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Volunteer Service Cancellation

peace corps – action – americorps vista

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Important

If you are receiving or applying for an employment-related deferment or cancellation benefit, you are required to use Boston College forms, which may be obtained from the links below. If you have questions or concerns about cancellation and deferment benefits that relate to your employment, please contact Boston College directly at 1-800-294-0294.

This cancellation applies only to Perkins loans.


Eligible Service

  • Full-time service for a full year as a Peace Corps volunteer
  • Full-time service for a full year as a volunteer under the Domestic Volunteer Service Act (ACTION/AmeriCorps VISTA)


Cancellation Rates

  • 15% of the original principal amount for each of the first and second full years of employment; and
  • 20% of the original principal amount for each of the third and fourth full years of employment.


General Requirements

  • Borrower must apply for deferment and cancellation by obtaining the specific cancellation forms from Boston College.
  • Borrower must provide employment verification; proof of license, registration, or certification; and any other documentation that the school requests to show that he or she qualifies for cancellation.
  • Forms must be submitted by the deadlines established by Boston College.
  • None of the loan may be canceled for services performed either before the date the loan was disbursed or during the enrollment period covered by the loan.
  • Defaulted loan amounts are not eligible for cancellation. Only cancellations for time prior to acceleration will be allowed.
  • No repayments made by a borrower during a period for which the borrower qualified for cancellation may be refunded.

Download a Peace Corps, ACTION, VISTA Cancellation form (PDF).