 
      CHAPTER 28--HIGHER EDUCATION RESOURCES AND STUDENT ASSISTANCE
 
                    SUBCHAPTER IV--STUDENT ASSISTANCE
 
                      Part D--Federal Perkins Loans
 
Sec. 1087aa. Appropriations authorized


(a) Program authority

    The Secretary shall carry out a program of stimulating and assisting 
in the establishment and maintenance of funds at institutions of higher 
education for the making of low-interest loans to students in need 
thereof to pursue their courses of study in such institutions or while 
engaged in programs of study abroad approved for credit by such 
institutions. Loans made under this part shall be known as ``Federal 
Perkins Loans''.

(b) Authorization of appropriations

    (1) For the purpose of enabling the Secretary to make contributions 
to student loan funds established under this part, there are authorized 
to be appropriated $250,000,000 for fiscal year 1999 and such sums as 
may be necessary for each of the 4 succeeding fiscal years.
    (2) In addition to the funds authorized under paragraph (1), there 
are hereby authorized to be appropriated such sums for fiscal year 2003 
and each of the 5 succeeding fiscal years as may be necessary to enable 
students who have received loans for academic years ending prior to 
October 1, 2003, to continue or complete courses of study.

(c) Use of appropriations

    Any sums appropriated pursuant to subsection (b) of this section for 
any fiscal year shall be available for apportionment pursuant to section 
1087bb of this title and for payments of Federal capital contributions 
therefrom to institutions of higher education which have agreements with 
the Secretary under section 1087cc of this title. Such Federal capital 
contributions and all contributions from such institutions shall be used 
for the establishment, expansion, and maintenance of student loan funds.

(Pub. L. 89-329, title IV, Sec. 461, as added Pub. L. 99-498, title IV, 
Sec. 405(a), Oct. 17, 1986, 100 Stat. 1439; amended Pub. L. 102-325, 
title IV, Sec. 461(a)(2)-(c), July 23, 1992, 106 Stat. 576; Pub. L. 105-
244, title IV, Sec. 461, Oct. 7, 1998, 112 Stat. 1720.)


                            Prior Provisions

    A prior section 1087aa, Pub. L. 89-329, title IV, Sec. 461, as added 
Pub. L. 92-318, title I, Sec. 137(b), June 23, 1972, 86 Stat. 273; 
amended Pub. L. 94-482, title I, Sec. 130(a), (b), Oct. 12, 1976, 90 
Stat. 2146; Pub. L. 96-49, Sec. 5(d)(1), (2), Aug. 13, 1979, 93 Stat. 
352; Pub. L. 96-374, title IV, Sec. 441, title XIII, Sec. 1391(a)(1), 
Oct. 3, 1980, 94 Stat. 1436, 1503, authorized a program to establish and 
maintain funds at institutions of higher education for making low-
interest loans to students, prior to the general revision of this part 
by Pub. L. 99-498.


                               Amendments

    1998--Subsec. (b)(1). Pub. L. 105-244, Sec. 461(1), substituted 
``1999'' for ``1993''.
    Subsec. (b)(2). Pub. L. 105-244, Sec. 461(2), substituted ``2003'' 
for ``1997'' in two places.
    1992--Subsec. (a). Pub. L. 102-325, Sec. 461(a)(2), (b), inserted 
``or while engaged in programs of study abroad approved for credit by 
such institutions'' after ``in such institutions'' and substituted 
``Federal Perkins Loans'' for ``Perkins Loans''.
    Subsec. (b). Pub. L. 102-325, Sec. 461(c), amended subsec. (b) 
generally. Prior to amendment, subsec. (b) read as follows:
    ``(1) For the purpose of enabling the Secretary to make 
contributions to student loan funds established under this part, there 
are authorized to be appropriated $268,000,000 for fiscal year 1987 and 
such sums as may be necessary for each of the 4 succeeding fiscal years.
    ``(2) In addition there are hereby authorized to be appropriated 
such sums for fiscal year 1991 and each of the five succeeding fiscal 
years as may be necessary to enable students who have received loans for 
academic years ending prior to October 1, 1991, to continue or complete 
courses of study.''


                    Effective Date of 1998 Amendment

    Amendment by Pub. L. 105-244 effective Oct. 1, 1998, except as 
otherwise provided in Pub. L. 105-244, see section 3 of Pub. L. 105-244, 
set out as a note under section 1001 of this title.

                  Section Referred to in Other Sections

    This section is referred to in sections 1087bb, 1087cc, 1087ee of 
this title.
