Loan Forgiveness Program

A loan forgiveness program is a government or organizational initiative that cancels or reduces the remaining balance of a borrower’s student loans after meeting certain criteria, such as working in specific fields (like teaching or public service) or for a set period. It aims to ease the financial burden on borrowers and incentivize careers in underserved areas. Eligibility and terms vary by program, but generally, borrowers must consistently meet requirements like making qualifying payments or working in designated jobs for a specified time before the remaining debt is forgiven.