Cancellation Benefits Currently in Effect
- 15% for the first and second years of service
- 20% for the third and fourth years of service
- 30% for the fifth year of service
Full-time Teacher in Elementary or Secondary School
These employment areas take five (5) years of full-time employment to cancel the loan in full.
In a Chapter 1 school that is designated by the Secretary of Education as a school with a high concentration of students for low-income families.
Special Education Teacher
Teacher of mathematics, science, foreign languages, bi-lingual education or other field of expertise that is determined by the State Department of Education to have a shortage of qualified teachers.
Full-time qualified professional provider of early intervention services in a public or other non-profit program under public supervision by the lead agency as authorized in the Individuals With Disabilities Education Act.
Full-time Law Enforcement or Corrections Officer
This does include parole and probation officers.
Full-time Nurse or Medical Technicians
Full-time nurse or medical technicians providing health care services.
Full-time Public or Non-Profit Child or Family Services
Full-time employee of an eligible public or private non-profit child or family service agency who is providing, or supervising the provision of, services to high-risk children who are from low-income communities and the families of such children.
The following cancellation areas each have their own cancellation rate.
Please review your promissory note to determine the appropriate cancellation rates.
- Full-time staff member in the Education component of a Head Start Program. .
- Volunteer under the Peace Corps Act or Domestic Volunteer Service Act or 1973 (ACTION programs).
- Service in the U.S. Armed Forces in an area of hostilities or imminent danger.
- Permanent and Total Disability of the borrower: the appropriate paperwork must be completed and certified by a physician.
- Death of the borrower: a copy of the death certificate is required.