Miranda Marquit has been covering finance-related topics, including paying for college, for more than 10 years. She has contributed to numerous publications, including Forbes, U.S. News & World Report, NPR, Yahoo! Finance, and FOX Business. Miranda lives in Idaho, where she enjoys travel, reading, and outdoor adventures with her son.
Are Private Student Loans Eligible for Loan Forgiveness?
With many private student loan borrowers graduating with excessive student loan debt, one of the biggest hopes these borrowers have is student loan forgiveness. However, finding loan forgiveness for private student loans can feel like a daunting task. In general, there isn’t a lot you can do if you want your private student loans forgiven. However, there are some circumstances in which a private student loan might be discharged.
How Does Your Credit Score Affect Student Loan Interest Rates?
With federal student loans, everyone pays the same interest rate, regardless of their credit scores. With private student loans, on the other hand, your credit score (and the credit score of your cosigner) has a major impact on what interest rate you ultimately pay. If you have excellent credit, you may even qualify for a lower interest rate that is competitive with the fixed interest rates on federal loans.