WASHINGTON — Congress is extending a federal loan program that provides low-interest money to the neediest students for college.

The Perkins Loan program will get a two-year extension, under compromise legislation approved Thursday in the House, a day after clearing the Senate. The program expired on September 30. The measure now heads to President Barack Obama for his signature.

“Extending the Perkins Loan program ensures those in severe financial need will continue to have the certainty to help achieve their higher education goals,” said Republican Rep. Mike Bishop of Michigan.

Bishop and Democratic Rep. Mark Pocan of Wisconsin had sponsored legislation that passed the House earlier this year that would have given the program a one-year extension, but it was blocked in the Senate.

The compromise bill imposes some new restrictions, such as a requirement that new borrowers would first have to exhaust their borrowing limit through other unsubsidized and subsidized federal loans before being awarded a Perkins loan.