Congress is extending a federal loan program that provides low-interest money to the neediest students for college.
The Perkins Loan Program will get a two-year extension under bipartisan compromise legislation that passed the House on Thursday, a day after clearing the Senate. The measure now heads to President Barack Obama for his signature.
The program expired on September 30.
The compromise bill imposes some new restrictions, such as a requirement that new borrowers would first have to exhaust their borrowing limits through other federal loans before being awarded a Perkins loan.
The Perkins program provided loans to more than a half million students, totaling about $1.1 billion, in the 2013-2014 award year.
Copyright AP - Associated Press
