Newman University – represented through the American Council on Education – is among the 53 higher education organizations and 535 education and financial aid institutions to request that the U.S. Congress extend the Perkins Loan Program for one year. According to the letter written to Congress by Molly Broad, president of the American Council on Education (ACE), as of last year 1,500 institutions and 500,000 students utilized the Perkins Program.
The Perkins Loan Program, founded in 1958, is the original federal student aid program. As of 2004 funding has not been appropriated toward the program, yet it has consistently gained popularity. Without this extension 100,000 students will be forced to find more expensive options to alleviate their financial situation.
The Higher Education Extension Act of 2015 (H.R. 3594) – the legislation for helping renew the program – has received bipartisan support in both chambers of Congress. Broad noted that through thoughtful consideration this program can benefit students while not causing a hike in taxpayer dollars.
In her closing statement to Congress, Broad writes that without the extension “…campuses will be forced to wind down the program, imposing unnecessary costs on students working to pursue their post-secondary goals. Due to the urgent nature of the extension, we ask that you either advance a stand-alone extension soon or attach such legislation to a legislative vehicle (such as pending appropriations bills) likely to move to the floor before the end of the year.”
To find out more, see the list of organizations and institutions that favor renewing the Perkins Loan Program by reading Broad’s letter to Congress.