Perkins loans may be forgiven or canceled through the Public Service Loan Forgiveness program for borrowers working eligible jobs. Borrowers must be employed full time in a public service or nonprofit job and have made 120 payments on their student loans to qualify, reports U.S. News & World Report.Continue Reading
Examples of jobs that qualify for loan forgiveness include school teachers, police officers and fire fighters, but the type of employer is more important than the specific job in determining eligibility for loan cancellation, states SALT. Eligible employers include federal, state and local government organizations, the Peace Corps and AmeriCorps.
Nonprofit organizations that provide a public service also qualify employees for student loan forgiveness. Working in the public service for individuals with disabilities and the elderly and working for public interest law services qualifies. Working in the emergency management field, public safety, law enforcement and military qualifies as well. Jobs in early childhood education, public schools, libraries and in public health may also qualify for loan forgiveness, reports SALT.
Nonprofit religious organizations and nonprofit labor unions are not eligible for loan forgiveness, according to U.S. News & World Report. Employees should check with their companies' human resources office to determine if their employment qualifies for student loan forgiveness.Learn more about Credit & Lending