For employment as a full-time faculty member at a Tribal College or University, you may be eligible for partial cancellation of your Perkins Loan made on or after August 14, 2008, if you meet certain criteria.
Cancellation Rates for Faculty Member at a Tribal College or University
- first and second years; 15% of the original principal loan amount, plus the interest that accrued during the year.
- third and fourth years; 20% of the original principal loan amount, plus the interest that accrued during the year.
- fifth year; 30% of the original principal loan amount, plus any interest that accrued during the year.