Schumer urges renewal of college financial plan

Sen. Charles Schumer came to Molloy College on Oct. 23 to call for the federal government to renew the Perkins Loan Program for colleges.

Schumer, joined by Molloy students and President Dr. Drew Bogner, laid the blame on the expiration of the Perkins Loans, which expired on Sept. 30, at the feet of Republicans in the Senate.

He added that the program cost the government almost nothing because the loans are usually quickly repaid. “It made no sense,” he said. “It’s malice, almost, to discontinue this program.”

Perkins Loans are one of many federal college payment programs. Instead of the money from Perkins Loans going directly to students, the money is given to schools. The colleges can then use them to help students in need. They are low-interest loans that are given to students who cannot borrow or afford private loans. The program provides approximately $120 million annually to New York schools.

Many Long Island colleges are beneficiaries of the money. Last year, Molloy College received $421,344 which was disbursed to 232 students. Hofstra University received $904,363 for 601 students. And Adelphi University got $750,437 for 275 students.

“I hate to think what will happen if we don’t have those dollars in the Pell program that go to some of our neediest students,” said Bogner.

Eligible students have already received loans for the first semester of the school year. But if the program isn’t renewed, they won’t be able to get loans for the second semester, which starts in January.

“When we talk about wanting to be a strong nation, education is fundamental to that,” Bogner said. “And investing in our students, young and old, to make a difference in our community, is absolutely fundamental.”

Schumer cited statistics that, since 1978, college tuition and fees have gone up 1,000 percent.

“With the cost of college continuing to increase, Congress should be doing more, not less, to make college affordable,” Schumer said. “That’s why I am urging my colleagues in the Senate to extend the Higher Education Extension Act of 2015, for one year to prevent the Perkins Loan program stalling any longer.”

Schumer said he also sponsored a bill that would lower the interest rates on student loans from 8 or 9 percent to the federal interest rate of 2 or 3 percent.

“The federal government shouldn’t make a profit on the backs of students,” he said.