Cancellation
Federal Perkins loan
You may qualify to have your Federal Perkins Loan canceled, allowing the principal and interest to be paid off, either in part or completely. Eligibility for several cancellations depend on the disbursement date of your loan in your promissory note. Determine your disbursement date and then, go to ECSI's Cancellation Table for Perkins Loans (scroll past the Deferment Table on the same page) to determine your eligibility. Your cancellation request form must be signed by the appropriate official in your school system or place of employment. You may be required to make any payments. that were due prior to the cancellation period.
Eligible service categories
All or part of your Perkins Loan (including interest) may be canceled for full-time service in certain teaching fields or public service, as long as you are not in default:
- a teacher in a designated elementary school or secondary school serving students from low-income families
- faculty member at a tribally controlled university
- special education teacher (includes teaching children with disabilities in a public or other nonprofit elementary or secondary school)
- qualified professional provider of early intervention services for the disabled
- teacher of math, science, foreign languages, bilingual education, or other fields designated as teacher shortage areas
- staff of a pre-kindergarten or child care program licensed or regulated by the state
- librarian with a master's degree in library science
- employee of a public or nonprofit child or family service agency providing services to high-risk children and their families from low-income communities
- speech language pathologist
- nurse or medical technician
- law enforcement corrections officer
- public defender
- firefighter
Bankruptcy
In most cases, your student loans cannot be discharged by a bankruptcy. Please contact your attorney for information on this.
Postponement
Before a payment is due, you must file a Request for Postponement of Repayment form with Student Financial Collections at the start of your first full year of teaching or service employment in a qualifying field. You must submit the paperwork at the end of each service year.
Total and permanent disability
The unpaid balance of your loan will be canceled if you become permanently and totally disabled after receiving a Perkins loan. Permanent and total disability is the inability to work and earn money because of an impairment that is expected to continue indefinitely or to result in death. To claim this entitlement, you must submit a Loan Discharge Application: Total and Permanent Disability and a physician's statement certifying the date of onset, nature, and extent of your disability, along with copies of all medical records includes evidence of your disabling condition connected with your case.
Death
In the case of death, the executor of your estate must submit a death certificate or other official proof that is conclusive under state law to have the unpaid balance of your Perkins loan discharged.
For more information or to request a form, contact a Student Financial Collections representative.