Private student loans can’t be forgiven through any government or independent programs.
President Joe Biden and other politicians have proposed student loan forgiveness plans for federal student loans but not for private student loans.
Private student loan lenders often have programs available for borrowers experiencing financial hardship.
If you’re not excited about a growing student loan balance while in deferment or forbearance, student loan refinancing might be a good alternative.
If you default on your private student loans or claim bankruptcy, it’s unlikely that your loan holder will cancel your loan.
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