The Federal Perkins Loan

 

The Federal Perkins Loan Program Extension Act of 2015 (The Extension Act), enacted on December 18, 2015, extends the Perkins Loan Program through September 30, 2017.

Per the changes in the Extension Act, effective December 18, 2015, schools participating in the Perkins Loan Program may make Perkins Loans as specified below:


Undergraduate Students

 A school may make Perkins Loans through—                         To an—                 Who, on the date of disbursement—     If the school has awarded the student—                                     
September 30, 2017 Eligible current undergraduate student Has an outstanding balance on a Perkins Loan made by the school. All Direct Subsidized Stafford Loan aid for which the student is eligible.
September 30, 2017 Eligible new undergraduate student Does not have an outstanding balance on a Perkins Loan made by the school. All Direct Subsidized and Unsubsidized Stafford Loan aid for which the student is eligible.

Awarding Direct Subsidized and Unsubsidized Stafford Loans - An undergraduate student who was awarded a Direct Subsidized Loan and/or a Direct Unsubsidized Loan can decline one or both of the loans (or request a lesser amount). However, the student’s Direct Loan eligibility amounts must be included in the calculation of the undergraduate student’s Perkins Loan amount, regardless of whether they actually borrow that full amount.

 

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