Does student loan forgiveness include private loans?
Asked by: Jaida Runolfsson II | Last update: December 28, 2025Score: 4.2/5 (21 votes)
Private student loans don't qualify for federal forgiveness programs like PSLF because they're not federal loans. They're separate agreements with private lenders like banks, credit unions, or online companies. Think of it this way: borrowing money from a bank differs from borrowing from a family member.
Is there any loan forgiveness for private student loans?
No, private loans have no forgiveness option. And it's highly unlikely discover would ever reduce what's owed, they have no reason or incentive to do so.
What loans are excluded from forgiveness?
The program is for federal direct loans only. That means your loan must be either a subsidized or unsubsidized loan under the direct loan program. Although certain loans are excluded, like Perkins and Federal Family Education Loans, you may be able to consolidate these early in the process to benefit from the program.
Who is not included in student loan forgiveness?
You must be a direct employee of a qualifying employer for your employment to qualify. This means that employees of contracted organizations, that are not themselves a qualifying employer, won't qualify for PSLF including government contractors and for-profit organizations.
Is student loan forgiveness only for federal loans?
Only federal Direct Loans can be forgiven through PSLF. If you have other federal student loans such as Federal Family Education Loans (FFEL) or Perkins Loans you may be able to qualify for PSLF by consolidating into a new federal Direct Consolidation Loan.
PSLF Updates and Options: December 2024 | Public Service Loan Forgiveness
Can personal loans be forgiven?
In fact, it's rare for any types of debt (other than federal student loans) to be forgiven. Under certain circumstances, you may be able to settle your personal loans for less than you owe, but this is typically only done in the case of delinquent loans and happens through third-party debt settlement companies.
Is Sallie Mae included in student loan forgiveness?
Lender Sallie Mae used to offer federal student loans, and if you received one, you may be able to qualify for loan forgiveness. But federal student loan forgiveness can be hard to get — and if you have a private student loan through Sallie Mae, federal forgiveness is not available.
What counts towards student loan forgiveness?
If you repay your loans under an IDR plan, any remaining balance on your student loans will be forgiven after you make a certain number of payments over 20 or 25 years. Past periods of repayment, deferment, and forbearance might now count toward IDR forgiveness because of the payment count adjustment.
Who actually gets student loan forgiveness?
The PSLF program supports public servants—including teachers, nurses, social workers, first responders, service members, and other public servants—by forgiving the remaining student loan balance for those who make the required 120 qualifying monthly payments.
How will I know if my student loan will be forgiven?
Your student loan servicer(s) will notify you directly after your forgiveness is processed. Make sure to keep your contact information up to date on StudentAid.gov and with your servicer(s). If you haven't yet qualified for forgiveness, you'll be able to see your exact payment counts in the future.
Who qualifies for the new student loan forgiveness?
Borrowers who have been in repayment for more than 20 years
Biden's new plan aims to automatically cancel the undergraduate debt of anyone who has been repaying their loans for 20 years (since July 1, 2005) and forgive the graduate-school debt of anyone who has been in repayment for 25 years (since July 1, 2000).
Why is my student loan not eligible for forgiveness?
Only borrowers who have entered repayment on at least one of their loans when the debt relief is applied would be eligible for forgiveness on the loan(s) in repayment.
How do I get rid of my private student loans?
How to get rid of private student debt. One of the few ways to get rid of private student debt is through discharge bankruptcy. It's an arduous — and expensive — process. You'll have to file Chapter 7 or Chapter 13 bankruptcy, then file an additional lawsuit known as an adversary proceeding.
Will Navient private loans be forgiven?
Navient offers private student loan forgiveness for borrowers misled by their schools. Eligibility is based on school misconduct, not employment or income. Borrowers must submit an application explaining how their school deceived them and provide supporting documentation.
Can private student loans be converted to federal loans?
No, there is no way to change private student loans to federal loans. However, you can refinance your private and federal loans together, ideally to qualify for a lower rate or better loan terms.
Can private student loans be forgiven?
Private student loans are usually only forgiven when the borrower becomes permanently disabled or dies—sometimes not even then.
How to get 100% student loan forgiveness?
If you work full time for a government or nonprofit organization, you may qualify for forgiveness of the entire remaining balance of your Direct Loans after you've made 120 qualifying payments—i.e., at least 10 years of payments. To benefit from PSLF, you need to repay your federal student loans under an IDR plan.
What is the deadline for student loan forgiveness?
Many student loan borrowers have an opportunity to receive full student loan cancellation or more credit towards cancellation. The U.S. Department of Education will conduct a one-time adjustment this summer , but you may need to take steps to qualify. The deadline to act is June 30, 2024. Here's what you need to know.
Who is excluded from student loan forgiveness?
You must be a direct employee of a qualifying employer for your employment to qualify. This means that employees of contracted organizations, that are not themselves a qualifying employer, won't qualify for PSLF including government contractors and for-profit organizations.
Are student loans forgiven at age 70?
There are no federal student loan forgiveness programs specifically for senior citizens. Retirees are eligible for the same loan forgiveness programs as other borrowers. The three primary programs that help elderly borrowers get rid of student loans are: Public Service Loan Forgiveness (PSLF)
What is considered a public service job?
This includes teachers, firefighters, first-responders, nurses, military members, and other public service workers.
Which loans count for student loan forgiveness?
What loans qualify for forgiveness? Only loans you received under the Direct Loan Program are eligible for PSLF.
Is Sallie Mae a federal or private student loan?
There are private college loans for students in undergraduate, graduate, certificate, dental, medical, and health profession programs. Sallie Mae® also offers private student loans for graduates studying for the bar exam, or relocating for medical and dental residencies.
What is the new name for Sallie Mae?
Thus, if you ever had a Sallie Mae loan or had Sallie Mae conduct loan servicing, that loan and servicing, likely, was transferred to Navient. Further, Navient then changed its name in 2021 to Aidvantage.