Method 2. Try debt settlement if you have any private loans
Borrowers who have private student loans have fewer options when we talk about forgiveness compared to those with federal loans. You see, there are no forgiveness options accessible for borrowers of private student loans. Nevertheless, there are ways to at least reduce your required monthly student loan payments if you are having trouble making your student loan repayments. One method, which can be very efficient, is trying to manage your debt for less than the overall principal amount by requesting a settlement or compromise.
Private lenders are often eager to work along with borrowers when they’re influenced that you can’t pay off the loan in full, but could pay a significant portion of it, and a compromise can be made.
Debt settlement is composed of working with the lender to discuss either lowered principal balance or some reduced payments on your private student loans. This process can often accomplish excellent outcomes; however, it can be a very cumbersome and lengthy process.
If you are in need of reduced payments – if it is becoming more difficult to make their required monthly payment or something has occurred financially, and you know that shortly, you will need to lower your monthly student loan debt payments – then contact the Student Loan Advisory Group to review possible options, like debt settlement of your private student loans.
Also, take note that we do not suggest or support that any debtor stop making payments for their lenders.