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[114th Congress Public Law 105]
[From the U.S. Government Publishing Office]

[[Page 129 STAT. 2219]]

Public Law 114-105
114th Congress

                                 An Act

 
 To extend temporarily the Federal Perkins Loan program, and for other 
            purposes. <<NOTE: Dec. 18, 2015 -  [H.R. 3594]>> 

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled, <<NOTE: Federal Perkins 
Loan Program Extension Act of 2015. Education. 20 USC 1001 note.>> 
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Federal Perkins Loan Program 
Extension Act of 2015''.
SEC. 2. EXTENSION OF FEDERAL PERKINS LOAN PROGRAM.

    (a) Authority to Make Loans.--
            (1) In general.--Section 461 of the Higher Education Act of 
        1965 (20 U.S.C. 1087aa) is amended--
                    (A) 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'';
                    (B) by striking subsection (b) and inserting the 
                following:

    ``(b) <<NOTE: Extension dates.>>  Authority to Make Loans.--
            ``(1) In general.--
                    ``(A) Loans for new undergraduate federal perkins 
                loan borrowers.--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.
                    ``(B) Loans for current undergraduate federal 
                perkins loan borrowers.--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

[[Page 129 STAT. 2220]]

                Loans as referenced under section 455(a)(2)(A) for which 
                such undergraduate student is eligible.
                    ``(C) Loans for certain graduate borrowers.--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.
            ``(2) No additional loans.--An institution of higher 
        education shall not make loans under this part after September 
        30, 2017.
            ``(3) Prohibition on additional appropriations.--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
                    (C) by striking subsection (c).
            (2) <<NOTE: Time period. 20 USC 1087aa note.>>  Rule of 
        construction.--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.

    (b) Distribution of Assets From Student Loan Funds.--Section 466 of 
the Higher Education Act of 1965 (20 U.S.C. 1087ff) is amended--
            (1) in subsection (a)--
                    (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
                    (B) in paragraph (1), by striking ``September 30, 
                2003'' and inserting ``September 30, 2017'';
            (2) in subsection (b)--
                    (A) by striking ``After October 1, 2012'' and 
                inserting ``Beginning October 1, 2017''; and
                    (B) by striking ``September 30, 2003'' and inserting 
                ``September 30, 2017''; and
            (3) in subsection (c)(1), by striking ``October 1, 2004'' 
        and inserting ``October 1, 2017''.

    (c) <<NOTE: 20 USC 1226a note.>>  Additional Extensions Not 
Permitted.--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.
SEC. 3. DISCLOSURE REQUIRED PRIOR TO DISBURSEMENT.

    Section 463A(a) of the Higher Education Act of 1965 (20 U.S.C. 
1087cc-1(a)) is amended--
            (1) in paragraph (12), by striking ``and'' after the 
        semicolon;

[[Page 129 STAT. 2221]]

            (2) in paragraph (13), by striking the period at the end and 
        inserting a semicolon; and
            (3) <<NOTE: Notification.>>  by adding at the end the 
        following:
            ``(14) a notice and explanation regarding the end to future 
        availability of loans made under this part;
            ``(15) a notice and explanation that repayment and 
        forgiveness benefits available to borrowers of loans made under 
        part D are not available to borrowers participating in the loan 
        program under this part;
            ``(16) a notice and explanation regarding a borrower's 
        option to consolidate a loan made under this part into a Federal 
        Direct Loan under part D, including any benefit of such 
        consolidation;
            ``(17) with respect to new undergraduate Federal Perkins 
        loan borrowers, as described in section 461(b)(1)(A), a notice 
        and explanation providing a comparison of the interest rates of 
        loans under this part and part D and informing the borrower that 
        the borrower has reached the maximum annual borrowing limit for 
        which the borrower is eligible as referenced under subparagraphs 
        (A) and (D) of section 455(a)(2); and
            ``(18) with respect to current undergraduate Federal Perkins 
        loan borrowers, as described in section 461(b)(1)(B), a notice 
        and explanation providing a comparison of the interest rates of 
        loans under this part and part D and informing the borrower that 
        the borrower has reached the maximum annual borrowing limit for 
        which the borrower is eligible on Federal Direct Stafford Loans 
        as referenced under section 455(a)(2)(A).''.

    Approved December 18, 2015.

LEGISLATIVE HISTORY--H.R. 3594:
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CONGRESSIONAL RECORD, Vol. 161 (2015):
            Sept. 28, considered and passed House.
            Dec. 16, considered and passed Senate, amended.
            Dec. 17, House concurred in Senate amendment.

                                  <all>
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