Senators urge reauthorization of Perkins loans

Published 11:38 am Tuesday, November 3, 2015

WASHINGTON D.C. — Democratic U.S. Sens. Mark Warner and Tim Kaine are urging senate leaders to reauthorize the Perkins Loan Program, which expired over a month ago.

The loan program serves as an aid to low-income students and has provided over $28 billion in loans, according to a press release from Senator Warner’s office.

An effort to certify the program has been attempted twice by a bipartisan coalition of senators; however, the Senate has not passed the bill, the release said.

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In the 2013-14 school year, over 200 students received Perkins loans at Longwood and Hampden-Sydney College.

According to the release, “Perkins loans offer a five percent fixed interest rate, no origination fees and a nine-month grace period.”

Warner and Kaine sent a letter, along with other 52 colleagues, to Majority Leader Mitch McConnell and Minority Leader Harry Reid.

The letter stated, “There are many students who will be disadvantaged by the senate’s inaction and the program’s expiration … We urge you to take up and pass the Higher Education Extension Act without delay.”