If you are employed full-time in one of the areas of Qualifying Service please read the following instructions carefully before you complete your forms in order to save the time lost when your forms are returned due to being incorrect or incomplete.

All qualifying service must be full time for a full year in order to qualify for deferment right away and cancellation at year-end. You must complete two sets of paperwork the first year. One at the beginning, which shows you have been employed and expect to complete a year of qualifying service. The second at year-end, to show that you did complete the full year of service. After the first year, you will only need one form for both deferment and cancellation. Please note the section of the form, which says "Deferment for Pre-cancellation Services"; if you expect to be employed a subsequent year in the same position, simply complete this section and have it certified by your employer. You must do this every year for five years in order to fully cancel your loan.

If you change jobs, you must again fill out two forms: one at the beginning and one at the end.

The Cancellation Form: Everyone should complete the boxed area in Part 1 if:

• You have completed a year of service. Helpful Hint - Make sure your dates match the dates your administrator fills in under dates employed!
• You have completed a year of service and will be serving in the same position next year, fill out Part 1 and the Deferment for Pre-Cancellation Services directly below the cancellation section.
• You are just starting your first year or in a new position this year, fill out the Deferment for Pre-Cancellation Services. After completing your year of service, you will need to complete the Cancellation portion of another copy of this form and the Pre-Cancellation Service section if you are working in the same area the next year. (After your first year, you will only need to fill in one form to both defer and cancel) Full cancellation of your loan takes five years. Per year: 15%, 15%, 20%, 20%, and 30%.

After completing Part 1, the form should be taken to your supervisor or appropriate certifying official for completion. The first year you must include an official job description (NOT one that you write up.) The job description used for hiring is sufficient. If your employer does not use a raised seal, your certification of employment must be on your employer's letterhead and accompany the form. All it needs to say is (Name) has successfully completed a full year of teaching with (employer) from (date to date), and the signature and title of the official signing.

Your initial grace period, the first grace period, is the only one that is nine months in length; all other grace periods are six months long. If you wish to file a deferment for which you qualify during your initial grace period, you will forfeit any part of the grace period, which is covered by your deferment. For example: If you leave school in June, your initial grace period runs from July 1st through March 31st. If you start Qualifying Service in September, for example, you lose the rest of your initial grace period and go right into your deferment period while you complete your service year.

Remember to refer to the Cancellation Chart to see if your employment qualifies. Please contact A.C.S. if you have any questions regarding your Perkins Loan or to request additional forms.