Perkins Loan Services

Employment Deferment and Cancellations

Peace Corps

You must be providing service comparable to Peace Corps and meet ALL of the following requirements:

Your organization is exempt from taxation under Section 501(c)(3) of the Internal Revenue Code of 1954.
Your service is to low-income persons and their communities to assist them in eliminating poverty and poverty-related humans, social, and environmental conditions.
Your compensation must not exceed the federal minimum wage.
You cannot give religious instruction, conduct worship service, engage in religious proselytizing, or engage in religious fund-raising.
You have agreed to serve on a full-time basis for at least one year.

At the end of each completed year of service, the Perkins loan can be canceled at the following rates:

15% of the original loan amount for the 1st and 2nd years of service.
20% of the original loan amount for the 3rd and 4th year of service.