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Old 08-18-2011, 12:30 PM
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Default Student Loans

I ran across this while I was looking for deferments for my Perkins Loan.

If you read part 1, it seems like a state licensed child care provider would qualify, right? Has anyone tried this?

I did call about it and they didn't know what I was talking about. They said they never heard of someone like me before. They asked someone else and that someone else said the same thing.
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Old 08-18-2011, 12:35 PM
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Location: Central MA
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Is this only for Perkin's loans? I have a few Stafford loans I could part with. LOL! But yes, it seems to be written that way. I'm sure they mean a center though.

I guess there is also a program for putting in 10-15 years teaching in a public school setting to eliminate the Stafford loans. This is the only reason i will go back to my previous profession. I have almost $45k in Stafford loans. Another $45k in private. I went to a very expensive private business school only to change my mind 1 year into a finance career. I have 2 BAs and a MBA. Colleges don't take returns do they?
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Old 08-18-2011, 09:12 PM
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I believe, and someone correct me if I'm wrong, that in order to qualify for this type of deferment/cancellation you must be working in a federally identified economically distressed area.

I can't remember if there were financial ramifications also, like you must provide service on a volunteer basis for one year or at a reduced salary. Something like that. It's meant to attract well-qualified teachers/staff/providers into an area that wouldn't normally attract this type of professional.

I'd look into it more. Depending on where you live, you may still qualify. I think this form may be related to the 1990 National and Community Service Act.
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