Consolidating private loans in default

Even though private student loans may seem like other types of loans you can get from a financial institution, they are still considered an educational debt and are very difficult to discharge in bankruptcy.

A qualified bankruptcy attorney can help you determine if you might be eligible for this kind of debt relief.

Salt does not endorse or comment on particular lenders.

However, we do recommend that you review a lender on the Better Business Bureau and the Consumer Finance Protection Bureau (CFPB) sites before choosing them.

And while private loans can definitely be helpful to pay next semester’s tuition, you may find yourself wishing you’d found an alternate strategy when repayment arrives.

Private loans can be much tougher to manage than federal student aid.

Students often borrow these when they need to bridge the gap between their financial aid and their cost of attendance, or if they didn';t qualify for other forms of financial aid.

But that doesn't mean you can’t successfully repay your private loans. Private loans are generally offered by schools, states, or financial institutions, including: While credit card companies sometimes offer student loans, these loans are not the same thing as a credit card.

If you’re not sure whether you have any private student loans, visit Annual Credit Report and pull your credit report for free. You'll find a list of all your debts on your credit report, including your private and federal student loans.

La mayoría de tus préstamos federales también estarán listados en el Sistema Nacional de Información Sobre los Préstamos Estudiantiles (NSLDS®, por sus siglas en inglés), el cual facilita ver cuál es cuál.

Sin embargo, algunos administradores manejan tanto préstamos federales como privados.

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