Private student loan debt relief refers to strategies and programs designed to help borrowers manage, reduce, or eliminate their private student loan debt. Unlike federal student loans, private loans are issued by banks, credit unions, and other private lenders, often with fewer repayment options. Relief options for private student loans may include loan refinancing, negotiation for lower interest rates, debt settlement, or hardship programs offered by lenders. Some borrowers may also explore legal options or nonprofit credit counseling services to navigate repayment challenges. While private student loan forgiveness is rare, understanding available relief programs can help borrowers find financial stability.
