My company states that they participate in the Perkins Loan Cancellation of student debt program. However, I recently consolidated all of my student loans prior to learning this. Does anyone know if there is a way around this so that I may still receive this cancellation?
2007-03-06 12:00:33 · 4 answers · asked by Anonymous in Education & Reference ➔ Financial Aid
I'm sorry but, no, you're not eligible for cancellation now that you consolidated and there is no way to unconsolidate. Your Perkins loan is no longer a Perkins loan (it's a part of a larger Federal Consolidation Loan) and therefore you aren't eligible for any of the benefits that were associated with the Perkins Loan program.
Someone very close to me is in exactly your same position and, trust me, I looked into this to see if there is any way to undo the consolidation. There's no loophole; the law is airtight....
2007-03-06 14:30:56 · answer #1 · answered by FinAidGrrl 5 · 1⤊ 0⤋
Student loan cancellation is an incentive for individuals to go into critical need job areas of teaching. The cancellation is given after the student completes a certain number of years of service which is between 2 and 5 years. The fields include low income schools, special education (educating disabled kids), mathematics, science, foreign language, or bilingual education teachers.
2007-03-06 12:11:18 · answer #2 · answered by dawncs 7 · 0⤊ 1⤋
Totally sucks for you. I did the same exact thing, and therefore did not qualify for the debt forgiveness option. I was soooooooo freaking mad! Funny how the lenders don't tell us that when they are jamming student loans down our throats!
2007-03-06 12:04:14 · answer #3 · answered by ponygirl_40th 2 · 1⤊ 0⤋
hi- You qualify for area of it canceled each and each year for 5 years as follows: 15% for 1st and second year 20% for third and 4th year 30% for fifth year optimal cancellation of one hundred% of unique personal loan
2016-12-05 08:33:31 · answer #4 · answered by ? 4 · 0⤊ 0⤋