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HomeCredit ForumLoan Management

student laon

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ahitche1



Joined: 27 Jun 2008
ahitche1's page
Posts: 8



377 Magic Points
Subject: student laon
 
 Posted on Fri Jun 27, 2008 11:44 pm  
I have a student loan that is in collections right now. I want to go back to school but the Financial Aid office cannot grant me financial aid due to this situation. If I pay the loan in payments could the school give me financial aid then or do i have to wait until the loan is paid off to go back to school?
 
anthony

anthony

Joined: 31 Jul 2006
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Posts: 381



9616 Magic Points
 
 Posted on Mon Jun 30, 2008 10:44 am  
I think you should talk with the school regarding this. You can contact your collection agency and ask for a repayment plan and agree for one which you find most suitable for you. I think that consolidating your student's loan will help to repay your loans smoothly if you do not qualify for federal student loan forgiveness.
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Anthony..

A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible.
 
scott

scott

Joined: 28 Jun 2006
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Posts: 163



4471 Magic Points
 
 Posted on Mon Jun 30, 2008 10:55 am  
Under certain cases like if you perform volunteer work, military service, or teach or practice medicine in certain communities, the federal govt may forgive all or part of your educational loan. Now since your loan has already gone to collection account, the best way to come out of the situation is to go for students loan consolidation, repay the debt and start going to school again.
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SCOTT

Social security, bank account, and credit card numbers aren't just data. In the wrong hands they can wipe out someone's life savings, wreck their credit and cause financial ruin.
 
goodnatured



Joined: 03 Nov 2007
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Posts: 2485



2861 Magic Points
 
 Posted on Mon Jun 30, 2008 10:59 pm  
I am pretty sure that you will have to pay it off before they will even consider lending or granting you any more, but as advised above, check with your financial aid office, they will have a better idea of what to do and how to do it.
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Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
ahitche1



Joined: 27 Jun 2008
ahitche1's page
Posts: 8



377 Magic Points
 
 Posted on Tue Jul 01, 2008 6:45 am  
ok great guys thank you im going to hop on it immediatly
 
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