Loan Forgiveness Requirements

Loan forgiveness occurs when a borrower’s remaining debt is canceled after meeting specific criteria set by the lender or program. Typically, this involves making consistent payments over a designated period, working in certain jobs (like public service), or fulfilling other program requirements. Once eligibility is confirmed, the lender agrees to forgive the remaining balance, meaning you no longer owe that money. It’s important to understand the specific rules of each forgiveness program, including documentation, qualifying employment, and payment history, to ensure you meet the criteria and successfully have your debt forgiven.