Loan forgiveness programs are initiatives designed to reduce or eliminate the debt of borrowers, typically in exchange for specific service commitments or eligibility criteria. These programs are often aimed at individuals in public service roles, such as teachers, nurses, or social workers, who may qualify for forgiveness after making a certain number of payments on their federal student loans. Eligibility for loan forgiveness can vary based on the program. For example, the Public Service Loan Forgiveness (PSLF) program allows borrowers to have their remaining loan balance forgiven after 120 qualifying monthly payments while working for a qualifying employer. Other programs may focus on specific professions or require participation in certain community service activities.