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Private student loans

Private student loans

Private student loans don't come with the federal repayment programs that federal loans have, which can make them harder to manage.

Free consultation. No obligation to enroll.

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Signs it may be time to look at options

  • Your loans are from a bank or private lender, not the Department of Education
  • Payments are high compared to your income
  • You've been denied a forbearance or modification
  • Your loans are past due

Options to consider

Confirm your loan type

Federal loans have different programs. Check the Federal Student Aid website to see which loans you have.

Ask about lender programs

Some private lenders offer temporary hardship options.

Refinancing

May lower your rate if your credit and income qualify.

Review other options

Some private student loans may be eligible for broader debt relief discussions. Eligibility varies.

Federal student loans are generally not eligible for the programs we discuss. Visit studentaid.gov for federal options.

Before you decide: what you should know

All disclosures
  • Your credit may be affected

    Debt relief programs can have a negative effect on your credit, especially if accounts become delinquent during the program.

  • Creditors don't have to negotiate

    Creditors are not required to participate or to accept a reduced amount. Some may not.

  • Collection activity may continue

    Creditors and collectors may keep contacting you, and interest, late fees and penalties may continue to accrue.

  • Lawsuits are possible

    A creditor may sue to collect a debt, which can lead to judgments, garnishment or other remedies allowed by law.

  • Results aren't guaranteed

    Not every debt is resolved, and no specific savings, settlement or timeline can be promised.

  • Taxes may apply

    Forgiven debt may be considered taxable income. Consult a tax professional about your situation.

  • Stopping payments has consequences

    Stopping payments to creditors can lead to late fees, collections and credit damage. Understand this fully before deciding.

You don't have to figure this out alone.

Start with a free conversation. We'll learn about your situation, answer your questions and help you understand what options may be available.

Free consultation • No obligation

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