In the Senate of the United States, 

December 16, 2015. 

Resolved, That the bill from the House of Representatives (H.R. 3594) entitled ‘‘An Act to extend temporarily the 

Federal Perkins Loan program, and for other purposes.’’, do 

pass with the following 

AMENDMENT: 

Strike all after the enacting clause and insert the 

following: 

1 SECTION 1. SHORT TITLE. 

2 This Act may be cited as the ‘‘Federal Perkins Loan 

3 Program Extension Act of 2015’’. 

4 SEC. 2. EXTENSION OF FEDERAL PERKINS LOAN PROGRAM. 

5 (a) AUTHORITY TO MAKE LOANS.— 

6 (1) IN GENERAL.—Section 461 of the Higher 

7 Education Act of 1965 (20 U.S.C. 1087aa) is amend8 ed— 

9 (A) in subsection (a), by striking ‘‘of stimu10 lating and assisting in the establishment and 
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1 maintenance of funds at institutions of higher 

2 education for the making of low-interest loans to 

3 students in need thereof’’ and inserting ‘‘assist4 ing in the maintenance of funds at institutions 

5 of higher education for the making of loans to 

6 undergraduate students in need’’; 

7 (B) by striking subsection (b) and inserting 

8 the following: 

9 ‘‘(b) AUTHORITY TO MAKE LOANS.— 

10 ‘‘(1) IN GENERAL.— 

11 ‘‘(A) LOANS FOR NEW UNDERGRADUATE

12 FEDERAL PERKINS LOAN BORROWERS.—Through 

13 September 30, 2017, an institution of higher 

14 education may make a loan under this part to 

15 an eligible undergraduate student who, on the 

16 date of disbursement of a loan made under this 

17 part, has no outstanding balance of principal or 

18 interest on a loan made under this part from the 

19 student loan fund established under this part by 

20 the institution, but only if the institution has 

21 awarded all Federal Direct Loans, as referenced 

22 under subparagraphs (A) and (D) of section 

23 455(a)(2), for which such undergraduate student 

24 is eligible. 
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1 ‘‘(B) LOANS FOR CURRENT UNDER2 GRADUATE FEDERAL PERKINS LOAN BOR3 ROWERS.—Through September 30, 2017, an in4 stitution of higher education may make a loan 

5 under this part to an eligible undergraduate stu6 dent who, on the date of disbursement of a loan 

7 made under this part, has an outstanding bal8 ance of principal or interest on a loan made 

9 under this part from the student loan fund estab10 lished under this part by the institution, but 

11 only if the institution has awarded all Federal 

12 Direct Stafford Loans as referenced under section 

13 455(a)(2)(A) for which such undergraduate stu14 dent is eligible. 

15 ‘‘(C) LOANS FOR CERTAIN GRADUATE BOR16 ROWERS.—Through September 30, 2016, with re17 spect to an eligible graduate student who has re18 ceived a loan made under this part prior to Oc19 tober 1, 2015, an institution of higher education 

20 that has most recently made such a loan to the 

21 student for an academic program at such insti22 tution may continue making loans under this 

23 part from the student loan fund established 

24 under this part by the institution to enable the 
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1 student to continue or complete such academic 

2 program. 

3 ‘‘(2) NO ADDITIONAL LOANS.—An institution of 

4 higher education shall not make loans under this part 

5 after September 30, 2017. 

6 ‘‘(3) PROHIBITION ON ADDITIONAL APPROPRIA7 TIONS.—No funds are authorized to be appropriated 

8 under this Act or any other Act to carry out the func9 tions described in paragraph (1) for any fiscal year 

10 following fiscal year 2015.’’; and 

11 (C) by striking subsection (c). 

