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Deferments/Cancellations

Deferments

A deferment is defined as "a temporary suspension of payments". Payments on Federal Perkins and University Student Loans may be deferred for a variety of reasons. During a deferment period, payments are not necessary since principal and sometimes interest does not accrue. The available deferments vary depending on the type of loan. If you feel that you may be eligible for a deferment, it is your responsibility to apply with our office.

Cancellations

The cancellation (discharge) of your student loan(s) is possible under certain circumstances and if granted, releases you from your obligation to repay all or a specified portion of your student loan(s). Most cancellations discharge your student loan(s) over a period of five (5) years. Cancellation rates vary depending on the type of loan.

Cancellation Rates
Cancellation Type Year 1 Year 2 Year 3 Year 4 Year 5
Low Income Teacher 15 % 15 % 20 % 20 % 30 %
Handicapped Teacher 15 % 15 % 20 % 20 % 30 %
Teacher of Special Education 15 % 15 % 20 % 20 % 30 %
Math, Science, or Language Teacher 15 % 15 % 20 % 20 % 30 %
Law Enforcement/ Corrections Officer 15 % 15 % 20 % 20 % 30 %
Child or Family Service Agency 15 % 15 % 20 % 20 % 30 %
Nurse/Medical Technician 15 % 15 % 20 % 20 % 30 %
Military 15 % 15 % 20 % 20 % 30 %
Pre-Kindergarten/Child Care 15 % 15 % 20 % 20 % 30 %
Lawyer in Public Defender Organization 15 % 15 % 20 % 20 % 30 %
Fire Fighter 15 % 15 % 20 % 20 % 30 %
Faculty of Tribal College/University 15 % 15 % 20 % 20 % 30 %
Librarian at Low-Income School 15 % 15 % 20 % 20 % 30 %
Speech Pathologist at Low-Income School 15 % 15 % 20 % 20 % 30 %
Early Intervention Service Provider 15 % 15 % 20 % 20 % 30 %
Peace Corps 15 % 15 % 20 % 20 % N/A
Early Childhood Education 15 % per year until paid-in-full (if eligible)

The majority of cancellations are discharged in twelve (12) month intervals while you are engaged in a specific service, or discharged in-full, in the event you pass away or become totally disabled.

Once our office receives your application for cancellation, your loan will be deferred until you complete a full twelve months of qualified service. Though your loan may be eligible for a cancellation, it is your responsibility to apply for each twelve (12) month period. It is essential to apply for cancellations on a timely basis. If you make payments during a period, then subsequently apply for cancellation that covers the same time period, the payments will not be reimbursed.


Student Loan Eligibility Guide

* Please refer to the promissory note for specific information concerning the following provisions:

Grace Periods:

Federal Perkins Loans/National Direct Student Loans:  [9 Month Grace Period]

Primary Care Loans/Health Professions Student Loans:  [1 Year Grace Period]

University Loans:  [9 Month Grace Period]

Stafford Loans/GSLs:  [Contact your lender for privileges.]


Deferment Eligibility
Deferment Type Maximum Limit Eligible Loans
* Student (at least half-time) No Limit All Federal Perkins/Perkins/NDSL/UNIV/PCL/HPSL
* Military: Member of Armed Forces (for disbursements prior to July 1, 1993) No Limit NDSL01,02,03,05,95,06,96,07,08/HPSL
* Military: Active Duty During Wartime No Limit All Federal Perkins/Perkins/NDSL
* Military: Post Demobilization No Limit All Federal Perkins/Perkins/NDSL
* National Oceanic & Atmospheric Administration Corps 3 Years NDSL06,96,07,08
* Peace Corps 3 Years NDSL01,02,03,05,95,06,96,07,08/HPSL
* U.S. Public Health Service Action Programs 3 Years NDSL03,05,95,06,96,07,08
* Vista 3 Years NDSL01,02
* Private/Non-Profit/Volunteer 3 Years NDSL03,05,95,06,96,07,08
* Domestic Service Volunteer 3 Years NDSL05,95,06,96,07,08
* Temporary Total Disability 3 Years NDSL01,02,03,05,95,06,96,07,08/UNIV/PCL/HPSL
* Internship/Professional Prac. 2 Years NDSL03,05,95,06,96,07,08
* Advanced Professional Train. No Limit HPSL
* Pregnant/Adoption/Child Care 6 Months NDSL06,96,07,08
* Mother of Preschool Child/Entering the Work Force 1 Year NDSL06,96,07,08
* Forbearance (interest accrues) 3 Years All Federal Perkins/Perkins/NDSL/UNIV/PCL/HPSL
* Graduate Fellowship/Rehab. 3 Years All Federal Perkins/Perkins/NDSL
* Inability to Find Full-Time Employment 3 Years All Federal Perkins/Perkins/NDSL/UNIV
* Economic Hardship 3 Years All Federal Perkins/Perkins/NDSL/UNIV
* Engaged in Service Listed Under Cancellation Provisions Unlimited All Federal Perkins/Perkins/NDSL


Cancellation Eligibility
Cancellation Type Maximum Limit Eligible Loans
* Peace Corps 70 % All Federal Perkins/Perkins/NDSL
* Teacher - Low income school 100 % All Federal Perkins/Perkins/NDSL
* HEADSTART Administrator 100 % All Federal Perkins/Perkins/NDSL
* Military - Area of Hostility 100 % All Federal Perkins/Perkins/NDSL
* Law Enforcement/Correction Officer 100 % All Federal Perkins/Perkins/NDSL
* Totally & Permanently Disabled 100 % All Federal Perkins/Perkins/NDSL/UNIV/HPSL
* Death 100 % All Federal Perkins/Perkins/NDSL/UNIV/HPSL
* Teacher - Special Education 100 % All Federal Perkins/Perkins/NDSL
* Teacher - Shortage of Teachers in Field of Education 100 % All Federal Perkins/Perkins/NDSL
* Full-Time Nurse or Medical Technician 100 % All Federal Perkins/Perkins/NDSL
* Full-Time Employee of Child or Family Service for High Risk Children 100 % All Federal Perkins/Perkins/NDSL
* Full-Time Staff in a Pre-Kindergarten or Child Care Program 100 % All Federal Perkins/Perkins/NDSL
* Full-Time Lawyer Employed by a Public Defender Organization 100 % All Federal Perkins/Perkins/NDSL
* Full-Time Fire Fighter 100 % All Federal Perkins/Perkins/NDSL
* Full-Time Faculty Member at a Tribal College or University 100 % All Federal Perkins/Perkins/NDSL
* Librarian with a Master's Degree in Library Science - Low-Income School or Public Library Serving Low-Income Schools 100 % All Federal Perkins/Perkins/NDSL
* Full-Time Speech Language Pathologist with a Master's Degree - Low-Income Children 100 % All Federal Perkins/Perkins/NDSL


Deferment/Cancellation Eligibility Lookup

If you know the type of student loan(s) that you have received, select the loan type(s) and select 'Enter'. The information displayed will assist you in repaying your obligation while taking full advantage of the variety of provisions that student loans offer:

  • available deferments
  • available cancellations
  • eligibility requirements
  • forms/applications
  • instructions on how to apply.

If you question your eligibility or cannot find a solution to meet your needs, please contact us for assistance.