Is private student loan forgiveness available? | 09.13.10

Posted in Private Student Loans, Student Loans By Student Loan Network Staff

Read Up on Private Student LoansAt this time, there are no private student loan forgiveness programs available.

Unlike federal student loans (with the exception of the PLUS loan), private student loans are credit-based and the majority of lenders choose to offer other incentives to apply such as graduation rewards, co-signer release and more.

Additionally, federal law currently does not include provisions for discharging private student loans in a bankruptcy settlement, so that avenue is closed for the time being (September 2010).

If you are looking for this service because you are having trouble making your minimum monthly payments, we recommend that you contact your lender and explore your options. Some banks will temporarily reduce or suspend your payments during times of economic hardship, but interest will continue to build in the meanwhile.

Otherwise, private loan consolidation may be a good solution for you. Our users have reported reductions up to 50% on their monthly payments, depending on their creditworthiness and other factors.

To learn more about consolidation, check out StudentLoanConsolidator.com ยป


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2 Responses to “Is private student loan forgiveness available?”

  1. Janella says on October 26, 2011 at 6:25 am:

    You have to look into the policy of that particular loan. I have a private student loan in which I am the co-signer. If the primary owner dies I am responsible for the repayment of the loan. However, if there are 24 consequetive payments made on time I then can request to be removed as co-signer and then the primary will be solely responsible. Hope this helps.

    Reply To This Comment
  2. David Becirovic says on October 19, 2010 at 2:05 pm:

    1. Private Student Loan- If Principal dies is Co-signer release (same as Federal Student Loan) ?
    2. Promisary Note states if is not including in this note , Federal Student loan regulation is
    empowered. Does it mean the same that co-signer is release?

    State is PA.
    I will appreciate if sombody knows correct unswer.

    Reply To This Comment

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