Student Loan Forgiveness on Privately-Acquired Debt: Possible?

Student loan forgiveness is a program granted by the United States government. As in other financial programs like scheme to consolidate education loans, such program has a list of requirement for a borrower to qualify. For instance, the student borrower must be willing to perform volunteer actions, teach, do military service, practice community health medicine in designated locations or fulfill other criteria and requirements as specified by the federal government. The government designates specific federal agencies and office to work and monitor such student loan forgiveness programs.

Is there such as a thing as private college loan forgiveness? Presently, there exists no program that will allow forgiveness of private student loans of a student borrower. Such debt forgiveness programs are only available for those who have federal college loans.

Because of the limited assistance to meet repayment of private loans, students are advised to find all means possible to acquire federal loans, scholarship and financing before finally applying and getting private student loans. Students who look into having loans as a means of financing their college education must therefore be able to first gather relevant information on the student loan forgiveness programs available in their areas.