Get the free Federal Perkins Loan Program Request for Deferment/Cancellation - wiu

This document provides information and a request form for borrowers who are teachers or librarians seeking deferment or cancellation of their Federal Perkins Loans due to qualifying service in low-income

How to fill out federal perkins loan program

How to fill out Federal Perkins Loan Program Request for Deferment/Cancellation

1. Obtain the Federal Perkins Loan Program Request for Deferment/Cancellation form from your school's financial aid office or their website.
2. Read the instructions carefully to understand the eligibility criteria for deferment or cancellation.
3. Fill out your personal information at the top of the form, including your name, address, and loan account number.
4. Indicate your reason for requesting deferment or cancellation by checking the appropriate box on the form.
5. Provide any required documentation that supports your request, such as proof of qualifying employment or other relevant information.
6. Review the completed form to ensure all information is accurate and all necessary signatures are included.
7. Submit the form and any supporting documents to your loan servicer or the designated office at your school.

Who needs Federal Perkins Loan Program Request for Deferment/Cancellation?

1. Borrowers who are struggling to make payments due to financial hardship.
2. Individuals working in qualifying public service occupations seeking cancellation benefits.
3. Students who are enrolled in graduate or full-time undergraduate studies.
4. Borrowers experiencing military service or temporary disabilities.
5. Anyone who meets the specific eligibility criteria outlined by the Federal Perkins Loan Program.

People Also Ask about

What is cancellation with deferment?

During a deferment, interest does not accrue. If you are working in a position which you believe will qualify you for a cancellation, you may request a deferment at the beginning of employment to suspend billing and defer payments of principal and interest. A cancellation is “loan forgiveness.”

What is the purpose of deferment?

During deferment, you won't be required to make payments, and in some cases, interest may not accrue on your loan. The key purpose of deferment is to help borrowers avoid defaulting on their loans while they navigate a challenging financial period or focus on other priorities, such as education or service.

Can you defer Perkins Loans?

On loans made under the Perkins Loan Program, all deferments are followed by a post-deferment grace period of 6 months, during which time you are not required to make payments.

What is a loan deferment request?

With a loan deferment, you can temporarily stop making payments for a period of time that's determined by the type of deferment. With a loan forbearance, you can stop making payments or reduce your monthly payments for up to 12 months.

Is a deferment good or bad?

In most cases, interest will accrue during your period of deferment or forbearance. This means your balance will increase and you'll pay more over the life of your loan. If you're pursuing loan forgiveness, any period of deferment or forbearance may not count toward your forgiveness requirements.

What qualifies you for loan deferment?

You're eligible for this automatic deferment if you're enrolled at least half-time at an eligible college or career school. If you're a graduate or professional student who received a Direct PLUS Loan, you qualify for an additional six months of deferment after you cease to be enrolled at least half-time.

How to apply for Perkins Loan cancellation?

Applying for Cancellation or Discharge You need to apply for cancellation or discharge of a Perkins Loan directly to the school that made the loan or to the school's Perkins Loan servicer. The school or its servicer can provide forms and instructions specific to your type of cancellation or discharge request.

What does it mean when a loan goes into deferment?

With a loan deferment, you can temporarily stop making payments for a period of time that's determined by the type of deferment. With a loan forbearance, you can stop making payments or reduce your monthly payments for up to 12 months.

For pdfFiller’s FAQs

What is Federal Perkins Loan Program Request for Deferment/Cancellation?

The Federal Perkins Loan Program Request for Deferment/Cancellation is a formal process through which borrowers can request a temporary suspension of their loan payments or forgiveness of some or all of their loan amount based on specific qualifying circumstances.

Who is required to file Federal Perkins Loan Program Request for Deferment/Cancellation?

Borrowers who have a Federal Perkins Loan and meet the criteria for deferment or cancellation, such as those working in qualifying public service roles, teachers, or those experiencing financial hardship, are required to file this request.

How to fill out Federal Perkins Loan Program Request for Deferment/Cancellation?

To fill out the Federal Perkins Loan Program Request for Deferment/Cancellation, borrowers need to complete the official request form, providing personal information, loan details, and documentation supporting their eligibility for deferment or cancellation.

What is the purpose of Federal Perkins Loan Program Request for Deferment/Cancellation?

The purpose of the Federal Perkins Loan Program Request for Deferment/Cancellation is to provide financial relief to eligible borrowers, allowing them to temporarily stop making payments or to have their loan forgiven based on qualifying criteria.

What information must be reported on Federal Perkins Loan Program Request for Deferment/Cancellation?

The information that must be reported includes the borrower's personal identification details, loan account number, the reason for the request, and any necessary supporting documentation that verifies the eligibility for deferment or cancellation.