Perkins Loan Instructions for the Request for Cancellation Form

The REQUEST for CANCELLATION form is used to apply for the cancellation benefits on your Federal Perkins loans. Please review the second page of the form to ensure you meet the criteria for the service you are providing. Due to federal regulations, we are not able to grant deferments or cancellation benefits in the same fiscal year that you received a Perkins loan disbursement. Further, a borrower who has received an education benefit under Subtitle D or Title I of the National and Community Service Act of 1990 (AmeriCorps*VISTA) may not receive a cancellation of a Perkins Loan.

At the beginning of your service year, you must complete Part I of this form and the area marked "DEFERMENT for CANCELLATION". Sign, date, and check the correct box for your type of service. Then have the appropriate official certify Part II of the form (see list of officials below) and return it to our office with a complete job description. The approved Request for Cancellation form will allow our office to defer your payments during your year of service, which is 365 days from your date of eligibility.

At the end of your service year, you must submit another Request for Cancellation form. Complete Part I of the form and the area marked "CANCELLATION REQUEST". Sign, date, and check the correct box for your type of service, and have the appropriate official certify Part II of the form (see list of officials below). Once our office receives and approves your completed request, we will cancel a percentage of your Perkins loan. Most of the service cancellations take a maximum of five years to have the loan cancelled in full. The exceptions are Head Start Preschool Program, Peace Corps/Volunteer Services, and Military Service in a hostile area. Please contact our office for the percentage rates for these types of services.

If you are a teacher and would like to find out if your school is classified as serving low-income students, visit the U.S. Department of Education to search their database. If the search indicates your school does not qualify, please contact NM Student Loans to confirm the results.

This form is used in place of making payments on your account and must be submitted to our office in a timely manner. Otherwise, a derogatory credit rating may result. If you cease to provide these services or if there is any change in your type of service, you must contact our office immediately at perkins@nmstudentloans.org or 1-800-279-5063 or 505-345-3371. If you would like to apply for the cancellation benefits, you may download/print the REQUEST FOR CANCELLATION form.
 

List of Certifying Officials by Cancellation Type:
TEACHERS (Low-Income, Special Ed or Handicapped, Field of Expertise)	Assistant Principal, Principal, District Office, Human Resource Office
HEAD START PRE-SCHOOL	Program Director, Supervisor, Human Resource Office
NURSE OR MEDICAL TECHNICIAN	Supervisor, Manager, Human Resource Office
CHILD OR FAMILY SERVICE AGENCY	Supervisor, Manager, Human Resource Office
LAW ENFORCEMENT	Commanding Officer, Supervisor, Human Resource Office
PEACE CORPS VOLUNTEER	An Authorized official of the Peace Corps at the Division of Field Operations, Washington, DC 20506
DOMESTIC VOLUNTEER SERVICE	Project Director, National Service Trust/CNS 1201 New York Avenue NW, Washington DC 20525
EARLY INTERVENTION	Supervisor, Manager, Human Resource Office
MILITARY (area of hostilities)	Commanding Officer