2-Year Extension for Perkins – Requires 2 Critical Actions for Schools

As you are aware, the Federal Perkins Loan Program is scheduled to expire September 30, 2017.  As was the case in 2015, there is another opportunity for Congress to pass an extension so that the future of Perkins can be considered during the HEA reauthorization. Two years ago, our success resulted from the hard work of the higher education community, and this year’s extension can only be achieved if we have your continued demonstration of support. 

COHEAO is very optimistic that Perkins will receive a 2-year extension by the end of the year, but not likely before the expiration.  Our TOP PRIORITIES are to add cosponsors to the recently introduced Senate Bill S.1808 and continue to garner support for the House Bill H.R.2482, which currently has 200 Cosponsors! 

There are critical actions outlined below that schools must follow to ensure our best chance for success:

Award & Disburse as much of your Perkins funds as you can by September 30th:

• All eligible students can receive a Perkins Loan for AY 2017-18 even if the program expires on 9/30/17, as long as the first disbursement is made by 9/30/17.  Eligible students can receive their Perkins awards through 6/30/18.  To ensure eligibility, make sure students complete their loan documents and are disbursed by 9/30/17.
• Lend ALL available Perkins Loan funds in the 2017-2018 academic year to prevent EXCESS CASH.  (Increase award amounts – including second disbursements, package for financial aid appeals, etc.)
• The fight for Perkins is far from over. Do not liquidate your Perkins Loan fund.  Your students will lose access to low-cost, subsidized loans and your institution will not be able to recoup its investment of Institutional Capital Contributions (ICC).  Schools that liquidate their portfolios will also lose any hope for reimbursement of its institutional share of cancelled loan fund

Continue your efforts as an Advocate for Perkins:

• It is critical that our Congressional leadership hears from you, your students and most importantly, your institution’s top leadership.  Please reach out to your government affairs staff and upper administration and communicate how important this program is to your students and ask them to get involved. Calls and letters from students and college presidents are what led to the Perkins Loan Extension Act of 2015.
• Participate in a call with your Congressional Member. COHEAO is in the process of organizing advocacy groups to participate in calls with their respective Congressional members.  If you would like to participate, you can get more info and sign up here.
• Encourage your student organizations to contact your Congressional Representatives in both the House and Senate with stories of how Perkins has helped them pursue their education.  Testimonials can be entered online here and will be shared with Congress.
• For more information, visit COHEAO’s Perkins Advocacy Page.

Your support is critical to this extension process and we thank you in advance for your efforts to save this valuable program!