Perkins Loan Forgiveness = Stafford Loan Forgiveness

Perkins loan forgiveness programs now finally match the Stafford loan forgiveness programs. These low-rate, unsecured loans can be completely canceled under the right conditions.

All federal Perkins student loans cancellation programs require that you make a written request to your lender (with documentation).

A qualifying date of service is Aug. 14, 2008 and after. 100% of the Perkins loan amount is cancelable.

Perkins Student Loan Forgiveness Programs

You must be teaching in a school (or a location) with a high number of low-income students and operated by an educational service agency. A directory list of acceptable schools is published every year by the U.S. Department of Education.

Pre-K or Child Care

You must be a full-time worker in a pre-kindergarten or child care program licensed or regulated by the state. The facility must be open at least as long as a full school year in the area if your salary is equal to or below the salary of a comparable employee in the school district.

Attorneys

You must be employed by a federal public defender organization or a community defender organization.

Firefighters

You must be working full-time for a local, state or federal fire department or fire district.

Tribal College or University Faculty

You must be employed full-time as a faculty member of a tribally controlled college or university (including community colleges).

Librarians

You must have a master’s degree in library science and be employed as a librarian in an elementary or secondary school, or in a public library that serves an area that contains at least one of these schools.

Speech Language Pathologist

You must have a master's degree and be working full time exclusively with schools eligible for Title I assistance.

Military Service

You must have performed service as a member of the Armed Forces of the United States in an area of hostility that qualifies for special pay.

Student Loan Forgiveness Rates

• 15% for year one
• 15% for year two
• 20% for year three
• 20% for year four
• 30% for year five

For Pre-K or Child Care workers, loans will be canceled at the rate of 15% per year of service. (Service must be performed after the enrollment period of your loan. You cannot use the loan to go to school and also work for loan forgiveness during the same period.)