Periodic driving of optical lattices has enabled the creation of novel band structures not realizable in static lattice systems, such as topological bands for neutral particles. However, especially driven systems of interacting bosonic particles often suffer from strong heating. We have systematically studied heating in an interacting Bose-Einstein condensate in a driven one-dimensional optical lattice. We find interaction dependent heating rates that depend on both the scattering length and the driving strength and identify the underlying resonant intra- and interband scattering processes. By comparing the experimental data and theory, we find that, for driving frequencies well above the trap depth, the heating rate is dramatically reduced by the fact that resonantly scattered atoms leave the trap before dissipating their energy into the system. This mechanism of Floquet evaporative cooling offers a powerful strategy to minimize heating in Floquet engineered quantum gases.