Sen. Coons pushes for renewal of college loan program
On September 30th, a program that has helped college students afford tuition since 1958 expired.
Delaware Senator Chris Coons took the issue to the Senate floor on Wednesday to push it’s renewal.
“Congress’ failure to reauthorize the Perkins Loan Program is already having a negative impact on students and households across the country.”, said Senator Coons, “This program is a critical lifeline for students across the country who would be well on their way to a college degree if it were not for the sky-rocketing, unsustainable costs of higher education.”
According to Senator Coons’ office, the 57-year-old program has awarded close to $30-billion through 26-million loans. During the 2013-2014 school year, we’re told 500,000 students, nearly 2,000 of whom were from Delaware, were able to take advantage of the program.
Stephen Ampersand, the Assistant Vice President of Student Financial Services at Delaware State University, tells 47 ABC, “As tuition has continued to rise and as costs for attending colleges and universities has gone up, every aid source that is available to a student becomes critically important.”
Last year, average in-state-tuition in Delaware ran students $11,448, in Maryland $8,724, and in Virginia, $10,899.
At a low 5% interest rate, Perkins loans could help undergraduates manage the costs with $5,500 dollars per year. Capping aid at $28,500 over four years.
“It’s going to be quite an adjustment.”, Said Ampersand, “You’re gonna have to reacclimate your population to other resources.”
Who gets the loans and how much they receive fluctuates depending on a school’s participation and how many funds are available, so not everyone in need is guaranteed a loan.
Regardless, Senator Coons feels the program’s renewal is a no-brainer.
“Even the House of Representatives – of all places – has acted on a bipartisan basis to extend the Perkins Loan Programs. We can and should do the same.”
Under the Perkins program, graduate students were also eligible to receive aid up to $8,000 per year and $60,000 over the course of four years.
