# Will there ever be private student loan forgiveness? By [Tiffany Curtis](/content/blog/author-page/tiffany-curtis/index.html) **|** Published on October 21, 2025 ) Many people struggle to manage their student loan debt. But [private student loan](/content/blog/what-is-a-private-student-loan/index.html) borrowers may have an even harder time, because they rarely have access to [income-based repayment plans](/content/blog/income-based-repayment-student-loans/index.html). And private student loans often have higher interest rates and less protection [than federal student loans](/content/blog/federal-vs-private-student-loans/index.html). For example, federal student loan borrowers have [several paths to forgiveness](https://studentaid.gov/articles/student-loan-forgiveness/) or cancellation—which can include working in public service or the military, or meeting certain income requirements. However, the path to private student loan forgiveness isn’t as clear. But the good news is that there are steps you can take to make your [private student loan payments](/content/blog/how-to-lower-student-loan-payments/index.html) more manageable. ## Can you apply for private student loan forgiveness? Currently, the federal government doesn’t offer loan forgiveness programs for private student loans—only federal loans, which the United States government owns. Private student loans, which are funded by lenders like banks and credit unions, may have their own policies for forgiveness, discharge or cancellation. ## Do lenders offer private student loan forgiveness? Your options for loan forgiveness or relief depend on your lender and the terms of your loan. Want to know what programs are available to you? Contact your lender and review your loan agreement. Earnest offers loan discharge in cases of [death or disability](/content/blog/what-happens-to-student-loans-when-you-die/index.html). ## What can you do if you need private student loan forgiveness? Private student loan forgiveness is often only granted under severe circumstances. Here are some options to explore if you need help [repaying your private student loans](/content/repayment-options/index.html). ### 1. Talk to your lender If possible, contact your lender before [your loan defaults](/content/blog/what-if-i-cant-pay-my-student-loan/index.html). Loans typically default if your payment is more than 30 days late. And missing loan payments can hurt [your credit score](/content/blog/how-to-check-your-credit-score/index.html). You may feel anxious when you reach out at first, but openly communicating with your lender can help you get a handle on things. While your lender may not offer loan forgiveness, you can still find out if you qualify for deferment or forbearance, which allows you to temporarily [pause your payments](/content/blog/how-to-pause-student-loan-payments/index.html). ### 2. Try refinancing your loans You could have a little more breathing room by refinancing your private student loans. And [refinancing your loans](/content/blog/how-to-refinance-student-loans/index.html) could help you qualify for a [lower interest rate](/content/blog/how-to-lower-student-loan-interest-rates/index.html). Loan refinancing happens by taking out a new loan to replace your old loan. The principal balance on the old loan won’t change, but you may score a lower interest rate or better repayment terms. Keep in mind that there are certain [eligibility requirements](/content/blog/student-loan-refinance-eligibility/index.html) you must meet in order to qualify for loan refinancing. Generally, you’ll need to have a stable job and be in good financial standing. You may need a [trusted co-signer](/content/blog/refinance-student-loans-with-cosigner/index.html) if you don’t qualify for loan refinancing on your own. ### 3. Apply for a repayment assistance program Some [states offer loan repayment assistance](/content/blog/all-the-states-that-will-pay-off-your-student-loans/index.html) programs. These programs may not discharge your private student loans, but they may give you money toward your loans. Eligibility criteria and the amount of money offered varies. Some programs are based on residency or the type of work you do. You can find out what’s available in your state by searching on your state’s government website. ### 4. Ask if your employer offers student loan repayment assistance If you’re looking for a new job, seek out [employers that help their employees](/content/blog/student-loan-refinancing-employee-benefit/index.html) pay off their student loans. It also can’t hurt to ask your current employer if they offer any loan repayment assistance. Some employers offer benefits like student loan matching, student loan refinancing, and other types of loan assistance. ### 5. Get a side hustle Any extra money that you can use to pay down your loans helps. Consider picking up a side hustle like rideshare driving or [freelancing](/content/blog/passive-income-for-college-students/index.html) using skills you already have. Every additional dollar that you put toward your loans makes a difference. For example, if your loan balance is $50,000, with a fixed interest rate of 5%, and you have a 10-year loan term, your monthly payment would be $530, and a total payment amount of $63,639.31. If you’re able to put $50 extra toward your loan each month, you would pay it off about one year and five months early, saving around $2,000 in interest over the life of the loan*. * Refinance example listed above is for illustrative purposes only and may not be representative of rates or terms offered by Earnest. Savings are not guaranteed and may vary. ### 6. Negotiate your private student loan debt If your private student loan is already in default, you may be able to negotiate with your lender. You may be able to settle the loan for less than the balance or [change your repayment plan](/content/blog/student-loan-repayment-plans/index.html). If you and your lender reach an agreement, don’t forget to get it in writing. ### 7. Lower your federal student loan payments While private student loan forgiveness isn’t a guarantee, exploring your [repayment options for federal student loans](/content/blog/how-to-lower-student-loan-payments/index.html) may help ease your financial burden. However, there’s been some recent upheaval when it comes to [federal student loan repayment](https://studentaid.gov/manage-loans/repayment/plans) plans. The Department of Education shut down applications for all income-driven repayment plans in February, but reopened applications for some of the plans on March 26. ## Bankruptcy and private student loan debt You may be able to [discharge](https://www.consumerfinance.gov/about-us/blog/busting-myths-about-bankruptcy-and-private-student-loans/) all or part of your private [student loan debt in bankruptcy](/content/blog/can-student-loans-be-discharged-in-bankruptcy/index.html). Bankruptcy can provide a clean slate for your finances, but it can also lower your credit score at first. If you want to file for bankruptcy, you have to decide whether Chapter 7 or Chapter 13 bankruptcy is right for you. Chapter 7 lets you discharge most of your unsecured debt (loans and credit cards without collateral), if you pass a means test. Chapter 13 lets you keep assets such as a home or car, and allows you to get on a repayment plan for all or part of your debt. Bankruptcy can be a costly and complicated process, so it’s best to seek legal help. You can find more in-depth information about bankruptcy on the U.S. Courts [website](https://www.uscourts.gov/court-programs/bankruptcy/bankruptcy-basics). ## Explore all of your options Hopefully, private student loan forgiveness will be a more readily available option one day. But until that happens, exploring options like negotiating with your lender, or putting extra cash toward your loan balance can help. Thinking about refinancing your private student loans? You can [quickly check your rate with Earnest](/content/refinance-student-loans/index.html), without impacting your credit score. ) ## About the Author ### Tiffany Curtis Tiffany Lashai Curtis is a writer & content strategist who writes about personal finance, health, and arts & culture. She has almost a decade of experience in digital media and has written for brands like NerdWallet, Business Insider, Livestrong, and more. You can find her taking dance classes in Philly when she's not writing.