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FEDERAL PERKINS STUDENT LOAN CANCELLATION OR DEFERMENT BENEFITS

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The document outlines the benefits and procedures for Federal Perkins Student Loan cancellation or deferment for eligible individuals engaged in specific teaching or service roles. It details the eligibility criteria, required documentation, and timelines for submitting requests to defer loan payments or receive partial cancellation based on a full year of qualifying service. Eligible positions include teaching in low-income schools, special education, military service, healthcare roles, and various public service jobs. The document emphasizes the necessity of completing forms accurately and timely to maintain eligibility.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What happened to my Great Lakes student loan?

Great Lakes Educational Loan Services was a Wisconsin-based loan servicer for both federal and private student loans. In 2018, the company was acquired by Nelnet, which, as of July 2023, services all outstanding Great Lakes student loans.

What is the grace period for the Perkins Loan?

After you graduate, leave school, or drop below half-time status as a student, you will have a nine-month (9) Grace Period before you must begin repayment of your Perkins Loan. You will have up to ten (10) years to repay the loan. You will be billed on a monthly basis after your grace period expires.

Are Perkins loans eligible for cancellation?

All Perkins Loan borrowers who have performed eligible service on Oct. 7, 1998, or later are eligible for all cancellation benefits regardless of when the loan was made or the terms of the borrowers promissory note. Note that this benefit is not retroactive to services performed before Oct. 7, 1998.

Can you get a refund on student loan cancellation?

If you qualify for student loan forgiveness or discharge in full, and have applied if necessary in your case, you will get a notification and will no longer need to make payments. In some cases, you may even get a refund, depending on the program you applied under.

Who took over Great Lakes student loans?

Weve merged our loans and our staff with Nelnet. All Great Lakes student loans have been transferred to Nelnet.

Who is the parent company of Great Lakes student loans?

Welcome to Nelnet. Nelnet welcomes borrowers from Great Lakes Educational Loan Services! Did you know that Great Lakes and Nelnet have been part of the same company since 2018? We share a commitment to exceptional customer service with a goal of helping every borrower successfully manage their student loans.

Will student loans be forgiven for Great Lakes?

The most popular path to student loan forgiveness - both with Great Lakes and nationwide - is income-driven repayment. Youll pay 10% to 20% of your monthly discretionary income for 20 to 25 years, and then, your remaining loan balance will be forgiven.

Who took over my Great Lakes loan?

Great Lakes is no longer servicing student loans. Weve merged our loans and our staff with Nelnet. All Great Lakes student loans have been transferred to Nelnet.

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