[Congressional Record Volume 161, Number 183 (Wednesday, December 16, 2015)]
[Senate]
[Pages S8707-S8709]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
BUDGETARY REVISIONS
Mr. ENZI. Mr. President, section 4313 of S. Con. Res. 11, the
Concurrent Resolution on the Budget for Fiscal Year 2016, allows the
chairman of the Senate Budget Committee to revise the allocations,
aggregates and levels in the budget resolution for legislation that
would amend the Higher Education Act of 1965. The authority to adjust
is contingent on the legislation not increasing the deficit over either
the period of the total of fiscal years 2016-2020 or the period of the
total of fiscal years 2016-2025.
I find that amendment No. 2929 fulfills the conditions of deficit
neutrality found in section 4313 of S. Con. Res. 11. Accordingly, I am
revising the allocation to the Committee on Health, Education, Labor,
and Pensions and the budgetary aggregates to account for the budget
effects of the legislation.
I ask unanimous consent that the accompanying tables, which provide
details about the adjustment, be printed in the Record.
There being no objection, the material was ordered to be printed in
the Record, as follows:
BUDGET AGGREGATES--BUDGET AUTHORITY AND OUTLAYS
(Pursuant to Section 311 of the Congressional Budget Act of 1974 and
Section 4313 of S. Con. Res. 11, the Concurrent Resolution on the Budget
for Fiscal Year 2016)
------------------------------------------------------------------------
$s in millions 2016
------------------------------------------------------------------------
Current Aggregates:
Budget Authority........................... 3,009,288
Outlays.................................... 3,067,674
Adjustments:
Budget Authority........................... 269
Outlays.................................... 269
Revised Aggregates:
Budget Authority........................... 3,009,557
Outlays.................................... 3,067,943
------------------------------------------------------------------------
REVISION TO THE ALLOCATION TO THE COMMITTEE ON HEALTH, EDUCATION, LABOR AND PENSIONS
(Pursuant to Section 302 of the Congressional Budget Act of 1974 and Section 4313 of S. Con. Res. 11, the
Concurrent Resolution on the Budget for Fiscal Year 2016)
----------------------------------------------------------------------------------------------------------------
$s in millions 2016 2016-2020 2016-2025
----------------------------------------------------------------------------------------------------------------
Current Allocation:------
Budget Authority............................................ 12,137 83,101- 160,672
[[Page S8708]]
Outlays..................................................... 14,271 85,383 171,731
Adjustments:------
Budget Authority............................................ 269 -14 -13
Outlays..................................................... 269 -14 -13
Revised Allocation:------
Budget Authority............................................ 12,406 83,087 160,659
Outlays..................................................... 14,540 85,369 171,718
----------------------------------------------------------------------------------------------------------------
Mr. ALEXANDER. Mr. President, I ask unanimous consent that the Senate
now proceed to the consideration of H.R. 3594, which was received from
the House.
The PRESIDING OFFICER. The clerk will report the bill by title.
The bill clerk read as follows:
A bill (H.R. 3594) to extend temporarily the Federal
Perkins Loan program, and for other purposes.
There being no objection, the Senate proceeded to consider the bill.
Mr. ALEXANDER. I ask unanimous consent that the Alexander substitute
amendment, which is at the desk, be agreed to, and that the bill, as
amended, be read a third time.
The PRESIDING OFFICER. Without objection, it is so ordered.
The amendment (No. 2929) in the nature of a substitute was agreed to,
as follows:
(Purpose: In the nature of a substitute)
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).''.
The bill was ordered to be engrossed for a third reading and was read
the third time.
Mr. ALEXANDER. Mr. President, I know of no further debate on this
measure.
The PRESIDING OFFICER. Hearing no further debate, the bill having
been read the third time, the question is, Shall it pass?
The bill (H.R. 3594), as amended, was passed.
Mr. ALEXANDER. I ask unanimous consent that the motion to reconsider
be considered made and laid upon the table.
The PRESIDING OFFICER. Without objection, it is so ordered.
Mr. ALEXANDER. Once again, I thank Senator Baldwin, Senator Casey,
and the other Senators who participated in our colloquy, Senator Ayotte
and Senator Portman. They have all pushed hard to see that we get a
result on the Perkins loan extension. They have been effective
advocates and skilled legislators, and I am grateful for their hard
work.
There have been other Senators who have spoken on the floor and have
been very passionate advocates. I don't think I have a list of all of
them, but I know, for example, Senator Collins made her case here on
the floor and in the conference on our elementary and secondary
education bill for the students of Maine who receive Perkins Loans. I
know Senator Blumenthal was here on a day when I was here as well
making his case for students in Connecticut. I know the Senator from
Wisconsin, Mr. Johnson, was here making a vigorous case for the
students from Wisconsin, as did Senator Baldwin. Senator Boozman of
Arkansas and Senator Cochran of Mississippi have also been advocates as
well as those who participated in the colloquy.
We have had a broad group of Senators involved both on the floor and
in the negotiations. We now have passed a bill in the Senate. It will
go to the House. Hopefully, it will be considered and become a law by
the end of the year.
[[Page S8709]]
I look forward to working with my two colleagues on the education
committee to reauthorize the Higher Education Act, with the goal of
simplifying and making more effective the Federal Student Aid Program
so American students can afford and can attend college or university.
Mr. President, I suggest the absence of a quorum.
The PRESIDING OFFICER. The clerk will call the roll.
The senior assistant legislative clerk proceeded to call the roll.
Mr. HOEVEN. Mr. President, I ask unanimous consent that the order for
the quorum call be rescinded.
The PRESIDING OFFICER (Mr. Tillis). Without objection, it is so
ordered.
____________________