Federal Perkins Loan Program Extension Act of 2015

Bill: 114-hr-3594
Sponsor: full_name: Rep. Bishop, Mike [R-MI-8]
Introduced: 2015-09-24
Policy area: Education
Subjects: Higher education

Student aid and college costs
Latest action: action_date: 2015-12-18
text: Became Public Law No: 114-105.

Summaries:
action_date: 2015-09-24
action_desc: Introduced in House
text: <p><b>Higher Education Extension Act of 2015</b></p> <p>This bill amends the Higher Education Act of 1965 to extend by one year, through FY2016, the term of the National Advisory Committee on Institutional Quality and Integrity. </p> <p>The legislation extends the authority of institutions of higher education (IHEs) to make loans to new borrowers under the Federal Perkins Loan program through September 30, 2016. IHEs may continue to disburse Perkins Loans through March 31, 2018, to enable students to continue or complete an academic program if the student received a Perkins loan prior to October 1, 2016, and the student has exhausted Federal Direct Stafford Loans. </p> <p>The bill prohibits any further automatic extensions of the Perkins Loan program. </p> <p>It also prohibits authorization of additional appropriations for the Federal Perkins Loan program beyond FY2015. </p> <p>Beginning October 1, 2016, each participating IHE must pay to the Department of Education a certain portion of: (1) the federal share of the balance of its Perkins Loan funds; and (2) the 
Perkins student loan payments, including principal and interest, received by the institution. </p> <p>The bill extends by one year, through FY2016, the term of the Advisory Committee on Student Financial Assistance. </p>

action_date: 2015-09-28
action_desc: Passed House without amendment
text: <p>(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)</p> <p><b>Higher Education Extension Act of 2015</b></p> <p>(Sec. 2) This bill amends the Higher Education Act of 1965 to extend by one year, through FY2016, the term of the National Advisory Committee on Institutional Quality and Integrity. </p> <p>(Sec. 3) The legislation extends the authority of institutions of higher education (IHEs) to make loans to new borrowers under the Federal Perkins Loan program through September 30, 2016. IHEs may continue to disburse Perkins Loans through March 31, 2018, to enable students to continue or complete an academic program if the student received a Perkins loan prior to October 1, 2016, and the student has exhausted Federal Direct Stafford Loans. </p> <p>The bill prohibits any further automatic extensions of the Perkins Loan program. </p> <p>It also prohibits authorization of additional appropriations for the Federal Perkins Loan program beyond FY2015. </p> <p>Beginning October 1, 2016, each participating IHE must pay to the Department of Education a certain portion of: (1) the federal share of the balance of its Perkins Loan funds; and (2) the 
Perkins student loan payments, including principal and interest, received by the institution. </p> <p>(Sec. 4) The bill extends by one year, through FY2016, the term of the Advisory Committee on Student Financial Assistance. </p>

action_date: 2015-12-16
action_desc: Passed Senate amended
text: <p><b>Federal Perkins Loan Program Extension Act of 2015</b></p> <p>(Sec. 2) This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to extend the authority of institutions of higher education (IHEs) to disburse Federal Perkins Loans to new undergraduate borrowers through September 30, 2017. A student must first exhaust Federal Direct Subsidized and Unsubsidized Stafford Loan eligibility. </p> <p>IHEs may continue to disburse Perkins Loans to current undergraduate borrowers through September 30, 2017. A student must first exhaust all Federal Direct Subsidized Stafford Loan eligibility.</p> <p>IHEs may continue to disburse Perkins Loans to certain graduate borrowers through September 30, 2016, to enable students to continue or complete an academic program. A student must have received a Perkins loan prior to October 1, 2015. </p> <p>The bill prohibits Perkins Loan disbursement beyond September 30, 2017. </p> <p>It also prohibits authorization of additional appropriations for the Federal Perkins Loan program beyond September 30, 2016. </p> <p>Beginning October 1, 2017, each participating IHE must pay to the Department of Education: (1) a portion of the federal share of the balance of its Perkins Loan funds; (2) a portion of the Perkins student loan payments, including principal and interest, received by the institution; and (3) a capital distribution from its Perkins Loan fund. </p> <p>(Sec. 3) The bill also expands disclosure requirements for IHEs that participate in the Federal Perkins Loan program. </p> <p>Specifically, prior to Perkins Loan disbursement, an IHE must provide notice and explanation to all borrowers regarding unavailability of future Perkins loans, limited Perkins loan repayment and forgiveness options, and Direct Loan consolidation options. Also, an IHE must provide notice and explanation to new and current undergraduate borrowers regarding a comparison of Perkins and Direct loan interest rates.&nbsp; </p>

