Proposed changes in the federal government college loan program may be very advantageous for students, according to UC Davis financial aid director Ron Johnson, who oversees the distribution of more than $80 million in student aid on campus annually. The Clinton administration proposes to replace guaranteed student loans from private banks with direct loans to students from the federal government. As well as reducing up-front fees and providing additional repayment plans for students, the proposal seeks to provide students with money at the beginning of the academic quarter, when they most need it, Johnson says. In addition, he says, universities would handle direct loans as part of the financial aid process, thereby eliminating the lengthy application process for students. Johnson says he hopes a phased-in program, scheduled to take effect in 1994, would generate savings that could provide additional student aid money.