Student loan forgiveness refers to a government program or policy that cancels some or all of a person's outstanding student loan debt.

These programs are typically aimed at helping individuals who are struggling to repay their student loans, often due to financial hardship or public service work. Here are some key aspects of student loan forgiveness:

Types of Forgiveness Programs:

Public Service Loan Forgiveness (PSLF): This program is designed for borrowers who work in qualifying public service or non-profit jobs. After making 120 qualifying payments (usually over ten years), the remaining balance on their federal student loans can be forgiven.

Teacher Loan Forgiveness: Teachers who work in low-income schools or educational service agencies may be Student Loan Forgiveness eligible for loan forgiveness after five years of service.

Income-Driven Repayment Plans: These plans, such as Income-Based Repayment (IBR) and Pay As You Earn (PAYE), offer forgiveness after 20 or 25 years of payments, depending on the plan. Borrowers on these plans make payments based on their income.

Closed School Discharge: If a school closes while a student is enrolled or shortly after they withdraw, they may be eligible for a discharge of their federal student loans.

Total and Permanent Disability Discharge: Borrowers who are totally and permanently disabled may qualify for a discharge of their federal student loans.

Borrower Defense to Repayment: Borrowers who were misled or defrauded by their school may be eligible for loan forgiveness.