Federal Perkins Loan Program Extension Act of 2015

Higher Education Extension Act of 2015 This bill amends the Higher Education Act of 1965 to extend by one year, through FY2016, the term of the National Advisory Committee on Institutional Quality and Integrity. The legislation extends the authority of institutions of higher education (IHEs) to make loans to new borrowers under the Federal Perkins Loan program through September 30, 2016. IHEs may continue to disburse Perkins Loans through March 31, 2018, to enable students to continue or complete an academic program if the student received a Perkins loan prior to October 1, 2016, and the student has exhausted Federal Direct Stafford Loans. The bill prohibits any further automatic extensions of the Perkins Loan program. It also prohibits authorization of additional appropriations for the Federal Perkins Loan program beyond FY2015. Beginning October 1, 2016, each participating IHE must pay to the Department of Education a certain portion of: (1) the federal share of the balance of its Perkins Loan funds; and (2) the Perkins student loan payments, including principal and interest, received by the institution. The bill extends by one year, through FY2016, the term of the Advisory Committee on Student Financial Assistance.