What are the eligibility criteria for student loan forgiveness?

In Florida, the eligibility criteria for student loan forgiveness depends on the type of loan given. For federal loans, student loan forgiveness is available through the Public Service Loan Forgiveness Program (PSLF). To qualify for PSLF, the borrower must make 120 on-time monthly payments while working full-time for a qualifying employer. This means that any payments made prior to working for a qualifying employer will not count towards the 120 payments needed. Additionally, the loan must also be made under the Direct Loan Program. For private loans, most lenders offer different types of loan forgiveness options, such as reduced payments when a student is facing financial difficulty or unemployment. However, these programs vary from lender to lender. Therefore, it is important to contact the lender to inquire about its particular loan forgiveness program. In general, in order to be eligible for student loan forgiveness, borrowers must meet certain requirements related to the type of loan, the length of loan repayment, and the amount currently owed. Additionally, those applying for forgiveness must demonstrate that they are financially unable to make payments due to unemployment or other economic hardship. Finally, the borrower must have made all required payments on time.

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What are the eligibility criteria for student loan forgiveness?

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