Federal Perkins Loan Cancellation And Discharge

October 18, 2018by Riley Hendrickson0
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If you have a Federal Perkins Loan, you may qualify to have your loan discharged or canceled out altogether. There is a large list of different professions that would allow for you to be able to qualify for the Federal Perkins Loan Cancellation And Discharge program. Continue reading to see what you need to do in order to be eligible.

Eligibility?

The following options may qualify you for the Federal Perkins Loan Cancellation And Discharge:

  • Borrower’s total and permanent disability or death
  • Bankruptcy (in rare cases—cancellation is possible only if the bankruptcy court rules that repayment would cause undue hardship)
  • Closed school (before student could complete program of study); applies to loans received on or after Jan. 1, 1986
  • Service in the U.S. armed forces in a hostile fire or imminent danger pay area
  • Full-time firefighter (for service that includes Aug. 14, 2008, or began on or after that date)
  • Full-time law enforcement or corrections officer
  • Full-time nurse or medical technician
  • VISTA or Peace Corps volunteer
  • Librarian with a master’s degree working in a Title I-eligible elementary or secondary school or in a public library serving Title I-eligible schools (for service that includes Aug. 14, 2008, or began on or after that date)
  • Full-time attorney employed in a federal public or community defender organization (for service that includes Aug. 14, 2008, or began on or after that date)
  • Full-time employee of a public or nonprofit child- or family-services agency providing services to high-risk children and their families from low-income communities
  • Full-time staff member in the education component of a Head Start program
  • Full-time staff member in a prekindergarten or child care program that is licensed or regulated by a state (for service that includes Aug. 14, 2008, or began on or after that date)
  • Full-time qualified professional provider of early intervention services for the disabled
  • Full-time speech pathologist with a master’s degree working in a Title I-eligible elementary or secondary school (for service that includes Aug. 14, 2008, or began on or after that date)
  • Full-time special education teacher of children with disabilities in a public or other nonprofit elementary or secondary school
  • Full-time teacher of math, science, foreign languages, bilingual education, or other fields designated as teacher shortage areas
  • Full-time special education teacher of children with disabilities in an educational service agency (for service that includes Aug. 14, 2008, or began on or after that date)
  • Full-time teacher in a designated educational service agency serving students from low-income families (for teaching service that includes Aug. 14, 2008, or began on or after that date)
  • Full-time faculty member at a tribal college or university (for service that includes Aug. 14, 2008, or began on or after that date)

*Please note that most if not all of these programs offer the ability for up to 100% of your student loans to be forgiven so long as you qualify.

*Note: As of Oct. 7, 1998, all Perkins Loan borrowers are eligible for all cancellation benefits regardless of when the loan was made or the terms of the borrower’s promissory note. However, this benefit is not retroactive to services performed before Oct. 7, 1998.

What Loans Qualify?

The only loans that will qualify for this program are:

• Federal Perkins loans

For a full breakdown on how to apply, continue reading below.

How to apply?

In order to apply for the Federal Perkins Loan Cancellation And Discharge program, you can head over to their program page or you can contact your school as well as your designated loan servicer with any questions you may have and apply.

Questions?

If you still have questions or would like to know more information please reach out to us here or you can go back to the Student Loan Repayment Assistance Programs page.

 

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