Pocan, Messer Introduce Resolution in Support of the Perkins Loan Program
WASHINGTON, D.C.—U.S. Representatives Mark Pocan (WI-02) and Luke Messer (IN-06), members of the House Education and Workforce Committee, today introduced a resolution in support of the Perkins Loan Program.
The Federal Perkins Loan is a low-interest loan which helps undergraduate and graduate students with demonstrated financial need meet the costs of higher education. The University of Wisconsin System awarded $28.8 million dollars in loans to 15,829 students during the ’13-’14 school year. During the same timeframe, the Indiana University System awarded $9.3 million in loans to more than 5,300 students.
The Perkins Loan program is scheduled to expire on September 30, 2015 if Congress does not act to reauthorize this program. If the Perkins Loan is eliminated, students in Wisconsin, Indiana, and across the country will not be able to access much-needed financial aid.
“The Perkins Loan Program is an important tool to help make college more affordable for all,” said Rep. Pocan. “Perkins Loans have helped millions of students struggling to find a way to pay for college, in Wisconsin and across the country. Perkins Loans are an essential aspect of ensuring college is both accessible and affordable for all students. I am proud to introduce this resolution with Rep. Messer to show bipartisan support for preserving the Perkins Loan Program."
“Millions of American students have benefited from Federal student financial aid,” said Congressman Messer. “I understand that because I’m one of them. I appreciate the opportunity to work with Rep. Pocan on this important issue. I am committed to ensuring programs like Perkins are around for years to come so that the cost of a college degree doesn’t prevent someone from pursuing their dream of earning one.”
"In 2013-14 over $10 million of Federal Perkins Loan was a critical source of educational funds for 4580 low income students with demonstrated need at UW-Madison alone,” said Susan Fischer, Director of Financial Aid at UW-Madison. “Without extension of this currently self-sustaining and proven loan program, these same students will be faced with the possible choice of ceasing their educational goals or borrowing funds at very high interest rates from private sources. Since the Perkins Loan’s inception at UW-Madison, every dollar borrowed has been recycled 7 times; a remarkable exercise in efficiency and effectiveness.”
“Without the Perkins Loan, I honestly do not know how I am going to pay for school this upcoming year,” said IU student Zac Acker.
“This is going to allow me to successfully pursue my dreams and move forward in being an Indiana University alum,” said IU student Adrian D. Wynn.