Comparisons of Farm Service Agency direct and guaranteed farm loans made from fiscal 2000 through fiscal 2003 shows that differences in performance measure between the two delivery systems are substantial, but that those differences appear to be consistent with differences in program objectives. Direct loans made during these years had higher delinquency, restructuring, and loss rates than guaranteed loans made. In addition, when loan repayments occur, they occur more quickly in direct loans than in guaranteed loans. Despite the differences, most loan performance measures for both delivery systems continue to show significant improvement from historical highs set in the 1980s and 1990s.