As the expiration date for the Perkins Loan program approaches this week, it's unclear whether the program will survive to the next financial aid cycle -- despite bipartisan support for legislation in both chambers of Congress that would extend the program to 2019.
The Perkins programs allows participating colleges and universities to fill the gaps between the full cost of attendance and the amount of aid low-income students get through sources like Pell Grants, work study, and Federal Direct Loans. The loans come with an interest rate of 5 percent that only begins to accrue when a borrower enters repayment. Congress hasn't put new money into the program since 2004. New loans are funded instead by the repayment of older loans.
In the 2014-15 academic year, about 528,000 students used the loans, with an average award of around $2,200.
Read more at Inside Higher Ed: https://www.insidehighered.com/news/2017/09/28/deadline-looms-chances-extension-perkins-loan-program-uncertain