[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.

                          ____________________