The US House of Representatives have passed the Higher Education Extension Act of 2015 to allow for more discussion time regarding its contents.

Here are some things you should know about the extension and act itself:

• The Higher Education Act (HEA) was originally enacted in 1965 by Lyndon Johnson to allow for affordable higher education.
• The Perkins Loan is included in the Higher Education Act, and allows for students in need to be able to get an interest free loan while in school.
• The Perkins Loan is also set to “sunset” or expire Wednesday, September 30, 2015.
• Since the extension for the HEA has passed in the House, it must now undergo a pass through the Senate in order to get signed by the president.
• If the Senate does not pass the extension, the Perkins loan will no longer exist, leaving future students who may have been eligible, forced to find other loans with potentially higher interest rates.
• Reauthorization for the HEA is set to be voted on early next year.