In 2015, there are about 850,000 privately funded student loans in America, totaling about $140,000,000,000 dollars (that’s $140 Billion) and about 15% of our total outstanding student loan debt.
Hundreds of thousands of Americans have sought private student loan help, with a huge percentage of that population seeking out private student loan forgiveness, but ending up incredibly disappointed.
While there are a slew of Federal Student Loan Forgiveness Programs that allow debt to be completely wiped out, there aren’t any forgiveness programs available to those who hold private student loan debt.
Fortunately, even though debt forgiveness may not be available to you, there are a variety of ways that you can get effective debt relief for private student loans, some of which could stand to save you tens of thousands of dollars.
If you’re having trouble making monthly payments and you need help paying off your private student loan debt, then you’ll want to start by looking into the following opportunities:
- Loan Validation Programs
- Loan Settlement Programs
- Loan Modification Programs
- Filing for Bankruptcy
- Choosing To Default
Fortunately, it does look like some help is on the way for those who need help with private student loan debt, as a variety of organizations have been created specifically to provide assistance, or advocate for providing assistance, to those with privates student loans.
Additionally, Congress has been presented with quite a few bills seeking to change laws and regulations in order to provide more effective debt relief to those with private student loans, some of which would provide incredible new opportunities.