Slaughter Introduces Perkins Loan Extension Act of 2017
WASHINGTON, DC — Congresswoman Louise Slaughter (NY-25) has introduced the Perkins Loan Extension Act of 2017 – bipartisan legislation to extend the Perkins Loan Program for a period of two years so that students currently enrolled in the program can continue to receive financial aid. In December of 2015, Slaughter led the charge to save the program from expiring.
“Perkins loans help low-income students access the benefits of a higher education. This program provides low-interest loans that are paid back to the student’s college, creating a revolving system that supports the next class of deserving students. With no additional funding from the federal government, Perkins loans will continue to help low-income students attain an education and allow them to break the cycle of poverty. It is inexcusable that some politicians are targeting this program for elimination since without Perkins, 500,000 low-income students across the country—nearly 50,000 from New York State and over 6,000 from my district alone—would not have access to a critical safety net,” said Slaughter.
“Perkins Loans provide critical support to MCC alumni who transfer to private and public four-year colleges and universities throughout the Northeast. Transferring students who are economically disadvantaged often rely on Perkins Loans, especially when they are not eligible for or have exhausted other financial aid options. If we are committed to helping people find their way out of poverty, higher education is the ladder and the Perkins Loan program is an important, first rung on that ladder,” said Anne Kress, President of Monroe Community College.
“I applaud Congresswoman Slaughter for her efforts and advocacy to reauthorize the Federal Perkins Loan Program. This vital program helps students from low-income families achieve their higher education goals. At Brockport, we expect nearly 900 students to receive approximately $1.7 million in loans through Perkins in the 2017-18 academic year. Perkins recipients are often first-generation college students who otherwise may not be able to afford to attend college. I urge our elected officials to follow Congresswoman Slaughter’s lead and not let the Perkins program expire,” said Heidi Macpherson, President of The College at Brockport.
"Nazareth College is proud to support Congresswoman Slaughter in her fight to save the Perkins Loan program. In an environment where college access and affordability are in the state and national spotlight, the Perkins Loan program plays a vital role for many students and families. If this program ends and is not replaced, we project that our students will lose $290,000 in financial aid opportunity during the coming academic year. That loss will result in loss of educational opportunities for many students," said Daan Braveman, President of Nazareth College.
“Last year, nearly 500 Fisher students received assistance in financing their education with a Federal Perkins Loan. This funding is critical to our students who may not qualify for any other financing options, including more costly private loans, and therefore would not be able to pursue a college education,” said Gerard Rooney, President of St. John Fisher College.
“The Perkins Loan program is an efficient and effective tool in our ability to support our students with the greatest financial need, as well as those who have unexpected financial circumstances that impact their ability to continue their studies. The matching requirement ensures a shared commitment to these students by the university as well as the Federal government. It’s a program that works well, has helped thousands of deserving students, and is a worthy investment in the nation’s future workforce. We’re grateful to Congresswoman Slaughter for championing this program and the students it supports,” said Deborah M. Stendardi, Vice President for Government & Community Relations for Rochester Institute of Technology.
“For nearly 60 years, the Perkins Loan program has provided a critical path to higher education for millions of students. Extending Perkins will allow eligible students at the University of Rochester and at institutions across the country to continue to access this valuable, low-interest option to help finance their education. I applaud Congresswoman Slaughter for her tremendous leadership and tireless efforts to ensure that the Perkins Loan program remains available to serve students and their families for many years to come,” said Joel Seligman, President & CEO, University of Rochester.
Perkins Loans are need-based loans which foster access to higher education for low income students by providing low interest loans to students in need. Perkins Loans borrowers are predominantly from lower income families and are often the first in their family to attend college.
Unlike many other student loan programs, Perkins is administered directly by colleges and universities who originate the loans, counsel their students through repayment, and select contractors for servicing and collection.
Colleges and Universities tailor the program to best fit borrowers’ and institutions’ situations. Perkins is a risk-sharing program with institutions contributing one-third of their students’ awards. This “ownership interest” also contributes to the successful management of this vital program.
-67% of Perkins borrowers are dependent students, 34% of whom are from families with household incomes of less than $30,000.
-20% of Perkins borrowers are independent students, 70% of whom have personal incomes of less than $20,000.
The Perkins Loan program is scheduled to expire on September 30, 2017 if Congress does not act to reauthorize this program. If the Perkins Loan is eliminated, around 500,000 students across the country will not be able to access much-needed financial aid.
Additionally, this legislation is supported by:
Association of Public and Land-grant Universities (APLU), American Association of Colleges of Nursing, American Association of Collegiate Registrars and Admissions Officers, Association of Jesuit Colleges and Universities, American Council on Education, American Veterinary Medical Association, American College of Nurse-Midwives, Association of American Veterinary Medical Colleges, Association of Research Libraries, Board of Directors for the Indiana Association of College and University Business Officers , Coalition of Higher Education Assistance Organizations, Consortium of Universities of the Washington Metropolitan Area, Council for Christian Colleges & Universities, Council for Opportunity in Education, Kentucky Association of Student Receivable Officers, National Association of Independent Colleges and Universities (NAICU) National Association for College Admission Counseling, National Education Association (NEA), National Association Student Financial Aid Administrators (NASFAA), National Association of College and University Business Officers (NACUBO), Nebraska Association of Student Financial Aid Administrators, New York State Financial Aid Administrators Association (NYSFAAA), Oklahoma State University, Pennsylvania Association of Student Financial Aid Administrators, State University of New York system (SUNY), University of California System, University of Maryland System, United Negro College Fund, Utah Association of Student Loan Administrators, Western Association of Student Financial Aid Administrators (WASFAA), Wisconsin Association of Independent Colleges and Universities
Adelphi University, Augustana College, Austin College, Arizona State University, Ball State University, Biola University, Boston College, Butler University, University of California System, Chicago State University, Coe College, The College of New Rochelle, College of Saint Mary, The College of William and Mary, Columbia University, Creighton University, D’Youville College, Daemen College, Dartmouth College, DeVry University, Drexel University, Eastern Kentucky University, Emerson College, Fairleigh Dickenson, Fordham University, Florida Institute of Technology, George Washington University School of Medicine, Gonzaga University, Golden Gate University Hobart and William Smith Colleges, La Salle University, Loyola University Chicago, Marquette University, Milwaukee School of Engineering, Molloy College, Morehouse College, New York Law School, Northwestern University, Ohio University, Otterbein University, Regis University, Saint Louis University, Santa Clara University, Seton Hall University, Smith College, South Dakota State University, Southeast Missouri University, Southern Methodist University, Spring Hill College, St. Olaf College, Suffolk University, Tabor College, Temple University, Trevecca Nazarene University, University of Bridgeport, University of Minnesota, University of Minnesota Duluth, University of Montana, University of New Hampshire, University of Oregon, University of Pennsylvania, University of Portland, University of Southern California, University of the Pacific, Temple University, Union College, University of Virginia, University of Wisconsin Eau Claire, University of Wisconsin Madison, University of Wisconsin Stevens Point, Valparaiso University, Virginia State University, Wayne College, Western University of Health Sciences, Widener University, Wheaton College, Xavier University