The Frugal Creditnista

Can My Private Loans Be Forgiven?

Hey Hey Hey; it's Q & A Friday!!!

Q: I have just been approved for the Public Service Loan Forgiveness Program! I'm excited, but I have both public, federal and direct loans. I didn't ask if all of this will be forgiven after 10 years; do you know?

A: Congrats!!! (slighly hatin' LOL *jk*)

Unfortunately, no. The PSLF program is for direct loans only. Arrangements for private student loans should be worked out directly with the lender that gave you the loan.
You mentioned you had federal loans as well, I'm assuming you meant FFEL loans? These aren't included in the PSLF program either, so I'd consider consolidating those loans into a Direct Consolidation Loan so that when you reach 120 payments ALL of your loans (excluding private) will be forgiven.

Congrats again!

(Click here for more info on PSLF)

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