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Eligibility Guidelines

In order to receive a postponement or partial cancellation, the borrower’s account must be current to the beginning date of the qualifying work or service.

The borrower must apply for partial cancellation for his or her loan by submitting a deferment form at the beginning of the 12 month period and a cancellation form at the end of the 12 month period of work or service.

The borrower must provide any documentation the school requests to show that he or she qualifies for the partial cancellation.

No portion of any loan may be canceled for services the borrower performed before the date the loan was disbursed, or during the same period he or she received the loan.

Defaulted loan accounts are not eligible for cancellation unless the only reason for the default was the borrower’s failure to file a cancellation request on a timely basis.

No payments made during a period for which a borrower qualified for a cancellation may be refunded, unless the borrower made the payment because of an institutional error.

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by fochsm last modified May 05, 2010 01:44 PM