If I have a Perkins loan and I am interested in Public Service Loan Forgiveness, what do I need to know?
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If you work in certain public service professions and have a Perkins loan, you may be eligible for a different benefit called Perkins loan cancellation available at the end of five years of service.
With Perkins loan cancellation, for each complete year of service, a percentage of the loan may be canceled. The total percentage of the loan that can be canceled depends on the type of public service you perform.
If you choose to consolidate a Perkins loan into a federal Direct Consolidation Loan to become eligible for Public Service Loan Forgiveness, you will no longer be eligible for Perkins loan cancellation. More information about Perkins loan cancellation is available on the Federal Student Aid website .