ...... ...... ...... ......
Small Business Administration
Business Loans:
7(a) General Business Loan Guarantees ...................................................... 63 22 1 ...... ...... ...... ...... ...... ...... ......
Section 504 Certified Development Companies Debentures........................ 31 44 18 5 2 1 ...... ...... ...... ......
SBIC Debentures ........................................................................................... 24 38 18 6 3 ...... ...... ...... ...... ......
Secondary Market Guarantee........................................................................ 100 ...... ...... ...... ...... ...... ...... ...... ...... ......
504 Commercial Real Estate (CRE) Refinance Program ............................. 54 45 1 ...... ...... ...... ...... ...... ...... ......
Export-Import Bank of the United States
Export-Import Bank Loans:
Short Term Insurance .................................................................................... 94 6 ...... ...... ...... ...... ...... ...... ...... ......
Medium Term Insurance ................................................................................ 100 ...... ...... ...... ...... ...... ...... ...... ...... ......
Medium Term Guarantees ............................................................................. 90 10 ...... ...... ...... ...... ...... ...... ...... ......
Long Term Guarantees.................................................................................. 90 10 ...... ...... ...... ...... ...... ...... ...... ......
Working Capital Fund .................................................................................... 100 ...... ...... ...... ...... ...... ...... ...... ...... ......
108
Executive Office of the President
Office of Management and Budget
Washington, D.C.
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