((a)) ** Program authority** The Secretary shall carry out a program assisting in the maintenance of funds at institutions of higher education for the making of loans to undergraduate students in need 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)) ** Authority to make loans**

((1)) ** In general**

((A)) ** Loans for new undergraduate Federal Perkins Loan borrowers** Through , an institution of higher education may make a loan under this part to an eligible undergraduate student who, on the date of disbursement of a loan made under this part, has no outstanding balance of principal or interest on a loan made under this part from the student loan fund established under this part by the institution, but only if the institution has awarded all Federal Direct Loans, as referenced under subparagraphs (A) and (D) of , for which such undergraduate student is eligible.section 1087e(a)(2) of this titleSeptember 30, 20172017-09-30

((B)) ** Loans for current undergraduate Federal Perkins Loan borrowers** Through , an institution of higher education may make a loan under this part to an eligible undergraduate student who, on the date of disbursement of a loan made under this part, has an outstanding balance of principal or interest on a loan made under this part from the student loan fund established under this part by the institution, but only if the institution has awarded all Federal Direct Stafford Loans as referenced under for which such undergraduate student is eligible.section 1087e(a)(2)(A) of this titleSeptember 30, 20172017-09-30

((C)) ** Loans for certain graduate borrowers** Through , with respect to an eligible graduate student who has received a loan made under this part prior to , an institution of higher education that has most recently made such a loan to the student for an academic program at such institution may continue making loans under this part from the student loan fund established under this part by the institution to enable the student to continue or complete such academic program.September 30, 20162016-09-30October 1, 20152015-10-01

((2)) ** No additional loans** An institution of higher education shall not make loans under this part after .September 30, 20172017-09-30

((3)) ** Prohibition on additional appropriations** No funds are authorized to be appropriated under this chapter or any other Act to carry out the functions described in paragraph (1) for any fiscal year following fiscal year 2015.