Private Student Loans

Get Student Loan Debt Relief

As college and university tuition prices rise and the cost of higher education skyrockets, Americans continue to battle student loan debt. If you have a large amount of outstanding private student loan debt, we have options available to you to make your payments more manageable. To reach financial freedom and experience debt relief, you need to know your options and how those options will impact your current financial situation.

At Liberty Debt Relief, we help you to analyze and plan which student loan debt options are appropriate for you. Whether your goal is to lower your monthly payments so that they are better aligned with your budget and salary, or trying to consolidate private student loan debt, we have options available to fit your needs.

female student smiling and shaking someone's hand during debt relief discussion

Different Types of Student Loan Debt

Based on the kind of student loan you have, your plan for debt relief might be different. There are two basic types of student loans: privately-issued and government-backed. Although Pell Grants technically are considered a third type of student aid, they don’t need to be repaid under normal circumstances and therefore aren’t typically grouped with these other student loans.

Government-backed Loans

There are three types of government-backed student loans: Stafford, Perkins, and Direct Loans. These loans are similar to private loans in that they gather interest and adhere to a strict repayment timetable. Unlike private loans, though, they often have borrowing limits for each semester. The benefit of these loans is that they usually carry lower interest rates that may not kick in until well after graduation. One disadvantage is that government-backed student loans can’t be discharged in bankruptcy or settled through negotiation.

student with loan debt writing with pen in a book

To receive debt relief from government-backed student loans, you have to enroll in a restructuring program through the federal government. There are many options here depending on your situation, including the Federal Direct Consolidation Loan program, the Public Service Loan Forgiveness program, or an income-based repayment program. We can point you in the right direction for help with your Federal Loan.

Private Loans

Private banks issue private student loans, so they don’t carry any guarantees from state or federal government agencies. While there are no limits to the amount and the loans can often be given directly to borrowers, they usually have higher interest rates and may be difficult to manage after graduation.

Private student loan debt is usually easier to restructure than debt from government-backed loans. With our expertise in negotiating with creditors, Liberty Debt Relief can negotiate settlements on past-due accounts, lower monthly payments, or restructure your loan.

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Why Liberty Debt Relief?

We understand how the current industry landscape and rules surrounding student loan debt impact you. Once you reach out to us for your free consultation, we analyze your individual needs to create a plan. We have helped many happy clients improve their financial situation with our proven results.

We know every situation is different and requires personalized consideration. At Liberty Debt Relief, we have the industry experience and know-how to help you navigate the world of private student loan debt.

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Get Relief From Private Student Loan Debt

Consolidating your debt and ultimately reworking the terms (length, monthly payment amount, and interest rate) to combine any outstanding private student loan debt from various creditors into one, manageable payment may be one option. This may also ensure more of your payment goes towards the principal, rather than high interest.

However, if you want to learn more about how to manage your debt by tracking your average spending, Liberty Debt Relief offers advice that is personalized for you. By following a carefully laid-out plan, you can become debt free over time.

Contact our trusted experts and get your personalized debt solution today.