Student Loan Forgiveness on Privately-Acquired Debt: Possible?
Student loan forgiveness is a program granted by the United States government. As in other financial programs like scheme to consolidate education loans, such program has a list of requirement for a borrower to qualify. For instance, the student borrower must be willing to perform volunteer actions, teach, do military service, practice community health medicine in designated locations or fulfill other criteria and requirements as specified by the federal government. The government designates specific federal agencies and office to work and monitor such student loan forgiveness programs.
Is there such as a thing as private college loan forgiveness? Presently, there exists no program that will allow forgiveness of private student loans of a student borrower. Such debt forgiveness programs are only available for those who have federal college loans.
Because of the limited assistance to meet repayment of private loans, students are advised to find all means possible to acquire federal loans, scholarship and financing before finally applying and getting private student loans. Students who look into having loans as a means of financing their college education must therefore be able to first gather relevant information on the student loan forgiveness programs available in their areas.
Many students are dying to continue their college education, but are not lucky enough to be blessed with even just the minimum amount of finances to pay for the necessary school expenses.
This woeful situation is aggravated by the fact that they are mired in the disheartening circumstance of bad credit history, which cause lenders whom they approach to shun away from them and their private college loan applications.
If you are in a similar situation, indeed there is still hope for your credit to be improved; however this will take some time. Unfortunately, your need for money is immediate – to be used as payment for your tuition fees, laboratories, books and other school requirements.
Luckily, there are the bad credit private student loans – financial opportunities that students with even the most miserable of credit reports may be able to avail. These days, there are a good number of poor credit student loan lenders who cater to those students with less than desirable ratings.
Indeed, you can apply for a bad credit private student loan, provided this will be used solely for your education in any college institution of your liking. This may come as a surprise to you as you are aptly informed that people with not-so-nice credits are almost stripped of their capability to get any loans.
Good thing that there are financial opportunities that you can turn to – ones that do not look into your history of credit, whether it is good or bad.
What are these bad credit private student loans? They are the Federal Stafford Loans, Perkins Loans and other government scholarships and federal loans that are not based on credit.
When applying for one, it is best to ask for the professional advice of a loan advisor to help you in choosing the best private college loan that will suit your needs. He will also of great help when you gather all the necessary documents and papers that you will need for your loan application.
If there is a company that can be considered as a leading provider of federal and fixed rate private student loan, it is Sallie Mae. It also serves as administrator of saving plans and a major link between the students and their goal of college education.
Do you know that Sallie Mae began as an entity that is sponsored by the government (GSE) in 1972? Twenty five years later, it started in the privatization of its operation and completed the process in 2004, consequently ending ties with the government.
Indeed, Sallie Mae is the top provider of private college loans in the United States. What does Sallie Mae actually provide? It offers federal loans, fixed rate private student loan packages, refinancing and loan consolidating services for all qualified college undergraduate as well as graduate students. In fact, Sallie Mae loan consolidation is one of the best programs to have when it comes to merging college loans.
Provision of federal and private student loans is not only what the company does. It also assists the student borrowers and / or parents in the process of financial aid. Sallie Mae now manages or owns loans for millions of customers and also serves as administrator of billions of dollars of college savings for a million clients.