Sec. 2. Findings
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Congress finds the following: Since the inception of the Federal Perkins Loan Program in 1958, over $28,000,000,000 in loans have been made to students through more than 25,000,000 aid awards. Millions of students and families in need have been helped by Federal Perkins Loans. The Federal Perkins Loan Program was a revolving fund that utilized a model of risk sharing, local control, and school based servicing that greatly benefited students, borrowers, and institutions of higher education for six decades.
In the 2016–2017 academic year, the last year that Federal Perkins Loans were authorized, 30 percent of families with dependent students receiving Federal Perkins Loans had annual incomes below $30,000 and 8 percent of families with dependent students receiving Federal Perkins Loans had annual incomes below $12,000. Since the expiration of the Federal Perkins Loan Program authorization in 2017, there has been no substitute or replacement aid for college students with need, which has resulted in many students having to borrow higher cost student loans or withdraw from college altogether.