a $1 billion reduction in the use of federally insured student loan funds. A more realistic estimate, based on the assumption that TAF would be three times as popular as conventional loan programs, is $4.5 billion, less the $1 bil- lion in current use of federal funds. Silber estimates that the fund would be self-perpetuating within 20 years on the strength of annual repayments and the interest earned on those repayments put aside in a trust fund. TAF would aid the financing of all higher education,...