Do private student loans have the same options?

Concerns & risks

You were trying to manage both federal and private student loans, and you wonder if the same options apply to both.

Assuming the same rules causes surprises.

Causes & evidence

Income-driven plans and federal forgiveness apply to federal loans, not private ones. See student loan repayment.

What to do

1. Check which loans are federal on StudentAid.gov.
2. Call private lenders for their options.
3. Borrow federal first.

Common mistakes: Common mistakes: assuming private loans have income-driven plans or PSLF. They usually don't. Contact your private lender about hardship options. Keep federal and private loans organized separately. Federal loan protections like income-driven repayment, PSLF and certain deferment options come from federal law; private loans follow the lender's contract. Read your private loan agreement for hardship terms. Some lenders offer temporary payment reductions or forbearance. Refinancing private loans might lower the rate if your credit improves. Be careful about refinancing federal loans into private ones, since you can't go back.

Speed Man tip: Read private loan terms carefully.

Wrap-up: Federal only. Call lender. Federal first.