Perkins Loan Cancellations

Post Assistance Requirements

Reports:
A fiscal operations report is submitted by each institution at the close of each award year (June 30).

Audits:
Periodic audits of loan cancellation at participating institutions will be made in conformance with rules applicable to the Federal Perkins Loan Program.

Records:
Records pertaining to the eligibility and repayment history of each loan recipient must be retained by the institutions for three years after the final repayment or cancellation occurs or until the loan is assigned. An institution must keep other records for a period of three years following the institution's submission of its fiscal operations report for an award year or until final resolution of an applicable audit, whichever is later.