If you are a law enforcement officer you may qualify for up to 100% of your Perkins Loan forgiven. This is also true if you are a corrections officer or prosecuting attorney.
How does it work?
- 1st year – 15% repayment
- 2nd year – 15% repayment
- 3rd year – 20% repayment
- 4th year – 20% repayment
- 5th year – 30% repayment
Who is eligible?
Here is a list of factors to be considered for the forgiveness of a Perkins Loan:
1. School must determine the borrower’s employing agency is eligible
2. The borrower’s position is very important to the agency’s primary mission
3. You must serve full-time as a sworn law enforcement or corrections officer whose duties are documented and are unique to the criminal justice system
4. Prosecuting attorneys whose primary job is to prosecute criminal cases on behalf of law enforcement agencies
Unfortunately most involved in the administrative side of law enforcement do not qualify for this type of loan forgiveness. If you’re not putting your life on the line or trying to put bad people in jail using the court system you won’t qualify.
This is a brief summary of the program available to law enforcement officers. Check with your lender for complete details.