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Cancellations For Perkins Loans
The following benefits under this section are not offered for the Nursing or Institutional loans
(The following information can be found on the original Promissory Note signed by the borrower)
Upon making a properly documented written request to Campus Partners, the borrower is entitled to have up to 100% of the original principal loan amount canceled if the borrower performs qualifying service in the areas listed below. Qualifying service must be performed after receiving the loan. A deferment postpones payment during the period of service until certification of completed service is provided for cancellation. A maximum of one-year increments of service can be deferred and cancelled at a time. For service eligible for 100% cancellation benefits the cancellation rate is 15% of the original principal loan amount plus interest for the first and second year of service, 20% for the third and fourth year, and 30% for the fifth year of eligible service.
Teaching
· A full-time teacher in a public or other non-profit elementary or secondary school, that has been designated by the Secretary in accordance with the provisions of section 465(a)(2) of the Higher Education Act as a school with a high concentration of students from low-income families.
· A full-time special education teacher in a public or nonprofit elementary or secondary school system.
· A full-time teacher in a public or other nonprofit elementary or secondary school system, who teaches mathematics, science, foreign languages, bilingual education, or any other field of expertise that is determined by the State Department of Education to have a shortage of qualified teachers in that State.
Early Intervention Services
To qualify, you must be a full-time qualified professional provider of early intervention services in a public or other nonprofit program under public supervision by a lead agency as authorized by section 672(2) of the Individuals with Disabilities Education Act. Early Intervention Services are provided to infants and toddlers with disabilities.
Child or Family Service Agency
To qualify, you must be a full-time employee of an eligible public or private non-profit child or family service agency who is providing or supervising the provision or services to high-risk children who are from low-income communities and the families of such children.
Head Start
Upon making a properly documented written request to the school, the borrower is entitled to have up to 100 % of the original principal loan amount canceled for qualifying service performed after the borrower receives the loan, as a full-time staff member in the educational component of a Head Start program which is operated for a period comparable to a full school year which pays a salary comparable to an employee of the local educational agency.
Military
Upon making a properly documented written request to the school, the borrower is entitled to have up to 50% of the principal amount of this loan canceled for qualifying service performed after receiving the loan as a member of the Armed Forces of the United States in an area of hostilities that qualifies for special pay under section 310 of Title 37 of the United States Code.
Volunteer Services
Upon making a properly documented written request to the school, the borrower is entitled to have up to 70% of the original principal loan amount of this loan canceled for qualifying service performed after borrower received the loan, as a volunteer under the Peace Corps Act or a volunteer under the Domestic Volunteer Services Act of 1973 (ACTION programs).
Other Services Eligible for Cancellation
· A full-time law enforcement officer for an eligible local, State, or Federal law enforcement agency
· A full-time-corrections officer for an eligible local, State, or Federal corrections agency.
· A full-time nurse providing health care services
· A full-time medical technician providing health care services.
Death and Disability
In the event of the borrower's death, the school will cancel the total amount owed on the loan. If the borrower becomes permanently and totally disabled after receiving the loan, the school may cancel the total amount owed on the loan upon receipt of a Loan Discharge Application and review of federal regulations.
Last Updated: 3/24/2008
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