For employment as a full-time librarian at a Title 1 school, you may be eligible for partial cancellation of your Perkins Loan made on or after August 14, 2008, if you meet certain criteria.
- The librarian must have a master’s degree.
- A librarian with a master’s degree is defined as an information professional trained in library or information science who has obtained a postgraduate academic degree in library science awarded after the completion of an academic program of up to six years in duration (excluding a doctorate or professional degree).
- The librarian must be employed:
- in an elementary school or secondary school that is eligible for Title I assistance
- by a public library that serves a local school district that contains one or more Title I-eligible schools.
Cancellation Rates for Librarian (at Title 1 School)
- 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.