
The Perkins student loan may have ended, but the Perkins loan forgiveness program hasn’t. If you have or got a student loan, you may be eligible for loan forgiveness. You may also qualify for other federal loan forgiveness options if you consolidate your student loans. It is one thing to get the Perkins student loan, while how to get Perkins loan forgiveness is another.

Borrowers working in public service positions can get this loan forgiveness. Their loans can be partially or completely forgiven through the Federal Forgiveness Program if they work at an approved public service job. 1.2 million people have been identified by the Federal Student Aid Data Center to have outstanding Perkins loans as of 2023.
What are Perkins Loans?
Perkins loans are subsidized loans given to students with considerable financial needs. These loans are subsidized so the federal government can cover the estimated interest while the student is in school. This loan makes loan repayment flexible for students. For students who qualify, Perkins loans allow borrowers to apply for their forgiveness program. Both graduate and undergraduate students can apply for this loan. Unlike other federal loans, Perkins loans carry a 5% interest rate and no additional fees.
How Perkins Loan Forgiveness Works
Perkins loan borrowers who have outstanding loans may qualify to have 100% of their debt forgiven if they are eligible. Depending on your public service jobs, the amount of forgiveness you will be granted for your loan forgiveness is determined. This means that borrowers who work under eligible public service jobs that are eligible stand a chance of qualifying for Perkins loan forgiveness. However, it’s not taxable; you do not need to bother about making certain payments after your loan has been forgiven.
Who can qualify for Perkins Loan Forgiveness?
The Perkins loan forgiveness program depends on your public service job. These jobs will determine if you are eligible for this forgiveness program. Depending on your public service job, after five years, you may realize that your loan has been forgiven. You can apply as quickly as the end of your first year at a qualified public service position. The following are public service positions that are eligible for Perkins loan forgiveness.
- Child or family service worker rendering services to high-risk children and families from communities of low income.
- Firefighter.
- Head state program worker.
- Member of the United States armed forces.
- Early intervention service professional provider.
- Teacher.
- Attorney employed in a federal service position.
- Educator in a prekindergarten.
- Faculty member at a university.
- Law enforcement.
- Medical technician.
- Librarian with a master’s degree working at a secondary school.
- Peace Corps.
If you work full-time in any of these federal service jobs, you may qualify for the program. However, due to some instances, you can fully qualify for this loan forgiveness program. You may be granted 100% loan forgiveness if you fall under any of the below cases.
- Death.
- Permanent disability.
- Bankruptcy.
- School closure.
If you fall under these cases, then you may be granted 100% Perkins loan forgiveness.
How To Get Perkins Loan Forgiveness
Before you can apply for Perkins loan forgiveness, you are required to first contact the university or college you got the loan from. Sometimes, the school stands as the loan servicer, or it may be in partnership with a third-party loan servicer. Your school or loan servicer can disclose the forms and documents you need to apply for any type of loan forgiveness you want to apply for. They also provide every answer to questions you may have concerning the forgiveness process.
After this, you are required to provide proof that you are working at a qualified federal public service job during your application process. However, do not forget that most Perkins loan forgiveness programs require you to work full-time on the job. You may not be eligible for this loan forgiveness if you have been working part-time.
What Happens if I Get Approved for Perkins Loan Forgiveness?
Your loans will be forgiven in rising percentages every year throughout the time you work in the public service. Most jobs get you 15% loan forgiveness during your first and second years of working, while during the third and fourth years, you get 20% loan forgiveness. During the fifth year, the balance left for the loan will be forgiven. However, if you do not get approved for Perkins loan forgiveness due to one reason or the other, you can consider refinancing or consolidating your loans. Doing this gives you a better chance at repaying your Perkins loan.