What are the eligibility criteria for student loan forgiveness?

In Virginia, there are specific eligibility criteria that must be met in order for a student loan to be eligible for loan forgiveness. The criteria are as follows: 1. The borrower must be in good standing on their student loan. This means they must have no past due payments and must have been paying their student loan according to the payment terms. 2. The borrower must be a resident of Virginia for at least one year prior to the forgiveness application. 3. The borrower must not have any other type of student loan debt in default or delinquency. 4. The borrower must meet certain income requirements, which are based on the state median income. 5. The borrower must have made at least a 120 consecutive on-time payments on the loan being forgiven. 6. The borrower must be a full-time student or have graduated from an accredited college or university in Virginia. 7. The borrower must meet all other requirements set forth by the Virginia Office of Student Financial Assistance. If all these criteria are met, then the borrower may be eligible for loan forgiveness. However, it is important to note that not all student loans are eligible for forgiveness. The Virginia Office of Student Financial Assistance will be able to confirm eligibility and provide more information on loan forgiveness.

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