FL S1154

Establishes the Student Loan Forgiveness Program administered by the Department of Education upon legislative appropriation.

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

Prohibits applicants from being enrolled in any other loan forgiveness program and limits coverage to federal loans under the Higher Education Act of 1965 that are not in default.

Provides that the department shall make payments equal to the applicant's student loan amount on a first-come, first-served basis, with prorated reductions if appropriated funds are insufficient.

Declares that program payments are not taxable income and shall be paid directly to the loan holder; requires the State Board of Education to adopt implementing rules.