The House and Senate have introduced bipartisan legislation to extend the Perkins program, which is set to expire in less than one week.
On the House side, Reps. Mike Bishop (R-MI) and Mark Pocan (D-WI) introduced bi-partisan legislation extending the authorization of the Perkins Loan Program, which is similar to a measure the duo introduced in June t. The measure, HR 3594, Higher Education Extension Act of 2015, is expected to be considered and passed by the House next week.
Additionally, four Senate HELP Committee members introduced a bipartisan resolution today “expressing support for the continuation of the Federal Perkins Loan Program.” Senators Tammy Baldwin (D-WI), Rob Portman (R-OH), Robert P. Casey, Jr. (D-PA) and Susan Collins (R-ME) introduced a measure to express support to extend the Perkins program for this year. The introduction of the resolution signals broad support by the Senate to reauthorize the Perkins program for a year.
Perkins, the $1 billion campus-based loan program for exceptionally needy students, is just six days from expiring . While it has many backers in both chambers of Congress, most Republicans – including the House and Senate education committee chairmen – have shown no inclination to extend the program beyond Sept. 30.
The cost of the extension (approximately $250 million) will be paid for by limiting the grandfather clause, in that “grandfathered students” will only be able to take out Perkins loans through March 31, 2018 instead of throughout their entire academic career.
With the introduction of the pay-for and the bipartisan Senate resolution, the extending the program may move forward.
To read the House bill, click here.
To read the summary of the House bill, click here.