Waiving of Private College Loans Possible?


Any student would probably have thoughts similar to this on their minds: “I have gotten a number of private student loans, but now I am suffering from so much financial strain, I definitely need quick help to pay them off.

But wait, is there any possibility at all that I need not anymore pay for these private college loans, and instead be forgiven by the lending companies with which I got such loans? Is there such as a thing as a waiver or forgiveness in your student college loans?

Well, if we say student loans, there are indeed several kinds of loans that can be forgiven or the repayments be waived. First of all, there is the government or federal student loan which can be forgiven, either in part or whole. There is such as a thing as a total forgiveness of your federal college loan, rendering you free from debt.

If your student loan is what we call privately subsidized, then it can be forgiven on some extent. But you must remember that generally speaking, it is not possible for private college loan to be forgiven.

Such loans can be placed under a college debt consolidation program, or you might succeed in acquiring debt renegotiation but this is as far as you can go. There is no such thing as private student loan forgiveness or combination.