Private student loans are not eligible for forgiveness or other protections like income-driven repayment plans.
That doesn't mean there's no help available if you're buried under private student loans.
Paying private student loans
Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent availability.
Undergraduate and graduate students, parents, students in MBA, law, health professional and dental programs
$5,000 (or state-mandated minimum) up to the cost of attendance
5, 7, 10, 15, years; up to 20 years for refinancing loans
Terms apply.
Undergraduate and graduate students, parents
Amount varies by individual lender
Range from 5 to 20 years
Terms apply
1. Student loan refinancing
While private loan borrowers can't count on future forgiveness plans, refinancing your student loan can earn you a lower rate, smaller monthly payments or more time to pay off the loan.
If your credit score has improved since you first applied, it's definitely worth seeing if you qualify for a low rate.
You can refinance with your current lender (if they offer it) or with a different company.
Take a look at our picks for the best lenders for student loan refinancing, including SoFi® Private Student Loan Refinancing and ELFI, and see what's available on the Credible loan marketplace.
2. Debt consolidation
If you have multiple private student loans, you can simplify the process and streamline them into a single monthly payment with a debt consolidation loan. If you have good credit, your new interest rate may even be lower.
In addition to low minimum credit score requirements and flexible terms, Upgrade offers multiple rate discounts and will send payment directly to your creditor. You can borrow as little as $1,000 or as much as $75,000.
Accepts applicants with fair credit
3. Deferment and forbearance
Deferment and forbearance, which both involve a pause or reduction in student loan payments, are more commonly associated with federal student loans. Many private lenders do offer their own version, as well, but they have a lot more discretion in setting the conditions for approval.
Deferment is typically granted as the result of a qualifying event, like returning to school. Sallie Mae® offers deferment for private student loan borrowers while they're in school, working an internship or participating in a residency, fellowship or clerkship.
- Loans available to part-time and continuing ed students
- Co-signer release after just 12 payments
- No origination fee
- Offers loans for a wide variety of educational needs including: bar study, medical school, residency and relocation costs, dental school, residency and relocation costs, nursing school/health professions, commercial flight school, coding boot camp and professional certifications
- No student loan refinancing
- Doesn't offer parent loans
- Hard credit check to prequalify
- Late payment fee
4. Debt relief or debt settlement
If you're struggling with private student loans, a debt relief (or debt settlement) company may be able to negotiate to get your balance significantly lowered.
You typically need at least $7,500 in debt to qualify, though, and success isn't guaranteed. If you do get your bills lowered, the debt relief company can charge as much as 25% of your enrolled debt, along with other fees. (Your credit score will also take a hit)
The top debt relief companies are transparent about their fee structure and have been in business long enough to establish a good reputation.
Private student loan FAQs
Can I get forgiveness on private student loans?
While private student loans are not eligible for federal forgiveness programs, there are limited instances where a lender might forgive a private loan — if the borrower dies or is totally and permanently disabled, for example. In 2021, the School Misconduct Discharge Program introduced debt relief and forgiveness to private loan borrowers who were defrauded by their schools.
Do missed payments on private student loans hurt your credit?
Late or missing payments can hurt your credit score, regardless of whether you have a private or federal student loan. Late or missed payments are reported to credit bureaus after 30 days and can remain on your credit report for up to seven years. The longer you go without paying, the more it can lower your score.
How long before a private student loan is considered in default?
A student loan is considered in default after it's 120 days past due. Defaulting on your loan can lower your credit score by as much as 175 points and can lead to having your wages and tax refund garnished. If you have a co-signer, it will also adversely affect their credit.
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Fixed rates range from 4.49% APR to 10.99% APR with 0.25% autopay discount and 0.125% SoFi Plus discount. Variable rates range from 5.74% APR to 10.99% APR with 0.25% autopay discount and 0.125% SoFi Plus discount. Unless required to be lower to comply with applicable law, Variable Interest rates will never exceed 13.95% (the maximum rate for these loans). SoFi rate ranges are current as of 9/23/26 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. You may pay more interest over the life of the loan if you refinance with an extended term.
