- 15% of the original principal loan amount plus accrued interest for the first and second years of service.
- 20% of the original principal loan amount plus accrued interest for the third and fourth years of service.
- 30% of the original principal loan amount plus accrued interest for the fifth year of service.
ELIGIBLE LAW ENFORCEMENT:
A local, state, or federal agency is an eligible employing agency if it is publicly funded and its activities pertain to crime prevention, control, or reduction, or to the enforcement of the criminal law.
For a borrower’s position to be considered essential to the agency’s primary mission, he or she must be a full-time employee of an eligible agency and a sworn law enforcement or corrections officer or person whose principal responsibilities are unique to the criminal justice system and are essential in the performance of the agency’s primary mission.
Examples include law enforcement officers, corrections officers, campus-police officers, forensic scientists and latent fingerprint examiners.
Individuals whose official responsibilities are supportive are not eligible for loan cancellation.