Since I focus primarily on providing information for those who have taken out private student loans, and those who are thinking about taking out student loans, I wanted to address a common question that most who find themselves deep in private student loan debt usually end up asking, “Can I get Government Grants to Pay Back Private Student Loans?”

You are not going to like the answer my friends, because sadly, there are really no Government Grant programs to help students who borrowed private student loans (which is why you should seek all other financing alternatives before you consider private student loans). Private student loans serve a purpose, and I don’t “bash” borrowing private student loans by any means, but the simple FACT is they should be your LAST resort when borrowing money for college.

Now if you are having problems paying back your private student loans you are not SOL. Fortunately, most private student loan lenders are more than willing to negotiate payment plans with borrowers who need help with their student loan debt (they would rather have you pay them something, than nothing at all).

The first step in getting help repaying your private student loans (or getting help with your private student loan debt) is opening the lines of communication with your student loan lender. You need to be polite, and persistent (in some cases) with your private student lender in explaining your financial situation.

So can’t wipe clear you private student loan debt with government grants, but what you can do is work with your private student loan lender to help find a repayment solution that works for you. The truth is, when you borrow student loans for college (federal and/or private), they are going to need to be paid back by YOU (remember, the person who took them out). Sure, federal student loans give you better rates, consolidation options and more opportunities for debt relief and repayment assistance, but I can guarantee you there is also no “magical” grant to wipe free the debt of those who borrowed only federal student loans. Mostly everyone who borrows federal student loans has to pay them back in full by themselves (since the majority of individuals do not qualify for repayment grants and/or forgiveness programs).

So, the bad news is you wont be getting any government grant to wipe out your private student loan debt, boooooo! The good news however, is you DO have the possibility to negotiate a better repayment plan with most private student loan lenders, if you are in trouble with your student loan debt.

TheStudentWhoGotScrewed:
is a 27 year old college graduate from the University of Wisconsin-Milwaukee, currently living in the Chicago, IL area. Read all of my posts by clicking here and read my profile by clicking here. Share your student loan experiences, stories and tips with me and other readers by dropping a comment!

Tags: bankruptcy / credit / grad school loans / private student loans / student loan debt / student loans

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