This report highlights the findings of case study visits to 15 postsecondary institutions participating, or planning to participate in the William D. Ford Federal Direct Student Loan Program. Schools were asked to describe the implementation and administration processes of the program, to describe the school's workload under the Direct Loan Program compared to the Federal Family Education Loan Program, and to assess the school's satisfaction with the timeliness and quality of the services provided by the Department of Education. Nine of the ten schools administering the Direct Loan Program reported a high level of satisfaction with the program, despite difficulties encountered during implementation. School administrators indicated that all anticipated benefits of the program were realized. Benefits to the school included improved cash flow and increased student satisfaction. Benefits to financial aid offices included decreased problems and loan processing delays and increased time available for counseling due to control over the loan process. Benefits to students included rapid delivery of funds and elimination of lines to cash checks. Recommendations for schools entering the Direct Loan Program are provided in the areas of planning and training, operations and resources, and direct loan administration. Recommendations for the Department of Education are also presented. (JPB)