By Lynne Adkins

PHILADELPHIA (CBS) — Needy college students have been cut off from one source of financial aid because the Perkins Loan Program has expired.

Undergrads could borrow up to $5,500 a year under the Perkins Loan program, graduates a bit more, but Downingtown CPA Jacquelyn Basso says the money dried up September 30th.

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“The fund has not been contributed to since 2010 and this has been a 60-year old loan program that has provided fixed rate low interest loans to students who demonstrate exceptional financial need.”

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Not all universities participated in the program so not all students would have been eligible for the money. It is possible the funding could be restored to the Perkins Program or to other similar financial aid plans.

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