Cancellations

Your Federal Perkins loan(s) may be eligible for cancellation. If granted, the cancellation releases you from your obligation to repay all or a specified portion of your loan(s). Most cancellations forgive your loan(s) over a period of five years. Cancellation rates vary depending on the type of cancellation.

Loan Cancellation Rates

Cancellation Type Year 1 Year 2 Year 3 Year 4 Year 5
Low Income Teacher 15 % 15 % 20 % 20 % 30 %
Handicapped Teacher 15 % 15 % 20 % 20 % 30 %
Teacher of Special Education 15 % 15 % 20 % 20 % 30 %
Math, Science, or Language Teacher 15 % 15 % 20 % 20 % 30 %
Law Enforcement/ Corrections Officer 15 % 15 % 20 % 20 % 30 %
Child or Family Service Agency 15 % 15 % 20 % 20 % 30 %
Nurse/Medical Technician 15 % 15 % 20 % 20 % 30 %
Military 15 % 15 % 20 % 20 % 30 %
Pre-Kindergarten/Child Care 15 % 15 % 20 % 20 % 30 %
Lawyer in Public Defender Organization 15 % 15 % 20 % 20 % 30 %
Fire Fighter 15 % 15 % 20 % 20 % 30 %
Faculty of Tribal College/University 15 % 15 % 20 % 20 % 30 %
Librarian at Low-Income School 15 % 15 % 20 % 20 % 30 %
Speech Pathologist at Low-Income School 15 % 15 % 20 % 20 % 30 %
Early Intervention Service Provider 15 % 15 % 20 % 20 % 30 %
Peace Corps 15 % 15 % 20 % 20 % 30 %
Early Childhood Education 15 % per year until paid-in-full (if eligible)

If you question your eligibility or cannot find a solution to meet your needs, please contact us for assistance.