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.