In the Senate of the United States, 
December 16, 2015. 
Resolved, That the bill from the House of Representa-
tives (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: 
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 amend-
ed— 
(A) in subsection (a), by striking ‘‘of stimu-
lating and assisting in the establishment and
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maintenance of funds at institutions of higher 
education for the making of low-interest loans to 
students in need thereof’’ and inserting ‘‘assist-
ing 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) 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.
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‘‘(B) 
LOANS
FOR
CURRENT
UNDER-
GRADUATE
FEDERAL
PERKINS
LOAN
BOR-
ROWERS.—Through September 30, 2017, an in-
stitution of higher education may make a loan 
under this part to an eligible undergraduate stu-
dent who, on the date of disbursement of a loan 
made under this part, has an outstanding bal-
ance of principal or interest on a loan made 
under this part from the student loan fund estab-
lished under this part by the institution, but 
only if the institution has awarded all Federal 
Direct Stafford Loans as referenced under section 
455(a)(2)(A) for which such undergraduate stu-
dent is eligible. 
‘‘(C) LOANS FOR CERTAIN GRADUATE BOR-
ROWERS.—Through September 30, 2016, with re-
spect to an eligible graduate student who has re-
ceived a loan made under this part prior to Oc-
tober 1, 2015, an institution of higher education 
that has most recently made such a loan to the 
student for an academic program at such insti-
tution may continue making loans under this 
part from the student loan fund established 
under this part by the institution to enable the
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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 APPROPRIA-
TIONS.—No funds are authorized to be appropriated 
under this Act or any other Act to carry out the func-
tions described in paragraph (1) for any fiscal year 
following fiscal year 2015.’’; and 
(C) by striking subsection (c). 
(2) 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 dis-
bursement 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—
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(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 ‘‘Be-
ginning October 1, 2017’’; and 
(B) in paragraph (1), by striking ‘‘Sep-
tember 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) ADDITIONAL EXTENSIONS NOT PERMITTED.—Sec-
tion 422 of the General Education Provisions Act (20 
U.S.C. 1226a) shall not apply to further extend the dura-
tion 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 Sep-
tember 30, 2017, on the basis of the extension under such 
subsection.
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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; 
(2) in paragraph (13), by striking the period at 
the end and inserting a semicolon; and 
(3) 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 bor-
rowers participating in the loan program under this 
part; 
‘‘(16) a notice and explanation regarding a bor-
rower’s option to consolidate a loan made under this 
part into a Federal Direct Loan under part D, in-
cluding 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