If you serve full time as a Peace Corps volunteer OR volunteer under the Domestic Volunteer Service Act (ACTION program), you are eligible for cancellation of up to 70 percent of your Perkins Loan. An authorized official of the Peace Corps or Americorps*VISTA program must sign your cancellation form, certifying your service.
Americorps volunteers do not qualify for this cancellation unless their volunteer service is with Americorps*VISTA. If you volunteered with Americorps*VISTA, you may qualify for this cancellation only if you provide appropriate documentation proving you chose not to receive a national service education award for your volunteer service.
Schools apply this cancellation rate per completed year of service in the following increments:
A cancellation period consists of a full year of employment. For borrowers whose loans were made before July 1, 1987, the effective date of eligibility is Oct. 1, 1998.