How you qualify for Federal Perkins loan cancellation and how much you’re eligible to have cancelled depends on your profession and time served in your position.
Teachers, nurses, medical technicians, firefighters, tribal college faculty, law enforcement officers and attorneys working in public positions may be eligible to have up to 100% of their remaining Perkins loans waived after five years of service.
Certain early childhood education professionals may be eligible for Perkins loan cancellation after seven years. If you were in the military and served in a dangerous location, you may be eligible to have your remaining Perkins loan balance waived after five to 10 years, depending on when your service ended.
Finally, if you are an AmeriCorps VISTA or Peace Corps volunteer, you might be able to have 70% of the remaining balance on your Perkins loans cancelled after four years.
Teachers have a lot of options for student loan forgiveness. Aside from the Perkins loan cancellation discussed above, you may be eligible for teacher loan forgiveness for your Federal Direct and Federal Stafford loans.
Unfortunately, this loan program won’t cancel the full remainder of your balance. If you spend five years teaching full time in a low-income school, you’ll only have $5,000 of your remaining loan balance forgiven for most teachers.
If you’re a math, science, or special education teacher, the deal is sweetened even more: You’ll have up to $17,500 of your student loan balance forgiven.