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Student loan in default. What can I do to go back to school?

Discuss strategies for dealing with Student Loans

Student loan in default. What can I do to go back to school?

Postby everitt » Sun Aug 26, 2012 12:22 pm

I have a 7000 dollar student loan in default. I'm broke, I wanna go back to school, what can I do to enroll my self back into school, and consolidate my default loan with the new student loan? Bcus I know I'm gonna have to take out a new loan to start. The loan has not been paied since 2008.
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Student loan in default. What can I do to go back to school?

Postby bryten89 » Sun Aug 26, 2012 12:27 pm

If you have defaulted on a loan it is unlikely they will lend you another loan.
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Student loan in default. What can I do to go back to school?

Postby macklyn » Sun Aug 26, 2012 12:34 pm

Pay your own way out of your own pocket.

Otherwise, you are NOT getting ANY student loan or financial aid - PERIOD, end of story.
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Student loan in default. What can I do to go back to school?

Postby haslet » Sun Aug 26, 2012 12:50 pm

You will not be able to consolidate your old, defaulted loan in with a new loan because if you are in default you cannot be awarded a new loan.

Most students have more than one student loan even if they only went to school for one year (usually a subsidized and an unsubsidized loan). If that's the case, you can proceed with a consolidation without having to add in a new loan. If you don't have two loans, you cannot consolidate, but you can get out of default by either paying off the loan or making 9 consecutive on-time payments. You actually become eligible for aid again after you have made six payments, so you may be able to start again for a late spring or summer session. Keep in mind that if you will have to keep paying in order to continue to receive financial aid, so if you're not in the position to do that, there's not much sense in taking on more loans.

If you are going to go the route of making the 9 payments, make sure you send them a least a week before they are due, and don't depend on any grace periods. If your payment is received even one day late, you have to start the process all over again, so give yourself plenty of lead time.
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Student loan in default. What can I do to go back to school?

Postby saber82 » Sun Aug 26, 2012 12:55 pm

Get a job.
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Student loan in default. What can I do to go back to school?

Postby peissawg31 » Sun Aug 26, 2012 12:59 pm

Yes you can go back to school but you have to negotiate first your student loan default in order to acquire a new one.
Wanted to learn Who are the best private student loan companies.

Hope this a help!
God bless!
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