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For those with private student loans, the options are much less; usually deferment or forbearance, usually short-term. Most people who have/had private loans d
by thatwebdude 9y ago
For those with private student loans, the options are much less; usually deferment or forbearance, usually short-term.
Most people who have/had private loans did so because they didn't qualify for FAFSA to determine that their federal loans covered room and board, but also didn't have enough saved to offset this cost. I think a lot of people are forgetting that, and a large group of people fall into that category.
- themagician 9y agoPrivate loans are much easier to get discharged or reduced through bankruptcy though. Something like close to 50% are. And in some states the statute of limitations for collections of private student loans is under 5 years.
- thatwebdude 9y agoI wasn't aware of that. I assumed the no-default rules a la Federal loans.