Currently private loans do not have any options for repayment except for interest only payments which do not lower the principle balance. Private loans need to have an income based repayment option just like federal loans as the payment one these loans are far too high for those that are just entering the work force. Borrowers have little options when it comes to repayment and they have cosigners that could be left with the balance of this loan in the event the borrower defaults. The lack of options to allow for successful repayment makes it impossible for borrowers to every get out of debt. Which puts a burden on them, their cosigners, and our economy.
This is historical material “frozen in time”. The website is no longer updated and links to external websites and some internal pages may not work.
