Student Loan Forgiveness

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Discover the definition of financial terms related to student loan forgiveness.

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Learn About Student Loan Forgiveness

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About Student Loan Forgiveness

Student loan forgiveness is a process by which a borrower's remaining loan balance is forgiven by the government or the lender. This can be a helpful option for borrowers who are unable to repay their student loans due to financial hardship or other circumstances. There are several different programs that offer student loan forgiveness, including the Public Service Loan Forgiveness Program, the Teacher Loan Forgiveness Program, and the Income-Based Repayment (IBR) Plan. To be eligible for student loan forgiveness, you must typically meet certain requirements, such as working in a qualifying public service job or making a certain number of on-time loan payments.