Recently the Senate blocked a bill that would have allowed the Perkins Loan Program, the oldest federal aid program, to continue.
The Perkins Loan has been around since 1958 to provide low interest loans to needy students through a cost sharing agreement between the federal government and colleges. Congress has not contributed money to the program for about 10 years. The Perkins Loan was an alternative to students who maxed out other federal options such as the Stafford Loan. According the US Department of Education, the average amount for a Perkins Loan is $2,172.
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