Cancellation benefits are for borrowers who are working as a full-time nurse or medical technician providing health care service.
A nurse is defined as a licensed practical nurse, a registered nurse, or other individual who is licensed by the appropriate state agency to provide nursing services.
A medical technician is defined as an allied health professional (working as a physical therapist, occupational therapist, medical technologist, or physician's assistant) who is certified, registered, or licensed by the appropriate state agency in the state in which he or she provides health care services. An allied health professional is someone who assists, facilitates, or complements the work of physicians and other specialists in the health care system.
If you are eligible, your loan will be canceled:
- at 15% of the total principal amount of the loan for the first and second year of service
- at 20% of the total principal amount of the loan for the third and fourth year of service
- at 30% of the total principal amount of the loan for the fifth year.
If you wish to cancel your Perkins Loan, please remember the following:.
- YOU must submit the following:
- Perkins cancellation request found at www.acs-education.com
- Copy of your current license to practice
- A letter on employer letterhead with your dates of employment, job duties, and status (i.e., full time/part time). It must be signed by someone of stature (i.e., supervisor, human resources representative, etc.)
- If you are considering consolidation, we highly recommend that you do NOT consolidate your Perkins Loan. If you consolidate, you will forfeit your ability to cancel the loan.