Student Loan Law: 16.8.1 Introduction
Unlike the federal student loan programs, there is no comprehensive federal law requiring private student lenders to offer loan cancellations, deferments, forbearances, repayment terms, or similar relief. Private student loan borrowers are generally at the mercy of their creditors. There are some limited federal and state protections for borrowers and co-signers. Absent an applicable federal or state law, the borrower and co-signer’s rights are determined by the loan agreement and by the lender’s willingness on an individual, voluntary basis to offer relief.