Perkins CXL Quiz

What is the purpose of Perkins Loan Cancellation/Loan Forgiveness?

• To cancel loans for eligible employment/volunteer service

• To reduce interest rates on loans

• To provide additional financial aid

• All of the Above

How long must a borrower serve in an eligible capacity to qualify for a partial cancellation?

• 6 months

• 1 year

• 2 years

• 5 years

Which of the following occupations does NOT qualify for Perkins Loan Cancellation?

• Teacher

• Nurse

• Firefighter

• Accountant

What is Service Deferment?

• Postponing loan payments during employment/service

• Cancelling loan payments for eligible volunteers

• Transferring loan balance to another lender

• Extending the loan term

How are Cancellation Forms should be submitted?

• Online

• In-person

• Fax

• Mail

What documentation is required for Perkins Loan Cancellation as a Special Education Teacher?

• Completed Cancellation Form only

• Completed Cancellation Form and Official Job Description

• Completed Cancellation Form, Official Job Description and Eligibility Data Form

• Completed Cancellation Form and Eligibility Data Form

Which subject areas qualify for Perkins Loan Cancellation as a Shortage Area/Subject Matter Teacher?

• Mathematics and Science only

• Bilingual Education and Foreign Language only

• All subject areas except Mathematics and Science

• Any subject area determined to have a teacher shortage

What is the maximum amount of loan cancellation a Peace Corps or ACTION Volunteer can receive?

• 100% cancellation over four years

• 70% cancellation over four years

• 100% cancellation over five years

• 50% cancellation over five years

Which category of employment qualifies for loan cancellation for each 12-month period of service in an area of hostilities?

• Teacher in a Low-Income School

• Public Defender

• Military

• Provider of Services to High-risk Children

Which document is required for Perkins Loan Cancellation as a Librarian?

• Completed Cancellation Form only

• Completed Cancellation Form and Master's Degree Diploma

• Completed Cancellation Form and Official Job Description

• Completed Cancellation Form and Eligibility Data Form/Checklist