Forgiveness of Private Student Loans: Possible?

There have been issues about whether a private college loan or private student loan can be forgiven by the creditor and not required to be paid at all.

In almost all circumstances, you must really have to pay back your private college loan. However, there have been very few cases of partial and even full forgiveness of the private student loans, but this case is rare.

If you are really having a great difficulty in repaying your private student loan, then you can always apply for college loan consolidation for refinance your private college loan programs, and consolidate them into a single loan, with a loan repayment every month.

Private student loan programs are eligible for consolidation so long as you do not lump them with the federal student loans. Doing it would be a great mess because your interest rate will be much higher for a combined private student loan and government debt refinancing. You should be advised that federal loans have a lower interest rate than the private student loans so it is really advisable to have separate consolidations for these two types of student loan programs.