Cancellation rates. 1)If an applicant cancels the Travel Contract for personal reasons, the following cancellation rates will apply to the tour fare. Applicants remaining in the tour will incur the balance of additional per room costs associated with the change in number of participants. The following applies to cancellations of the tour spaces: Time of Cancellation Cancellation rate
Cancellation rates. With the exception of cancellations for Head Start, military, and volunteer service, the cancellation rate per completed academic year of full-time teaching or for each year of otherwise qualifying full-time service is: • 15% of the original principal loan amount—plus the interest that accrued during the year—for each of the first and second years; • 20% of the original principal loan amount—plus the interest that accrued during the year—for each of the third and fourth years; and • 30% of the original principal loan amount—plus any interest that accrued during the year—for the fifth year. A “year of service” consists of 12 consecutive months of service. (See exceptions for teacher cancellation later in this chapter.) For cancellation rates for Head Start, military, and volunteer service, please see the corresponding sections in this chapter. Concurrent deferment Schools must automatically defer loans during periods of service for which schools also grant loan cancellation. Borrowers do not need to apply for these automatic deferments. (See chapter 4 of this volume for more information on concurrent deferment.) Payment refund Schools may not refund payments made during a period for which the borrower qualified for a cancellation, unless the borrower made the payment because of the school’s error. To reduce the chance of error, a school should keep the borrower informed of any new cancellation benefits.
Cancellation rates. With the exception of cancellations for Head Start, military, and volunteer service, the cancellation rate per completed academic year of full-time teaching or for each year of otherwise qualifying full-time service is: • 15% of the original principal loan amount—plus the interest that accrued during the year—for each of the first and second years; • 20% of the original principal loan amount—plus the interest that accrued during the year—for each of the third and fourth years; and • 30% of the original principal loan amount—plus any interest that accrued during the year—for the fifth year. A “year of service” consists of 12 consecutive months of service. (See exceptions for teacher cancellation later in this chapter.) For cancellation rates for Head Start, military, and volunteer service, please see the corresponding sections in this chapter.
Cancellation rates. (1) To qualify for cancellation under paragraph (a), (b), or (c) of this section, a borrower shall teach full-time for a complete academic year or its equivalent.
Cancellation rates. (1) To qualify for cancellation under paragraphs (a), (b), and (c) of this section, a borrower must work full-time for 12 consecutive months.
Cancellation rates. With the exception of cancellations for Head Start, military, and volunteer service, the cancellation rate per completed academic year of full-time teaching or for each year of otherwise qualifying full-time service is: • 15% of the original principal loan amount—plus the interest that accrued during the year—for each of the first and second years; • 20% of the original principal loan amount—plus the interest that accrued during the year—for each of the third and fourth years; and • 30% of the original principal loan amount—plus any interest that accrued during the year—for the fifth year. A “year of service” consists of 12 consecutive months of service. (See exceptions for teacher cancellation later in this chapter.) For cancellation rates for Head Start, military, and volunteer service, please see the corresponding sections in this chapter. Concurrent deferment Schools must automatically defer loans during periods of service for which schools also grant loan cancellation. Borrowers do not need to apply for these automatic deferments. Payment refund Schools may not refund payments made during a period for which the borrower qualified for a cancellation, unless the borrower made the payment because of the school’s error. To reduce the chance of error, a school should keep the borrower informed of any new cancellation benefits. CANCELLATION RESTRICTIONS Prior service Schools may not cancel any portion of a loan for services the borrower performed either before the date the loan was disbursed or during the enrollment period covered by the loan. Defaulted loans A school may cancel a defaulted loan if the only reason for the default was the borrower’s failure to file a cancellation request on time. If the loan has already been accelerated, only eligible service performed prior to the date of acceleration can be considered for cancellation. A borrower is not entitled to cancellation for any eligible service performed after the date of acceleration.
