Who It’s For: People who work in various public service jobs, such as teaching, nursing, or law enforcement. You can find a list of possible qualifying jobs here.
How to Apply: Contact your school or, if applicable, your school’s Perkins loan servicer to get the necessary application for loan cancellation. You should contact your school right away even if you haven’t completed five years yet, since it may be possible to suspend payments while you’re qualifying.
What Loans Qualify: Federal Perkins loans only. These must not be part of a consolidation; you can have other consolidated loans, but the Perkins loans themselves must not be consolidated.
How Much?: Up to 100% of your remaining Perkins loan balance, depending on which field you work in and how long you work there. You usually need to work in a qualifying job for five full years to get the maximum benefit from this cancellation.
Anything Else I Should Know?: Only certain schools offer Perkins loans, and even then usually only to certain borrowers. There is no way to transform another loan type (such as a Stafford loan or a PLUS loan) into a Perkins loan, either. We have a detailed write-up on this program here.