With the Perkins Loan Program set to expire at midnight — and thousands of students waiting to hear about the fate of their financial aid packages — the U.S. Senate is considering the Higher Education Extension Act of 2015 today.
Introduced by U.S. Rep. Mike Bishop (R-MI) and fellow House Education and the Workforce Committee member Mark Pocan (D-WI), the legislation would extend the need-based federal loan program for another year.
“The students who count on a Perkins loan to help pay for their college education shouldn’t be left high and dry when the program expires… ,” Bishop explained. “I am proud to champion this bipartisan proposal, which will help meet the immediate need of students and give Congress the opportunity to advance commonsense reforms that better serve students for the future.”
In addition to keeping the Perkins Loan alive, the bill would reform the financial program to ensure the legislation is fully paid for at no cost to taxpayers, and would allow students who receive a Perkins loan during the 2015-2016 academic year and remain in the same academic program to be eligible to receive those funds through March 31, 2018.
“The Perkins Loans program has helped students struggling to find a way to pay for college in Wisconsin and all across the country,” Pocan said. “I will continue to work tirelessly so the program is fully extended in the Higher Education Act to ensure students are able to access the federal financial aid they need to make college accessible.”
The proposed legislation also includes a provision to extend the National Advisory Committee on Institutional Quality and Integrity, and the Advisory Committee on Student Financial Assistance through fiscal year 2016.