[United States Statutes at Large, Volume 129, 114th Congress, 1st Session]
[From the U.S. Government Publishing Office, www.gpo.gov]
Public Law 114-105
114th Congress
An Act
To extend temporarily the Federal Perkins Loan program, and for other
purposes. <>
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled, <>
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Federal Perkins Loan Program
Extension Act of 2015''.
SEC. 2. EXTENSION OF FEDERAL PERKINS LOAN PROGRAM.
(a) Authority to Make Loans.--
(1) In general.--Section 461 of the Higher Education Act of
1965 (20 U.S.C. 1087aa) is amended--
(A) in subsection (a), by striking ``of stimulating
and assisting in the establishment and maintenance of
funds at institutions of higher education for the making
of low-interest loans to students in need thereof'' and
inserting ``assisting in the maintenance of funds at
institutions of higher education for the making of loans
to undergraduate students in need'';
(B) by striking subsection (b) and inserting the
following:
``(b) Authority to Make Loans.--
``(1) In general.--
``(A) Loans for new undergraduate federal perkins
loan borrowers.--Through September 30, 2017, an
institution of higher education may make a loan under
this part to an eligible undergraduate student who, on
the date of disbursement of a loan made under this part,
has no outstanding balance of principal or interest on a
loan made under this part from the student loan fund
established under this part by the institution, but only
if the institution has awarded all Federal Direct Loans,
as referenced under subparagraphs (A) and (D) of section
455(a)(2), for which such undergraduate student is
eligible.
``(B) Loans for current undergraduate federal
perkins loan borrowers.--Through September 30, 2017, an
institution of higher education may make a loan under
this part to an eligible undergraduate student who, on
the date of disbursement of a loan made under this part,
has an outstanding balance of principal or interest on a
loan made under this part from the student loan fund
established under this part by the institution, but only
if the institution has awarded all Federal Direct
Stafford
[[Page 2220]]
Loans as referenced under section 455(a)(2)(A) for which
such undergraduate student is eligible.
``(C) Loans for certain graduate borrowers.--Through
September 30, 2016, with respect to an eligible graduate
student who has received a loan made under this part
prior to October 1, 2015, an institution of higher
education that has most recently made such a loan to the
student for an academic program at such institution may
continue making loans under this part from the student
loan fund established under this part by the institution
to enable the student to continue or complete such
academic program.
``(2) No additional loans.--An institution of higher
education shall not make loans under this part after September
30, 2017.
``(3) Prohibition on additional appropriations.--No funds
are authorized to be appropriated under this Act or any other
Act to carry out the functions described in paragraph (1) for
any fiscal year following fiscal year 2015.''; and
(C) by striking subsection (c).
(2) <> Rule of
construction.--Notwithstanding the amendments made under
paragraph (1) of this subsection, an eligible graduate borrower
who received a disbursement of a loan under part E of title IV
of the Higher Education Act of 1965 (20 U.S.C. 1087aa et seq.)
after June 30, 2016 and before October 1, 2016, for the 2016-
2017 award year, may receive a subsequent disbursement of such
loan by June 30, 2017, for which the borrower received an
initial disbursement after June 30, 2016 and before October 1,
2016.
(b) Distribution of Assets From Student Loan Funds.--Section 466 of
the Higher Education Act of 1965 (20 U.S.C. 1087ff) is amended--
(1) in subsection (a)--
(A) in the matter preceding paragraph (1), by
striking ``After September 30, 2003, and not later than
March 31, 2004'' and inserting ``Beginning October 1,
2017''; and
(B) in paragraph (1), by striking ``September 30,
2003'' and inserting ``September 30, 2017'';
(2) in subsection (b)--
(A) by striking ``After October 1, 2012'' and
inserting ``Beginning October 1, 2017''; and
(B) by striking ``September 30, 2003'' and inserting
``September 30, 2017''; and
(3) in subsection (c)(1), by striking ``October 1, 2004''
and inserting ``October 1, 2017''.
(c) <> Additional Extensions Not
Permitted.--Section 422 of the General Education Provisions Act (20
U.S.C. 1226a) shall not apply to further extend the duration of the
authority under paragraph (1) of section 461(b) of the Higher Education
Act of 1965 (20 U.S.C. 1087aa(b)), as amended by subsection (a)(1) of
this section, beyond September 30, 2017, on the basis of the extension
under such subsection.
SEC. 3. DISCLOSURE REQUIRED PRIOR TO DISBURSEMENT.
Section 463A(a) of the Higher Education Act of 1965 (20 U.S.C.
1087cc-1(a)) is amended--
(1) in paragraph (12), by striking ``and'' after the
semicolon;
[[Page 2221]]
(2) in paragraph (13), by striking the period at the end and
inserting a semicolon; and
(3) <> by adding at the end the
following:
``(14) a notice and explanation regarding the end to future
availability of loans made under this part;
``(15) a notice and explanation that repayment and
forgiveness benefits available to borrowers of loans made under
part D are not available to borrowers participating in the loan
program under this part;
``(16) a notice and explanation regarding a borrower's
option to consolidate a loan made under this part into a Federal
Direct Loan under part D, including any benefit of such
consolidation;
``(17) with respect to new undergraduate Federal Perkins
loan borrowers, as described in section 461(b)(1)(A), a notice
and explanation providing a comparison of the interest rates of
loans under this part and part D and informing the borrower that
the borrower has reached the maximum annual borrowing limit for
which the borrower is eligible as referenced under subparagraphs
(A) and (D) of section 455(a)(2); and
``(18) with respect to current undergraduate Federal Perkins
loan borrowers, as described in section 461(b)(1)(B), a notice
and explanation providing a comparison of the interest rates of
loans under this part and part D and informing the borrower that
the borrower has reached the maximum annual borrowing limit for
which the borrower is eligible on Federal Direct Stafford Loans
as referenced under section 455(a)(2)(A).''.
Approved December 18, 2015.
LEGISLATIVE HISTORY--H.R. 3594:
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CONGRESSIONAL RECORD, Vol. 161 (2015):
Sept. 28, considered and passed House.
Dec. 16, considered and passed Senate, amended.
Dec. 17, House concurred in Senate amendment.