Baldwin, Collins, Casey, Portman Lead Majority of Senate in Bipartisan Effort to Save Student Loan Program

Statement

U.S. Senator Tammy Baldwin (D-WI), Susan Collins (R-ME), Robert Casey (D-PA) and Rob Portman (R-OH) have sent a bipartisan letter, cosigned by a majority of the Senate, to Majority Leader Mitch McConnell and Minority Leader Harry Reid urging them to take up and pass legislation to reauthorize the Perkins Loan Program. This critical lifeline for many low-income students expired on September 30, despite receiving a unanimous one-year, no-cost extension from the House of Representatives on September 28. Since its expiration, a bipartisan coalition of Senators have twice attempted to reauthorize the program with a "unanimous consent" request, but the Senate has yet to pass the bill.

The Perkins Loan Program, the nation's oldest federal student loan program, has existed with broad bipartisan support since 1958 and has provided more than $28 billion in loans through almost 26 million awards to students in all 50 states. In the last academic year alone, the program lent $1.1 billion to more than half a million students with financial need across more than 1,500 institutions of higher education.

"For almost six decades, the Federal Perkins Loan Program has been successfully helping America's students access affordable higher education. In my home state of Wisconsin, the program provides more than 20,000 low-income students with more than $41 million in aid and it is my top priority to fight to ensure it continues for generations to come. I urge Senate leadership to heed this bipartisan call and immediately reauthorize this critical investment for our nation's students," said Senator Baldwin.

"In Maine, more than 5,000 students received a Perkins Loan last year, providing $9.2 million in aid," said Senator Collins. "Students at our colleges and universities are depending on us for the assistance that this vital and proven program provides and I urge my colleagues in the Senate to take up and pass the one-year extension of this critical program."

"Higher education is the ticket to the American dream for working families across Pennsylvania and throughout the nation," said Senator Casey. "We need to ensure that all students, regardless of income and circumstances of birth, have a fair shot to go to college and the chance to reach their full potential. Perkins loans allow students to do just that and that's why this extension is so critical."

"We should be making it easier for low-income students in Ohio to graduate from college and go on to succeed," Senator Portman stated. "Reauthorizing the Perkins loan program for another year is a way we can lift more of these students up at no cost to taxpayers. This is an issue I hear about back home and I agree with my constituents that it's time for the Senate to act."