Where can I print/download a deferment, forbearance, or cancellation form?
All of ECSI's forms are located on our Borrower Forms page. If
your school is listed under "School Specific Forms," please click on the link for your school, and
use those forms. If your school is not listed, then scroll down to the "ECSI Forms" section, and use
the forms listed there.
How do I cancel my Perkins Loans?
Perkins loans are eligible for 100% cancellation for five years of full time
employment in an eligible field of employment (see below). Each year (12 consecutive months)
completed allows a percentage of the original loan balance to be cancelled. The rates
of cancellation are as follows:
- 1st year - 15%
- 2nd year - 15%
- 3rd year - 20%
- 4th year - 20%
- 5th year - 30%
** Head Start cancellations are processed at a rate of 15% for each complete school
year, so it will take 7 years to cancel the loan.
At the beginning of each year paperwork is filled out to request a deferment in
anticipation of cancellation or "postponement" of payments. This will defer loan
payments while you work towards the year of cancellation.
After 12 consecutive months of eligible employment are completed, the paperwork is
again filled out requesting the cancellation for the percentage of the loan based on the year
of work completed. If you are still employed a request for deferment
in anticipation of cancellation for the upcoming year is made at the same time.
Change of Employer during 12 month period: If you change employers you must end one job
and begin the next with no gap in employment. To verify employment for the full 12
months you will need a letter from each employer verifying begin and end dates of full
Other fields of employment are eligible for partial cancellation of the
Perkins Loan (see below).
What employment fields are eligible for a full (100%) Cancellation?
The following employment fields may be eligible for a full cancellation of a Perkins loan:
- Early Intervention Services
- Head Start Staff
- Nurse or Medical Technician
- Law Enforcement or Corrections Officer
- Child or Family Services
For more information on cancellations, click here.
What employment fields are eligible for a partial Cancellation?
The following employment fields may be eligible for a partial cancellation of a Perkins loan:
- Military Service
- Volunteer Service (Peace Corps or Americorps)
For more information on cancellations, click here.
How do I fill out the Cancellation Form?
Obtain a request for cancellation form by visiting our Borrower's Form
page, and use the following guidelines for filling out the form.
The Borrower’s name and address is your name and address. The Lending Institution for
the Perkins Loan is the school that issued your loan. Your account number will be either
your social security number or the Student ID number assigned by your school.
Choose the occupation for which you are requesting cancellation. You must be employed full time.
The dates in this section will normally coincide with your first date of eligible full time
employment. When you begin eligible employment you will request deferment from your
start date of employment through one calendar year. Any request for cancellation must be in
12 month increments of completed employment starting with your original hire date.
For example: If you begin full time employment as a police officer on 7/1/2006. This
year, you will request a deferment for 7/06-7/07. Next year, you will request a cancellation
for 7/06-7/07 and, if you are still employed, a deferment for 7/07-7/08.
Exceptions: Teacher cancellations are based on 2 complete semesters within one calendar
year, so if a teacher is hired in the middle of a semester, he or she cannot request a deferment
or cancellation until the start of the next full academic semester.
ECSI requires the borrower’s signature on this form along with the date and a valid phone number.
An official at your place of employment who can certify your full time dates of employment
and job description should fill out this section. For a teacher, the school’s principal
should fill out the form. For all other employment categories, Human Resources is the
preferred certifying official. If your employer does not have a Human Resource
Department, the owner or employer of the company can certify your employment.
Attach an official Job Description.
The form is not valid unless an employer’s official seal or stamp is affixed to the
form. Notary Seals ARE NOT accepted. A seal is a raised seal that has the name of the
employer on it. A stamp is a return address rubber stamp that reflects the name and address
of the employer. If no seal or stamp is available, the verifying official should complete
section 4 and attach a letter, on employer letterhead, that verifies the employee's start
date of employment, a brief job description and, if applicable, that the employee is employed
as of the date of the letter.
When is a copy of my license required?
All Nurse and Medical Technicians must be licensed, certified or registered by the appropriate
state agency. A copy of the license is required every time a form is submitted.
A person providing the following services is only considered a Special Education teacher
if he or she is licensed, certified or registered by the appropriate state agency:
- speech and language pathology and audiology
- physical therapy
- occupational therapy
- psychological and counseling services
- recreational therapy
A copy of the appropriate license must accompany each deferment/cancellation request form
for these fields of employment also.
Where can I determine if the school I work for is listed in the Federal Register of Low Income Schools?
On our School Search page, select "Low-Income School Search"
and follow the instructions provided.