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The Looming Expiration of the Federal Perkins Loan Program

Because of the economic crisis nowadays, populations from around the globe are deeply suffering from financial problem. And one worst thing it caused is the big effect to the students. Except for those students that have can-afford parents to sustain their educational needs, how about those in needs? Due to the increasing cost of higher education there are overprovisions that are considered necessary to required, so more and more students have been obligatory to finance their own education by getting student loans.

A student loan is easy to contract with the cheapest rates of interest, but paying the credit is not sometimes opposite from how you obtain the application for the greater part of students find themselves difficult facing piles of student loan debit.

In fact, stated by the University leaders urge extension of the Perkins loan, just yesterday Feb. 13, 2011 that there are over 30 university presidents affected about the probable expiration of a federal loan program for low-income students which is set to expire in the year 2014. As a result, the president of the Northeastern University, Joseph E. Aoun leading the union in behalf of the university presidents urging the U.S. President Obama’s Administration to look after the low-interest loans.

These University leaders have signed a letter to US Education Secretary Arne Duncan concerning over the alarming end of the Federal Perkins Loan Program. And in the letter said that a great number of students who depend on the funds may possibly be forced to withdraw their college education or take high-interest loans when the program expires. Some high school seniors might do without college all together, the letter said. “We need to find ways for families to go to college, and not curtail the opportunities for that,’’ said Joseph E. Aoun. He said as well that the Perkins loans are a significant bridge in education financial support gaps.

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