Perkins Loan Cancellations

Assistance Considerations

Length and Time Phasing of Assistance:
Reimbursement takes place upon acceptance of an annual fiscal operations report.

Formula and Matching Requirements:
Under the National Defense Education Act, as amended, payments are based on ratio of institutional matching monies to total loan amount. The payment replaces institutional funds (not less than one-tenth of loan) which were canceled for teaching and/or military service. For loans canceled pursuant to the Higher Education Act, the full amount canceled for teaching, Head Start, military, volunteer, law enforcement or corrections officer, nurse or medical technician, and child or family service agency is restored to the fund at the institution.