This survey comprised of two volumes of the first year of implementation of the Federal Direct Loan Program among institutions of the first cohort was designed to assess institutions' experiences in transition to the new program and their satisfaction with the program overall. Results included: (1) the overall level of schools' satisfaction with the Program was very high with 90 percent reporting satisfaction; (2) improvements are needed in the Direct Loan software (EDExpress) and in training, but schools were very satisfied with the Department of Education's responsiveness and support in implementing the Direct Loan Program; (3) overall satisfaction did not seem to be influenced as much by perceived change in workload or resources as it was by perceptions of effective outcomes of the program; (4) institutions very satisfied with the program tended to be dissatisfied with the Federal Family Education Loan Program; (5) improved service to borrowers was the most frequently mentioned factor affecting the decision to participate in the program; (6) Direct Loan implementation required a small to moderate level of effort; and (7) the reported level of effort was inversely related to the reported level of effort required for Federal Family Education Loan Program administration. A copy of the survey and volume II containing technical appendixes are included. (Author/JB)