NAICU Washington Update

Legislation Introduced to Extend the Perkins Loan Program

September 25, 2017

Bipartisan legislation has been introduced in both chambers of Congress to reauthorize the Perkins Loan program for an additional two years.  Absent congressional action, the Perkins Loan program will expire on September 30, 2017, leaving institutions unable to award loans to students for the 2018-19 academic year and thereafter.
In the House, Representatives Elise Stefanik (R-NY) and Mark Pocan (D-WI) introduced the Federal Perkins Loan Program Extension Act of 2017 (H.R. 2482). The bill boasts more than 200 cosponsors, and seeks to extend the Perkins Loan program through September 30, 2019, in order to give Congress sufficient time to consider the future of the program during the reauthorization of the Higher Education Act.
Companion legislation has been introduced in the Senate by Senators Tammy Baldwin (D-WI), Rob Portman (R-OH), Bob Casey (D-PA), and Susan Collins (R-ME).
The Perkins Loan program was extended in 2015 when it faced a similar termination threat.  This time, however, the situation is worse because budget rules would require at least $5 billion in funding to fully reinstate the program.  Advocates continue to push legislators to advance the legislation to protect hundreds of thousands of students who would otherwise lose access to critical higher education funding. 

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