Your Federal Perkins Loan may be forgiven depending on your profession post-graduation. This means that the loan will be partially or fully cancelled, thus reducing your financial obligation or ending it altogether.
Elementary or secondary school teachers who work in areas designated for low-income families are eligible for Perkins Loan forgiveness. Teachers working in special education or fields designated as teacher shortage areas like math, science and bilingual education are also eligible to have their Perkins Loan wiped clean.
Various professions within the medical field and law enforcement, including military service qualify too.
To be considered for having your Perkins Loan forgiven you may have to commit to working in one of these areas for a certain amount of time, usually between three and five years.
If you plan to teach or practice medicine in inner city communities or are interested in law enforcement than this is a good option. You can save money by following your chosen profession. That money is then reintegrated into the loan program for future students. That is a pretty attractive offer.
Check online or speak to an adviser to see what professional fields qualify for forgiveness and you just may save a pretty penny.
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|Jennifer Mathes, Ph.D.|