Private student loan forgiveness, explained
Private Student Loan Forgiveness: What's Actually Possible
Federal programs like PSLF and income-driven repayment don't apply to private student loans. Speak with a counselor about options that may apply to your situation. Free, confidential, no obligation.
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Forgiveness headlines rarely mention private loans.
Public discussion about student loan forgiveness — in the news, from the government, and elsewhere — is almost always about federal loans. It's easy to assume some version of it applies to you too.
If your loans are private, from a lender like Sallie Mae, Navient, Firstmark, or Discover, federal forgiveness programs don't apply to your balance. That can feel discouraging, but it isn't the end of the story.
There may be other strategies worth exploring for your private student loans.
Why federal forgiveness programs don't cover private loans
PSLF, income-driven repayment, and federal cancellation programs are built around federal loan servicing. Here's why each one stops at the federal loan line.
Public Service Loan Forgiveness (PSLF)
PSLF can forgive a remaining federal Direct Loan balance after 120 qualifying payments while working for an eligible employer. It's a federal program — private student loans aren't part of it, regardless of your employer or career.
Income-driven repayment (IDR)
Plans like SAVE, PAYE, and IBR are administered by the Department of Education for federal loans. Private lenders set their own repayment terms and generally don't offer income-based forgiveness.
Executive actions and mass cancellation
Federal cancellation announcements have applied to federal Direct Loans. To date, none have extended to private student loan balances, and future legislation can't be predicted or relied on as a plan.
Relief strategies that may apply to your private loans
Forgiveness isn't the only path to a lower balance or a more manageable payment. Depending on your circumstances, a counselor may evaluate a few different strategies.
One is debt validation. Whether it applies depends on your specific situation, including the status of your loan and who is currently attempting to collect it.
Under the Fair Debt Collection Practices Act, borrowers have the right to request validation of a debt. If a debt cannot be properly validated, the collector will be required to stop collection activity.
Other strategies a counselor may discuss include negotiating a resolution directly with your lender or servicer, or — depending on your loan and circumstances — assessing whether discharge in bankruptcy may be possible. Not every strategy applies to every borrower; a consultation helps determine what's relevant to you.
From confusion to clarity, in three steps
You've probably read a lot of conflicting information about forgiveness. Here's how we help you sort out what's actually relevant to your loans.
You tell us about your loans.
We review the basic information you share about your private student loan balance, servicer, and payments.
You speak with a counselor.
A counselor explains, in plain terms, which forgiveness programs don't apply to you and which private-loan strategies might.
You decide what comes next.
If a strategy fits your situation, we'll explain how it works and what the next steps look like.
Common questions about private loan forgiveness
Straight answers about what applies to private student loans, and what doesn't.
Can private student loans be forgiven?
What about PSLF?
What about executive orders or mass loan cancellation?
Can private student loans be discharged in bankruptcy?
How does debt validation work?
What does the consultation cost?
Find out what applies to your private loans.
Forgiveness headlines don't tell the whole story for private student loan borrowers. Tell us about your loans and speak with a counselor for free.