action_date: 2015-12-18
action_desc: Public Law
text: <p>(This measure has not been amended since it was passed by the Senate on December 16, 2015. The summary of that version is repeated here.)</p> <p><b>Federal Perkins Loan Program Extension Act of 2015</b></p> <p>(Sec. 2) This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to extend the authority of institutions of higher education (IHEs) to disburse Federal Perkins Loans to new undergraduate borrowers through September 30, 2017. A student must first exhaust Federal Direct Subsidized and Unsubsidized Stafford Loan eligibility. </p> <p>IHEs may continue to disburse Perkins Loans to current undergraduate borrowers through September 30, 2017. A student must first exhaust all Federal Direct Subsidized Stafford Loan eligibility.</p> <p>IHEs may continue to disburse Perkins Loans to certain graduate borrowers through September 30, 2016, to enable students to continue or complete an academic program. A student must have received a Perkins loan prior to October 1, 2015. </p> <p>The bill prohibits Perkins Loan disbursement beyond September 30, 2017. </p> <p>It also prohibits authorization of additional appropriations for the Federal Perkins Loan program beyond September 30, 2016. </p> <p>Beginning October 1, 2017, each participating IHE must pay to the Department of Education: (1) a portion of the federal share of the balance of its Perkins Loan funds; (2) a portion of the Perkins student loan payments, including principal and interest, received by the institution; and (3) a capital distribution from its Perkins Loan fund. </p> <p>(Sec. 3) The bill also expands disclosure requirements for IHEs that participate in the Federal Perkins Loan program. </p> <p>Specifically, prior to Perkins Loan disbursement, an IHE must provide notice and explanation to all borrowers regarding unavailability of future Perkins loans, limited Perkins loan repayment and forgiveness options, and Direct Loan consolidation options. Also, an IHE must provide notice and explanation to new and current undergraduate borrowers regarding a comparison of Perkins and Direct loan interest rates.&nbsp; </p>

tv_txt: I 114th CONGRESS 1st Session H. R. 3594 IN THE HOUSE OF REPRESENTATIVES September 24, 2015 Mr. Bishop of Michigan (for himself and Mr. Pocan ) introduced the following bill; which was referred to the Committee on Education and the Workforce A BILL To extend temporarily the Federal Perkins Loan program, and for other purposes.

1. Short title This Act may be cited as the Higher Education Extension Act of 2015 . 2. Extension of National Advisory Committee on Institutional Quality and Integrity Section 114(f) of the Higher Education Act of 1965 ( 20 U.S.C. 1011c(f) ) is amended by striking 2015 and inserting 2016 . 3. Extension of Federal Perkins Loan program (a) Authority To make loans Section 461 of the Higher Education Act of 1965 ( 20 U.S.C. 1087aa ) is amended— (1) by amending subsection (b) to read as follows: (b) Authority To make loans (1) In general With respect to any student who is not described in paragraph (2), an institution of higher education may make loans under this part to such a student until September 30, 2016, from the student loan fund established under this part by the institution. (2) Additional loans for certain students With respect to any student who has received a loan made under this part for an academic year ending prior to October 1, 2016, 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 through March 31, 2018, from the student loan fund established under this part by the institution to enable the student to continue or complete such academic program, but only if the institution has awarded all Federal Direct Stafford Loans for which such student is eligible. (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 paragraphs (1) and (2) for any fiscal year following fiscal year 2015. ; and (2) by striking subsection (c). (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, 2016 ; and (B) in paragraph (1), by striking 2003 and inserting 2016 ; and (2) in subsection (b), by striking After October 1, 2012 and inserting Beginning October 1, 2016 . (c) 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— (1) 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, 2016, on the basis of the extension under such subsection; or (2) the authority under paragraph (2) 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 March 31, 2018, on the basis of the extension under such subsection. 4. Extension of Advisory Committee on Student Financial Assistance Section 491(k) of the Higher Education Act of 1965 ( 20 U.S.C. 1098(k) ) is amended by striking 2015 and inserting 2016 .

tv_txt: I 114th CONGRESS 1st Session H. R. 3594 IN THE HOUSE OF REPRESENTATIVES AN ACT To extend temporarily the Federal Perkins Loan program, and for other purposes.

