Basic information about the federal Guaranteed Student Loan (GSL) program, including its status and the level of participation, is presented, and policy issues concerning cost, equity, efficiency, and administration are also identified. After specifying six criteria for evaluating options for change in the program, specific options are listed regarding borrower eligibility, borrower interest rates, borrower indebtedness and repayment, lenders, state guarantee agencies, and the Student Loan Marketing Association (Sallie Mae). For academic year 1984-1985, an estimated 3.4 million students will borrow through the GSL program, about 28 percent of all postsecondary students, in contrast to about 10 percent in academic year 1977-1978. GSLs generate $8 billion annually, almost half the total aid available from all sources. In addition to the services of state guarantee agencies, a growing number of lenders are making relatively large commitments of funds to GSL, and secondary market services are generally available to lenders through Sallie Mae. Charts and graphs provide data on program costs, new and outstanding loans, and the distribution of total aid through grants, loans, and work. (SW)