|Posted:||March 13, 2017 11:29 AM|
|From:||Representative James R. Roebuck, Jr.|
|To:||All House members|
|Subject:||Resolution Urging the Congress of the United States to Reauthorize the Federal Perkins Loan Program|
|In the near future, I intend to introduce a resolution urging the Congress of the United States to permanently reauthorize the Federal Perkins Loan Program.
The Perkins Loan Program is the Nation’s longest running Federal student loan program, created in 1958 as the National Defense Student Loan Program. It is a strong investment for students, schools, and taxpayers. Since the inception of the Federal Perkins Loan Program, over $28 billion dollars in loans have been made to students through almost 26 million aid awards. The Federal Perkins Loan Program has provided substantial loan assistance to millions of students and families across the country.
The program is need-based, fostering access to post-secondary education for low-income students by providing low interest loans with favorable terms during a period of declining grant availability.
The success of the program is a result of the central role of the education institutions that originate the loans, counsel their students through repayment, and select contractors for servicing and collection. The educational institutions ultimately 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.
Please consider cosponsoring this important resolution.
Introduced as HR309