[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3594 Engrossed Amendment Senate (EAS)]

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                  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:

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) 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.

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 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).''.

            Attest:

                                                             Secretary.
114th CONGRESS

  1st Session

                               H.R. 3594

_______________________________________________________________________

                               AMENDMENT