It’s not impossible, but unlikely that private loans will qualify for debt forgiveness because they are not controlled by the government.

“President Biden recently announced his new plan to forgive a portion of student loan debt for borrowers who make less than $125,000 a year. It’s still not clear if the president can actually forgive student loans with an executive order. But if it does happen, it would only affect borrowers with federal student loans—not private” (ramseysolutions.com).

There’s been talk of forgiving borrowers with financial hardship, but nothing is set in stone yet. Overall, private loan forgiveness does not look promising.  Here are some other options if you’re struggling to pay off your private loans:

  1. Debt Snowball Method – list all of your debts from lowest to highest no matter the interest rates. Make the minimum payment on all debts at the same time except the lowest debt. Pay more than the minimum on the lowest debt until it’s paid off. Then apply/add the minimum payment of your lowest debt that you just paid off to your next lowest debt until it’s paid off. Repeat until you’ve worked your way down to the highest debt. This method creates a “snowball effect” as you start paying off your debts one by one with less stress. Read more.

  2. Create a budget. Drink less lattes and booze. Prepare meals at home. Sell some personal items that no longer bring you joy. Start a creative fundraiser on GoFundMe. Start a creative side business. Work a fun, temporary job for a season through coolworks.com and apply most of your paychecks to your loan payments.

  3. Refinance for a lower interest rate and/or to extend your term length from the same lender or a  new one. However, if the interest rate remains the same or increases, you’ll end up paying more on your loan in the long term.

  4. You may be eligible for a Loan Payment Assistant Program depending on the state you live in and your profession.

  5. Request forbearance to pause your monthly payments for a short period of time, but keep in mind the interest will continue to accrue. (businessinsider.com)