If you are worried about your private student loans, know how you are definitely not the only one. Statistics show us how even in 2012 there were literally more than 70% of the students who were struggling with these types of debts.
We understand that students are not able to pay for their whole scholarship, therefore, many turn to private student loans. But, what happens when you cannot pay them off? We will help you with that. Check out the best tips below!
Public Service Loan Forgiveness Program
It is the truth how only federal loans can be connected with this program, yet, you may still get some help from private organizations or those connected with the Government. How? Let’s say that you are a licensed dental health provider.
In that case, you are able to repay to even $50,000 through the National Health Services Loan Repayment Program. Yes, you will need to work full-time for two years, but you must admit how this is an amazing option.
Try with Interest-only Payments
Be sure to check if a lender is willing to let you pay interest-only payments you have on your loans. That will definitely make your debt much smaller each month. Check LenKey for more information.
Permanent or Total Disability Discharge
What happens if you are injured and not able to work? You must know how in such case your loans don’t even qualify. There isn’t any unique rule for such situations, but there are many private lenders who may cancel your debt if you are permanently unable to work.
Overall, these three tips for getting rid of your private student loans are known to be the best ones. There are, of course, some other ways which students use, but the best would be to opt for the proven ones.