i have a defaulted student loan and i want to go back to school. is loan consolidation a good idea and will it enable me to go back to school and also get financial aid?
Default student loans?
If you have a Federal Student Loan that is in Default status you will not be able to Consolidate your Federal Student Loans and you will not be able to take out additional Financial Aid for school until your account has been brought into good standing.
Your account can be brought back into good standing through a number of ways, one of which is by making six agreed upon monthly payments over a six month period. Once you have been put back into good standing with your Federal Student Loans you are eligible to receive aid once again you must continue to make timely payments to maintain your eligibility or else it will be permanently lost until the debt is paid in full.
Loan Rehabilitation Programs are also available to help you get your Defaulted Student Loans back in good standing giving you the ability to take out more funds if you decide to go back to school. For more information on getting your Federal Student Loans out of Default status please visit the source below.
Default student loans?
it is now easy to restore your eligibility to receive additional Title IV federal financial aid. Basically, your options are:
* Repay or satisfy the loan in full.
* Make six agreed-upon monthly payments over a six month period. Your payment amount must be approved in advance by the Department. Every qualifying payment must be timely (received before the due date) and you cannot make all six payments as a single lump sum payment. Once your eligibility to receive additional federal financial aid has been restored after making six consecutive monthly payments, you must continue to make timely monthly payments to maintain your eligibility or else it will be permanently lost until the debt is resolved entirely. In other words, you may qualify for this program only once.
Default student loans?
no
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