For employment as a full-time staff member in a Head Start program or a pre-kindergarten or child care program that is licensed or regulated by the state , you may be eligible for partial cancellation of your Perkins Loan, if you meet certain criteria:
- Head Start is a preschool program carried out under the Head Start Act.
- pre-kindergarten program is a state-funded program that serves children from birth through age six and addresses the children’s cognitive (including language, early literacy, and early mathematics), social, emotional, and physical development.
- child care program is a program that is licensed or regulated by the state and provides child care services for fewer than 24 hours per day per child
- full-time staff member is someone who is regularly employed in a full-time professional capacity to carry out the educational part of the early education program.
- the early education program in which the borrower serves must operate for a complete academic year or its equivalent.
- your salary may not exceed the salary of a comparable employee working in the local educational agency of the area served by the early education program.
Cancellation Rates for Early Childhood Education
- first though sixth year; 15% of the original principal loan amount, plus the interest that accrued during the year.
- seventh year; 10% of the original principal loan amount, plus the interest that accrued during the year.