Federal Credit Cost Reduction Act of 1994

Federal Credit Cost Reduction Act of 1994 - Amends the Federal Credit Reform Act of 1990 to include administrative costs (which, currently, are expressly excluded) in the estimated long-term costs to the Government of direct loans and loan guarantees.

Amends Federal law to require the President's annual budget to contain a separate listing of administrative costs for direct loans and loan guarantees on a cash accounting basis and an appendix of such costs by program, by agency, and for the Government.

Establishes maximum permissible subsidy rates for each credit reform program account. Reduces such rates from 40 percent for FY 1995 to five percent by FY 1999.