FL H0795

Establishes the Student Loan Forgiveness Program under the Department of Education, requiring legislative appropriation for funding.

Applicants must be Florida residents earning less than $50,000 annually, graduated from a Florida College System institution or state university with an associate's degree or higher since July 1, 2012, and enrolled in a federal income-based student loan repayment program.

Applicants cannot be enrolled in any other loan forgiveness program and are accepted on a first-come, first-served basis.

The Department shall pay loan holders an amount equal to each participant's student loan balance; if funds are insufficient, payments are prorated by equal percentage reduction across all accepted participants.

Only loans issued under the Higher Education Act of 1965 that are not in default and used for postsecondary education costs are eligible, and payments are not taxable income.

Takes effect July 1, 2017.