12 (2) RULE OF CONSTRUCTION.—Notwithstanding 

13 the amendments made under paragraph (1) of this 

14 subsection, an eligible graduate borrower who received 

15 a disbursement of a loan under part E of title IV of 

16 the Higher Education Act of 1965 (20 U.S.C. 1087aa 

17 et seq.) after June 30, 2016 and before October 1, 

18 2016, for the 2016–2017 award year, may receive a 

19 subsequent disbursement of such loan by June 30, 

20 2017, for which the borrower received an initial dis21 bursement after June 30, 2016 and before October 1, 

22 2016. 

23 (b) DISTRIBUTION OF ASSETS FROM STUDENT LOAN

24 FUNDS.—Section 466 of the Higher Education Act of 1965 

25 (20 U.S.C. 1087ff) is amended— 
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1 (1) in subsection (a)— 

2 (A) in the matter preceding paragraph (1), 

3 by striking ‘‘After September 30, 2003, and not 

4 later than March 31, 2004’’ and inserting ‘‘Be5 ginning October 1, 2017’’; and 

6 (B) in paragraph (1), by striking ‘‘Sep7 tember 30, 2003’’ and inserting ‘‘September 30, 

8 2017’’; 

9 (2) in subsection (b)— 

10 (A) by striking ‘‘After October 1, 2012’’ and 

11 inserting ‘‘Beginning October 1, 2017’’; and 

12 (B) by striking ‘‘September 30, 2003’’ and 

13 inserting ‘‘September 30, 2017’’; and 

14 (3) in subsection (c)(1), by striking ‘‘October 1, 

15 2004’’ and inserting ‘‘October 1, 2017’’. 

16 (c) ADDITIONAL EXTENSIONS NOT PERMITTED.—Sec17 tion 422 of the General Education Provisions Act (20 

18 U.S.C. 1226a) shall not apply to further extend the dura19 tion of the authority under paragraph (1) of section 461(b) 

20 of the Higher Education Act of 1965 (20 U.S.C. 1087aa(b)), 

21 as amended by subsection (a)(1) of this section, beyond Sep22 tember 30, 2017, on the basis of the extension under such 

23 subsection. 
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1 SEC. 3. DISCLOSURE REQUIRED PRIOR TO DISBURSEMENT. 

2 Section 463A(a) of the Higher Education Act of 1965 

3 (20 U.S.C. 1087cc–1(a)) is amended— 

4 (1) in paragraph (12), by striking ‘‘and’’ after 

5 the semicolon; 

6 (2) in paragraph (13), by striking the period at 

7 the end and inserting a semicolon; and 

8 (3) by adding at the end the following: 

9 ‘‘(14) a notice and explanation regarding the 

10 end to future availability of loans made under this 

11 part; 

12 ‘‘(15) a notice and explanation that repayment 

13 and forgiveness benefits available to borrowers of 

14 loans made under part D are not available to bor15 rowers participating in the loan program under this 

16 part; 

17 ‘‘(16) a notice and explanation regarding a bor18 rower’s option to consolidate a loan made under this 

19 part into a Federal Direct Loan under part D, in20 cluding any benefit of such consolidation; 

21 ‘‘(17) with respect to new undergraduate Federal 

22 Perkins loan borrowers, as described in section 

23 461(b)(1)(A), a notice and explanation providing a 

24 comparison of the interest rates of loans under this 

25 part and part D and informing the borrower that the 

26 borrower has reached the maximum annual borrowing 
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1 limit for which the borrower is eligible as referenced 

2 under subparagraphs (A) and (D) of section 

3 455(a)(2); and 

4 ‘‘(18) with respect to current undergraduate Fed5 eral Perkins loan borrowers, as described in section 

6 461(b)(1)(B), a notice and explanation providing a 

7 comparison of the interest rates of loans under this 

8 part and part D and informing the borrower that the 

9 borrower has reached the maximum annual borrowing 

10 limit for which the borrower is eligible on Federal Di11 rect Stafford Loans as referenced under section 

12 455(a)(2)(A).’’. 

Attest: 

Secretary. 
114TH CONGRESS 

1ST SESSION H.R. 3594 

AMENDMENT