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Cancellation criteria for
Federal Perkins Loans
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Made on or
after 7/22/92
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Made prior to 7/23/92
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Total and permanent disability or death
of borrower. Total disability must be physician certified.
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100%
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100%
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Full-time employment in a Head Start
Program. Deferment should be filed at time of commencing full-time
employment to postpone payment until year of service is completed.
Cancellation form must be completed, certified and submitted annually to
qualify. Cancellation rate is 15 percent per full year of service.
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100%
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100%
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Full-time Law Enforcement or Corrections
Officer. Applies only to loans made after 11/28/90. Must be employed
in a federal, state or local qualifying agency. Law Enforcement, support
staff do not qualify. Cancellation is 15 percent for the first and
second year of service, 20 percent for the second and third years, and
30 percent for the forth and fifth years. Deferments should be filed at
time of commencing full-time employment to postpone payment until
service year is completed. Cancellation form must be completed,
certified and submitted annually to qualify.
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100%
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100%
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Full-time Teaching in Low Income School
eligible for funding under Chapter 1 of the Education Consolidation and
Improvement Act of 1981. (Reference book of eligible schools nationwide
is available, please ask if you need information on a particular school)
If you teach in a school that loses its low income designation, you are
still eligible to cancel as long as you teach at that school full-time.
Cancellation rate is 15 percent for the first and second years, 20
percent for the third and fourth years and 30 percent for the fifth
year. Deferment should be filed at the beginning of the eligible service
year to postpone payment. Cancellation form must be completed, certified
and submitted annually to qualify.
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100%
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100%
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Full-time Teaching Special Education in a
public or non-profit elementary or secondary school system. Refer to #4
for cancellation rates and criteria.
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100%
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100%
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Full-time Teaching in Math, Sciences,
Bilingual Education or any field of expertise determined by the state
education agency to have a shortage of qualified teachers. Qualifying
areas of service may vary depending upon direction of the state. Refer
to #4 for cancellation rates and other criteria. Deferment should be
filed before each qualifying year to postpone payment.
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100%
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Not Available
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Provider of Early Intervention Services in a
public or non-profit program under pubic supervision by a lead agency.
Full-time service working with toddlers, infants or youth with
disabilities as defined and authorized by Section 672 (2) and 602 (a)(1)
of the Individuals with Disabilities Education Act. Refer to #4 for
cancellation rates and other criteria. Deferment should be filed before
each qualifying year to postpone payment.
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100%
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Not Available
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Provider or Supervisor of Provision of
Services to High Risk Children from Low Income Communities and their
families. Must be employed in public or non-profit child or family
services agency. High risk children are defined as individuals under the
age of 21 who: are low-income; have been or are at the risk of being
abused or neglected; have serious emotional, mental or behavioral
disturbances; reside in placements outside of their homes; or are
involved in the juvenile justice system. Low income communities are
defined as those in which there is a high concentration of children
eligible to be counted under Chapter 1 of the Elementary and Secondary
Education Act of 1965. Cancellation rates and other criteria see #4.
Deferment should be filed before each qualifying year to postpone
payment.
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100%
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Not Available
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Nurse or Medical Technician providing health
care services. Full-time nursing or medical technician providing direct
health care services. Secretarial or supporting staffing does not
qualify. See #4 for cancellation rates and criteria. Deferment should be
filed before each qualifying year to postpone payment.
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100%
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Not Available
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Peace Corp or ACTION Program Volunteer.
Qualifying service under the Peace Corps Act or as a volunteer under the
Domestic Volunteer Service Act of 1973 (Action Programs) may cancel up
to 70 percent of Perkins Loans. Cancellation rate is 15 percent for the
first and second year of service and 20 percent the third and fourth
year of service. Deferment should be filed before each qualifying year
of service to postpone payment.
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70%
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70%
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Military Cancellation. Serving in the U.S.
Armed Forces in an area of hostilities that qualifies for special pay
under section 310 of Title 37 of the United States Code may cancel up to
50 percent of Perkins Loans. Cancellation rate is 12.5 percent per full
year of qualifying service.
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50%
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50%
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General information:
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1. All service eligible for cancellation
benefits must be performed after the period in which you received the loan.
2. You must file forms to Defer and Cancel every year you expect to
receive this benefit.
3. All forms must be certified by your employer and you may be
expected in some cases to provide back up documentation such as job
descriptions.
4. It is your responsibility to request forms in a timely manner and
return them to receive this benefit. The billing service and Saint Martin's
University will always have these forms.
5. Qualifying service for this benefit must be full-time in every
case. For teachers a year of full-time employment means a full academic
year. Yes, long term substitution qualifies if it is documented that you
served every day for a full year just like contract teachers.
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