Today our topic is Federal Perkins Loans we will discuss the Cancellation of Federal Perkins Loans details in this article. Federal Perkins Loans are a type of need-based student loan that is offered by the government to undergraduate and graduate students with exceptional financial needs. If you have a Federal Perkins Loan, you may be able to have it canceled (discharged) in certain circumstances.
Eligibility for Cancellation of Federal Perkins Loan
For example, you may be eligible for cancellation of your Perkins Loan in case you are a teacher and you teach in a low-income school, in case you are a member of the military and you are serving in an area of hostilities, or in case you become permanently disabled. more , if you attend a school that closes while you are enrolled, you will be eligible for cancellation of your Perkins Loan.
There are some certain instances where you may be qualify for a 100% cancellation of your Federal Perkins Loan. The only qualifying event is if you have been discharged from active duty in the armed forces and received a Certificate of Release or Discharge from Active Duty.
Some of the reasons Cancellation of Federal Perkins Loan include:
The Federal Perkins Loan is a low-interest, need-based loan that provides up to $5,000 annually to help meet the cost of tuition and fees. There are certain instances where you may qualify for a 100% cancellation of your Federal Perkins Loan. Contact your local Perkins Loan Origination Center (OLOC) to confirm whether a cancellation fee applies if the school cancels your enrollment.
If you think you may be eligible for cancellation of your Perkins Loan, you should contact your loan servicer to discuss your options. They will be able to provide you with more information and help you apply for cancellation if you are eligible.