Private Student Loan Relief: Everything You Should Know

Are you an indebted student wondering, if you can enjoy private student loan relief? If you say YES, then you need to read this article.

What Is Private Student Loan Relief?

A private student loan is an advance provided by a non-federal source like a state loan agency, credit union, or bank to enable a student to pay for college expenses.

Why Aren’t Private Student Loans Forgiven?

These are the 3 reasons why private student loans cannot be forgiven:

  • They are provided by private institutions
  • The loaners are in business to make a profit
  • Their recovery agents are paid based on performance

However your loan can still be forgiven in case of physical disabilities or death. Do not forget that the garantor may have to pay the balance.

I know what you are thinking,

Are Private Student Loans Forgiven After 20 years?

If you haven’t paid off your loan in full by the end of the 20th or 25th year from when your first loan was disbursed, the remaining sum will be forgiven. keep in mind that tax may be due on any forgiven debt.

Are there any

Private Student Forgiveness Programs?

Here are the 7 best Private Student Forgiveness programs you should try

Discover Bank

Discover Bank will forgive a customer’s remaining balance in the event that the principal borrower passes away or becomes permanently disabled.

Sallie Mae Private Loan Forgiveness

If the borrower passes away or becomes permanently handicapped, Sallie Mae will forgive the remaining debt on the loan. Even in the event that the cosigner passes away or becomes unable to work, the student is still liable for making payments.

Citizens Bank

In the event of the borrower’s death, Citizens Bank will cancel the outstanding balance of any student loans and will free any co-signers from further obligation. However, if the co-signer passes away, the remaining balance must be paid by the principal borrower. Learn more

Navient

Private student loans from Navient may be discharged in the event of the principal borrower’s permanent disability. The cosigner’s responsibility for the loan’s repayment after the borrower’s death might vary widely among loan types. Learn more about how to get rid of navient private student loans

Sofi

The remaining debt of a student loan is waived in the event of the borrower’s death either during enrollment or repayment. Even if the cosigner passes away, the student must still pay back the loan.

PNC Bank

PNC Bank will forgive the remaining sum in the event that the borrower passes away, but not in the event that the cosigner passes away.

College Ave

If the borrower dies or becomes permanently incapacitated, the debt is forgiven by College Ave. In the event of the cosigner’s death or inability to repay, the loan will continue to be serviced as usual.

How Do You Know If Your Navient Loan Is Forgiven

You must have been put in the specified sort of long-term forbearances in order to qualify for student debt forgiveness as a consequence of the settlement. Learn more about Navient Settlement.