Sec. 2. Extension of federal perkins loan program
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Section 461 of the Higher Education Act of 1965 ( 20 U.S.C. 1087aa ) is amended— 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 ; by striking subsection
(b)and inserting the following: 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. 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 Loans as referenced under section 455(a)(2)(A) for which such undergraduate student is eligible. 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. An institution of higher education shall not make loans under this part after September 30, 2017. 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 by striking subsection (c). 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. Section 466 of the Higher Education Act of 1965 ( 20 U.S.C. 1087ff ) is amended— in subsection (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 in paragraph (1), by striking September 30, 2003 and inserting September 30, 2017 ; in subsection (b)— by striking After October 1, 2012 and inserting Beginning October 1, 2017 ; and by striking September 30, 2003 and inserting September 30, 2017 ; and in subsection (c)(1), by striking October 1, 2004 and inserting October 1, 2017 . 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.
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