New Federal Perkins Loan Extension Act of 2015 Will Positively Impact Hundreds of UW-River Falls Students

January 11, 2016 --Since Sept. 30, 2015, many students who had relied on the Perkins Loan Program were left empty handed. The program's September lapse cut off the ability of approximately 1,500 colleges and universities across the country to make low interest loans to students just starting college. But, with the passing of the Federal Perkins Loan Extension Act of 2015 on Dec. 18, 2015, it looks like these students are going to get a second chance.

Since 2012, almost 3,000 UW-River Falls students have taken advantage of the Perkins Loan Program providing a critical way to pay for college expenses. With the program's end, these students were left with limited options and increasing costs. The new two-year program extension will allow current and new undergraduate borrowers to complete the 2017-18 academic year with support of Perkins Loans. Graduate students will also receive an additional year of eligibility through Sept. 30, 2016.

The much celebrated passing of the Federal Perkins Loan Extension Act will allow colleges and universities to once again offer low-interest, federally subsidized loans as well as a variety of forgiveness and cancellation options to students with exceptional financial need. Although the program will expire in two years for undergraduates and will not be renewed again, it is a welcome relief to its borrowers who are predominantly from lower income families and are often the first in their family to attend college.

For more information, contact the UW-River Falls Financial Aid Office at 715-425-3141.