Barbara Boxer: “I come to the floor today to urge my colleagues to act to reauthorize the Perkins Loan Program--the Nation's oldest…”

“I come to the floor today to urge my colleagues to act to reauthorize the Perkins Loan Program--the Nation's oldest Federal student loan program and a critical lifeline for thousands of low-income students with exceptional need. This crucial program has the support of many higher education groups, including the Association of American Universities, the National Association of Independent Colleges and Universities, the American Association of Jesuit Colleges and Universities, the National Association of Financial Aid Administrators, the Coalition of Higher Education Assistance Organizations and many others--as well as dozens of individual colleges and universities across the country. Despite this broad support, funding for Perkins Loans expired on October 1. While our colleagues in the House unanimously approved the Higher Education Extension Act--which would extend the Perkins Loan Program for 1 year--the Senate has yet to act. And that inaction has left thousands of current and future students scrambling to figure out how to pay for school and institutions struggling to find another way to help students afford their education. This program has existed with broad bipartisan support since 1958 and has provided more than $28 billion in loans to students in all 50 States. In the 2013-2014 academic year alone, more than 539,000 new and returning students benefited from the Perkins Loans Program--including 46,065 students in California.…”