§ 1087a. Program authority
(a)
In general
There are hereby made available, in accordance with the provisions of this part, such sums as may be necessary
(1)
to make loans to all eligible students (and the eligible parents of such students) in attendance at participating institutions of higher education selected by the Secretary, to enable such students to pursue their courses of study at such institutions during the period beginning July 1, 1994; and
(2)
for purchasing loans under section
1087i–1 of this title. Loans made under this part shall be made by participating institutions, or consortia thereof, that have agreements with the Secretary to originate loans, or by alternative originators designated by the Secretary to make loans for students in attendance at participating institutions (and their parents).
(b)
Designation
(1)
Program
The program established under this part shall be referred to as the “William D. Ford Federal Direct Loan Program”.
(2)
Direct loans
Notwithstanding any other provision of this part, loans made to borrowers under this part that, except as otherwise specified in this part, have the same terms, conditions, and benefits as loans made to borrowers under section
1078 of this title, shall be known as “Federal Direct Stafford/Ford Loans”.