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