Federal Perkins Loan Program Extension Act of 2015
Latest action · Dec 18, 2015 Became Public Law No: 114-105.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedSep 24, 2015
- Passed HouseSep 28, 2015
- Passed SenateDec 16, 2015
- To the PresidentDec 18, 2015
- Became lawDec 18, 2015
Summary
(This measure has not been amended since it was passed by the Senate on December 16, 2015. The summary of that version is repeated here.)
Federal Perkins Loan Program Extension Act of 2015
(Sec. 2) This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to extend the authority of institutions of higher education (IHEs) to disburse Federal Perkins Loans to new undergraduate borrowers through September 30, 2017. A student must first exhaust Federal Direct Subsidized and Unsubsidized Stafford Loan eligibility.
IHEs may continue to disburse Perkins Loans to current undergraduate borrowers through September 30, 2017. A student must first exhaust all Federal Direct Subsidized Stafford Loan eligibility.
IHEs may continue to disburse Perkins Loans to certain graduate borrowers through September 30, 2016, to enable students to continue or complete an academic program. A student must have received a Perkins loan prior to October 1, 2015.
The bill prohibits Perkins Loan disbursement beyond September 30, 2017.
It also prohibits authorization of additional appropriations for the Federal Perkins Loan program beyond September 30, 2016.
Beginning October 1, 2017, each participating IHE must pay to the Department of Education: (1) a portion of the federal share of the balance of its Perkins Loan funds; (2) a portion of the Perkins student loan payments, including principal and interest, received by the institution; and (3) a capital distribution from its Perkins Loan fund.
(Sec. 3) The bill also expands disclosure requirements for IHEs that participate in the Federal Perkins Loan program.
Specifically, prior to Perkins Loan disbursement, an IHE must provide notice and explanation to all borrowers regarding unavailability of future Perkins loans, limited Perkins loan repayment and forgiveness options, and Direct Loan consolidation options. Also, an IHE must provide notice and explanation to new and current undergraduate borrowers regarding a comparison of Perkins and Direct loan interest rates.
Cosponsors 17
Members who signed on, in the order they did. Signatures ran from Sep 24, 2015 to Sep 28, 2015, with 1 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-WI | Mark Pocan | Original | Sep 24, 2015 |
| R-AL | Bradley Byrne | Sep 28, 2015 | |
| R-NY | Elise M. Stefanik | Sep 28, 2015 | |
| R-WI | Glenn Grothman | Sep 28, 2015 | |
| R-PA | Glenn Thompson | Sep 28, 2015 | |
| R-WA | Jaime Herrera Beutler | Sep 28, 2015 | |
| D-IL | Janice D. Schakowsky | Sep 28, 2015 | |
| D-MI | John Conyers, Jr. | Sep 28, 2015 | |
| R-MN | John Kline | Sep 28, 2015 | |
| D-MA | Katherine M. Clark | Sep 28, 2015 | |
| R-PA | Lou Barletta | Sep 28, 2015 | |
| D-NY | Louise McIntosh Slaughter | Sep 28, 2015 | |
| R-IN | Luke Messer | Sep 28, 2015 | |
| D-CA | Mark DeSaulnier | Sep 28, 2015 | |
| D-VA | Robert C. "Bobby" Scott | Sep 28, 2015 |
Actions 20
Everything that happened, newest first.
- Dec 18, 2015Became Public Law No: 114-105.
- Dec 18, 2015Presented to President.
- Dec 18, 2015Signed by President.
- Dec 17, 2015Motion to reconsider laid on the table Agreed to without objection.
- Dec 17, 2015Mr. Bishop (MI) asked unanimous consent that the House agree to the Senate amendment. (consideration: CR H9676)
Amendments 1
Amendments offered to this bill.
| Amendment | Description | Offered by | Status |
|---|---|---|---|
| SA 2929 | In the nature of a substitute. | Lamar Alexander R-TN | Amendment SA 2929 agreed to in Senate by Unanimous Consent. |
Subjects
Assigned by the Library of Congress. Policy area: Education.
Text 5
Each version as it was printed, newest first.
- —Enrolled Bill
- Dec 16, 2015Engrossed Amendment Senate
- Sep 29, 2015Received in Senate
- Sep 28, 2015Engrossed in House
- Sep 24, 2015Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.