I have a private student loan in default. Can I still get federal aid?
I have a private loan in the amount of $4,000 in default. It was a student loan that I wasn’t able to pay on while unemployed. I didn’t know about the economic hardship rules. Anyway, I know that I can get federal grants for certain because I was even able to get them when I had a federal student loan in default. Now that it’s out of default and paid in full, can I still get federal loans like a stafford loan? Or will I have to pay the private loan in full as well in order to get any financial aid?
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By Asha, September 15, 2009 @ 7:10 am
I would say no!
By glassflower, September 15, 2009 @ 10:45 pm
as long as it is not a Stafford or a Perkins loan, you should be good. A private student loan through a private bank is just like a car loan, or mortgage loan. You will be able to get your regular federal loans, and grants.
By sunshine_today, September 17, 2009 @ 1:48 am
Look, don’t go asking for money until you make arrangements to pay back what you already promised to pay.