1. Short title This Act may be cited as the Higher Education Extension Act of 2015 . 2. Extension of National Advisory Committee on Institutional Quality and Integrity Section 114(f) of the Higher Education Act of 1965 ( 20 U.S.C. 1011c(f) ) is amended by striking 2015 and inserting 2016 . 3. Extension of Federal Perkins Loan program (a) Authority To make loans Section 461 of the Higher Education Act of 1965 ( 20 U.S.C. 1087aa ) is amended— (1) by amending subsection (b) to read as follows: (b) Authority To make loans (1) In general With respect to any student who is not described in paragraph (2), an institution of higher education may make loans under this part to such a student until September 30, 2016, from the student loan fund established under this part by the institution. (2) Additional loans for certain students With respect to any student who has received a loan made under this part for an academic year ending prior to October 1, 2016, 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 through March 31, 2018, from the student loan fund established under this part by the institution to enable the student to continue or complete such academic program, but only if the institution has awarded all Federal Direct Stafford Loans for which such student is eligible. (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 paragraphs (1) and (2) for any fiscal year following fiscal year 2015. ; and (2) by striking subsection (c). (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, 2016 ; and (B) in paragraph (1), by striking 2003 and inserting 2016 ; and (2) in subsection (b), by striking After October 1, 2012 and inserting Beginning October 1, 2016 . (c) 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— (1) 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, 2016, on the basis of the extension under such subsection; or (2) the authority under paragraph (2) 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 March 31, 2018, on the basis of the extension under such subsection. 4. Extension of Advisory Committee on Student Financial Assistance Section 491(k) of the Higher Education Act of 1965 ( 20 U.S.C. 1098(k) ) is amended by striking 2015 and inserting 2016 .

Passed the House of Representatives September 28, 2015. Karen L. Haas, Clerk.

tv_txt: II 114th CONGRESS 1st Session H. R. 3594 IN THE SENATE OF THE UNITED STATES September 29, 2015 Received AN ACT To extend temporarily the Federal Perkins Loan program, and for other purposes.

1. Short title This Act may be cited as the Higher Education Extension Act of 2015 . 2. Extension of National Advisory Committee on Institutional Quality and Integrity Section 114(f) of the Higher Education Act of 1965 ( 20 U.S.C. 1011c(f) ) is amended by striking 2015 and inserting 2016 . 3. Extension of Federal Perkins Loan program (a) Authority To make loans Section 461 of the Higher Education Act of 1965 ( 20 U.S.C. 1087aa ) is amended— (1) by amending subsection (b) to read as follows: (b) Authority To make loans (1) In general With respect to any student who is not described in paragraph (2), an institution of higher education may make loans under this part to such a student until September 30, 2016, from the student loan fund established under this part by the institution. (2) Additional loans for certain students With respect to any student who has received a loan made under this part for an academic year ending prior to October 1, 2016, 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 through March 31, 2018, from the student loan fund established under this part by the institution to enable the student to continue or complete such academic program, but only if the institution has awarded all Federal Direct Stafford Loans for which such student is eligible. (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 paragraphs (1) and (2) for any fiscal year following fiscal year 2015. ; and (2) by striking subsection (c). (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, 2016 ; and (B) in paragraph (1), by striking 2003 and inserting 2016 ; and (2) in subsection (b), by striking After October 1, 2012 and inserting Beginning October 1, 2016 . (c) 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— (1) 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, 2016, on the basis of the extension under such subsection; or (2) the authority under paragraph (2) 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 March 31, 2018, on the basis of the extension under such subsection. 4. Extension of Advisory Committee on Student Financial Assistance Section 491(k) of the Higher Education Act of 1965 ( 20 U.S.C. 1098(k) ) is amended by striking 2015 and inserting 2016 .

Passed the House of Representatives September 28, 2015. Karen L. Haas, Clerk

tv_txt: 114th CONGRESS 1st Session H.R. 3594 In the Senate of the United States, December 16, 2015. Amendment:

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 Strike all after the enacting clause and insert the following: 1. Short title This Act may be cited as the Federal Perkins Loan Program Extension Act of 2015 . 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) 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 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) 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) 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. 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 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). .

Secretary

tv_txt: I One Hundred Fourteenth Congress of the United States of America At the First Session Begun and held at the City of Washington on Tuesday, the sixth day of January, two thousand and fifteen H. R. 3594 AN ACT To extend temporarily the Federal Perkins Loan program, and for other purposes.

1. Short title This Act may be cited as the Federal Perkins Loan Program Extension Act of 2015 . 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) 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 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) 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) 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. 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 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). .

Speaker of the House of Representatives. Vice President of the United States and President of the Senate.