Loan forgiveness is a financial relief program that allows borrowers to have some or all of their debt canceled. This often applies to student loans, where individuals may qualify for forgiveness after making a certain number of payments or working in specific public service jobs.
Various programs exist for loan forgiveness, such as the Public Service Loan Forgiveness program, which is designed for those employed in government or non-profit sectors. Eligibility requirements can vary, and borrowers must typically meet specific criteria to benefit from these programs.