Nearly 6,200 Central New York college students who rely on a long-running federal student loan program find themselves in limbo after congress failed to renew the program. The Perkins Loan program provides low-interest loans to students who can’t borrow or afford more expensive private student loans. Senator Chuck Schumer stopped at LeMoyne College Wednesday, one of 122 institutions across New York that count on the loans to help make college more affordable.
"They are given to the college, and the college then distributes them to the students who most need them. Sometimes it's not just the lowest income that needs them the most. What if it's a middle class kid, but his mom has cancer, and they have to pay for cancer treatment, things like that. So, Perkins loans have some degree of flexibility, and the colleges use them very well.”
Schumer says the loans are critical at a time when college tuition has skyrocketed by more than 87% since the year 2000, and students are straining under massive debt. Statewide, more than $124 million dollars was loaned to 55,000 students. He says the impact is clear here in Central New York.
· Le Moyne College in Syracuse relies on a disbursement of $362,106 to provide 314 recipients with the aid needed to attend college.
· Syracuse University relies on a disbursement of $5,818,000 to provide 3,097 recipients with the aid needed to attend college.
· SUNY College at Oswego relies on a disbursement of $943,014 to provide 750 recipients with the aid needed to attend college.
· SUNY College at Cortland relies on a disbursement of $673,041 to provide 336 recipients with the aid needed to attend college.
· SUNY College of Agriculture & Technology at Morrisville in Madison County relies on a disbursement of $334,465 to provide 152 recipients with the aid needed to attend college.
· Colgate University in Madison County relies on a disbursement of $334,084 to provide 122 recipients with the aid needed to attend college.
· SUNY College of Environment Science & Forestry in Syracuse relies on a disbursement of $226,906 to provide 119 recipients with the aid needed to attend college.
· State University of New York Upstate Medical University in Syracuse relies on a disbursement of $119,200 to provide 98 recipients with the aid needed to attend college.
· Wells College in Cayuga County relies on a disbursement of $127,250 to provide 69 recipients with the aid needed to attend college.
The Perkins Loan program expired September 30th. Schumer is calling on his senate colleagues to follow the house’s lead and pass an extension of the program.
