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Partial Perkins Loan Cancellations

Partial cancellations are granted on an annual basis for one completed 12-month period of full-time work or service. Cancellations cannot be granted for less than a full 12 months of completed work or service although the work or service may be performed for more than one employer or agency. If the work or service is performed for multiple employers or agencies, the borrower must provide certified documentation from each employer or agency for the period worked or served.

At the end of the completed 12-month period of full-time work or service, which is properly documented, the borrower may receive a cancellation of a percentage of the original amount of the principal borrowed plus accrued interest. The percentage canceled each year and the number of years of cancellation that are allowed depends on the type of cancellation.

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by fochsm last modified Feb 17, 2010 12:21 PM