Since many students who want to obtain a college degree cannot afford the tuition and since there are limits to the amounts that can be borrowed from a federal loan program, private student loans have become more popular than ever. Private student loans come from institutions like banks, online lending companies, or credit unions. They generally have higher interest rates than federally subsidized loans and in order to get one, you must have more income and a better credit rating. Often, too, the better your credit rating, the lower the offered interest rate on the private student loan. Because the federal government has been monitoring many of these private lending institutions for financially predatory behavior, there are now many programs available for private student loan forgiveness.

Types of Private Student Loan Forgiveness Programs

There are many different types of private student loan forgiveness programs, and unfortunately, some of them are scams. If an offer made by a private student loan forgiveness program sounds too good to be true, then it probably is, because very few of these programs actually forgive the loan amount. However, one program that can result in your loan being totally forgiven is the Borrowers Defense Against Repayment Program. You should apply for this program if you think you’ve been misled by your loan institution by dishonest marketing or if you’ve found that you’ve been making payments on the loan for years, but are not seeing the balance go down. There are also various specific programs that exist that have resulted from lawsuits against certain schools that either closed later or that somehow took advantage of students financially. The best way to find out what private student loan forgiveness options are available to you is to discuss this with a lawyer who is experienced in this field.

Call to Schedule a Consultation With a Minnesota Private Student Loan Forgiveness Lawyer Today

If you are interested in learning more about private student loan forgiveness, call to schedule a consultation with a Minnesota private student loan forgiveness lawyer today. The skilled legal professionals at the Hoverson Law Offices, P.A. have the experience and knowledge it takes to help you find the most effective solution to your private student loan debt issues. We’re aware of the unfortunate trends in predatory marketing and lending that are often found among various online schools and loan institutions and we’ll help you fight for financial justice. Visit our website at or give us a call at 612-349-2728  and let us help you get back on track.