Federal Perkins Loan Halted: Congress Fails To Pass Bill

“The loss of Perkins Loans [will be] be an unrecoverable blow to the 500,000 students across the country who rely on them, “co-sponsor for the bill, Louise Slaughter expresses worry about the situation.

Students from low-income families are faced with a seemingly insurmountable challenge as they are stripped off the privilege to be beneficiaries of the Federal Perkins Loan. This issue came up as a result of the Congress’ inability to agree on the passing of the bill.

The holdup is as a result of the fact that the Senate wasn’t able to come to a concurrence about the bill, despite its approval by the lawmakers of the House of Representatives. Prior to the Senate misunderstandings, the legislature had approved the loan for one more year.

According to The Minnesota Daily, the co-sponsor of the bill, Rep. Louise Slaughter stated his displeasure about the issue in a statement he issued. He stated, “Students should be studying for their next exam, not worrying whether they can afford their next semester.” Slaughter further said that “The loss of Perkins Loans [will be] be an unrecoverable blow to the 500,000 students across the country who rely on them.”

The loan package made available a sum of up to $5,500 for each undergraduate student, while the graduate students received up to $8,000 annually. The loan had a 5% fixed interest rate for both undergraduate and graduate students.

“Students that relied on [the loan] will not have any other money from schools to replace it, and schools won’t have money to give them to make up for loss of the loan,” Thomas Schmidt, an associate director of the student account assistance and third-party billing at the University of Minnesota said.

The chairperson of the House Committee on education and the Workforce, John Kline stated in his press release the importance of higher education to the society; he said, “Higher education can create a vital role in lifting people out of poverty and setting them on the pathway to success.”

Senator from New York, Charles Schumer promised to ensure the inclusion of the federal loan in the next budget.

So now the government actually seems to be using all avenues to strip people of low-income families of their privileges. It is obvious that majority of the beneficiaries of the loan are Black people. Is that the reason the federal loan is been held up? What will be the fate of these young students who want to acquire education come next year? Just because some folks are not in agreement, the poor students are supposed to suffer it. This is seemingly a targeted action to further sideline the marginalized poor people of color.

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Source: Your World
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