Perkins Loan Changes Trouble Many Financial Aid Officers

August 20, 2009

Most college financial aid officers oppose the Obama administration's plan for expanding but significantly altering the Perkins Loan Program, according to a survey released Wednesday by the National Association of Student Financial Aid Administrators. The administration's proposal, unveiled as part of the president's budget blueprint for 2010, would turn the program from one that provides about $1.5 billion in loan funds to students at hundreds of institutions to a broader one that provides about $6 billion to students at many more colleges. But several aspects of the proposal -- including ending the practice of the government paying interest on the loans while borrowers in college, and requiring significant matching funds from colleges -- earned opposition from the aid officers surveyed. Nearly four in five said they preferred the current version of the program over the proposed one.

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