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Perkins Loan Cancellation Option
Teacher Cancellation
Teaching full-time in a public or non-profit elementary or secondary
school that is eligible for cancellation as determined by the
Commissioner of Education and which is listed in the Federal Register
(low income, Chapter 1 funding) for that year.
Teaching special education full-time in a public or non-profit
elementary or secondary school system.
Full-time teacher of mathematics, science, foreign languages, bilingual
education, or other shortage fields as determined by the state’s
education agency.
Full-time teacher in an elementary or secondary school operated by the
Bureau of Indian Affairs or operated on Indian reservations by an Indian
tribal group under contract with BIA.
Also, borrowers
may receive 15% cancellation per year for employment as a full-time, salaried,
education staff member in the Federal Head Start program.
To receive any one of the above listed cancellation benefits, complete a
request for
postponement/deferment form at the BEGINNING of the benefit year.
After working
for one full year, complete a request for partial cancellation form.
Nursing Cancellation
To qualify, individual must have been employed full-time as a licensed practical
nurse, a registered nurse, or other individual who is licensed by appropriate
state agency to provide nursing services.
Medical Technician
To
qualify, individual must have been employed full-time as an allied health
professional, working in a field such as therapy, dental hygiene, medical
technology, or nutrition. You must assist, facilitate, or complement the work of
physicians or other specialists in the health care system. You must be
certified, registered, or licensed by the state agency within the state where
you provide this service.
Employee Of Child or Family Service Agency
To qualify, individual must have been employed full-time in a public or private
non-profit child or family service agency. You must provide or supervise the
provision of services to high-risk children and their families. High risk
children are under the age of 21, are at risk of or have been abused or
neglected, have serious emotional, mental, or behavioral disturbances, reside in
placement outside the home, or are involved in the juvenile justice system.
Qualified Professional Provider Of Early Intervention Service
To qualify, individual must have been employed full-time as a
provider in a public or other non-profit program under public supervision. The
agency must be in compliance with Section 676 (b) (a) of the Individual with
Disabilities Education Act. Duties must comply with Section 672 (2) of the same
act.
Law Enforcement
To
qualify, individual must have been employed full-time in a local, state, or
federal agency whose activities pertain to crime prevention. Primary
responsibility is crime prevention, control, reduction or enforcement of
criminal law. Activities include police efforts, criminal court jurisdiction,
corrections, probation, or parole authorities. Agencies and positions whose
primary responsibilities are civil, regulatory, administrative, or support are
not eligible.
Cancellation rates for the above named benefits are 15% for the 1st
and 2nd year, 20% for the 3rd and 4th year, and
30% for the 5th year.
Peace Corps/Vista
To
qualify, individual must have served full-time for one complete year with Peace
Corps or Domestic Volunteer Service Act of 1973 (Vista or Action). Cancellation
rates are 15% for 1st and 2nd year, and 20% for 3rd
and 4th year, for a maximum cancellation benefit of 70% of original
loan.
Military
To
qualify, individual must have served active duty for twelve consecutive months
in US Army, Navy, Air Force, Marine Corps or Coast Guard. In addition, borrowers
with loans made after 6/30/72 must have been receiving combat pay and must have
served in an area of hostility. Cancellation rates are 12.5% per year for 4
years maximum. The maximum cancellation benefit is 50% of original loan.
To
receive any one of the above listed cancellation benefits, complete a request
for postponement/deferment form at the BEGINNING of the benefit year. After one full year of service, complete a
request for partial
cancellation for service/employment.
For information concerning any cancellation benefit not listed here, please
contact the Office of Student Loans at (870) 972-2285.
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