For those who have taken out private student loans, and those who are thinking about taking out private student loans, lets address a question that some borrowers who find themselves deep in private student loan debt ask: Can I get government grants to pay back private student loans?
Unfortunately, there are no Government Grant programs to help students who borrowed private student loans, which is why you should seek all other college financing alternatives before you consider private student loans. Private student loans serve a purpose, and there is nothing wrong with needing to borrow private student loans, but the simple fact is they should be your last resort when borrowing money for college. If you are having problems paying back your private student loans you are not completely out of luck. Fortunately, some private student loan lenders may be willing to negotiate payment plans with borrowers who need help with their student loan debt, since they would rather have you pay them something than nothing at all. The first step in getting help repaying your private student loans, is opening the lines of communication with your student loan lender. You need to be polite, and persistent with your private student lender in explaining your financial situation.
You can’t wipe clear you private student loan debt with government grants, but what you can do is work with your private student loan lender to help find a repayment solution that works for you. Nearly everyone who borrowers student loans will be responsible for repaying the loans in full, with very few exceptions. Even though federal student loans generally give you better rates and more opportunities for debt relief and repayment assistance, there is also no magical grant to wipe free the debt of those who borrowed only federal student loans. Mostly everyone who borrows federal student loans has to pay them back in full (unless you qualify for a forgiveness program). So, the bad news is you wont be getting any government grant to wipe out your private student loan debt, the good news however, is you may have the possibility to negotiate a better repayment plan with your private student loan lenders, if you are in trouble with your student loan debt.
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