Perkins Loan?

Hi!
Welcome to the forums!

This is a federal student loan for the graduates and undergraduates. The loan is available to students with financial need. The interest rates on the Perkins Loan is quite low. The rate can be as low as 5% depending upon the financial condition of the student. The loan is usually available from the financial aid department of the schools/colleges. The student is required to pay back the loan to the school/college.

Can it be canceled. If yes when?

Perkins interest rates are not based on the financial condition of the student. They are set by the federal government.

What type of cancellation? There are various careers you can enter which will allow for cancellation student as teaching, public service or the military.

http://www2.ed.gov/programs/fpl/index.html

it can also be cancelled under certain circumtances like your death or permanent disability.

Can stafford loan be converted into perkins loan?

Nope. Impossible When your financial aid is packaged by the school, you will be given Perkins if they have it available and if you qualify. Perkins funds are per school and they are limited.