Can I still receive financial aid?

Question

I am currently being garnished for unpaid student loans. Would I be able to qualify for grants or anything or do I have to wait until the garnishment ends?

Answer 1

You can still qualify for financial aid, but it will take some time and effort. This will be a multi step process that may be both emotionally painful and embarassing. However, getting your personal finances in order is generally a very liberating experience.

First, call whoever owns or is servicing your defaulted loans. This is whoever is garnishing your wages. If you are not sure who they are, go to your personnel or payroll office and ask. They will have the name, phone number, and address. Call these people and ask what you can do to have them stop garnishing your wages. They are going to tell you that you will have to pay a certain amount of money per month and possibly put a down payment of 10-20%. If you can afford this without blinking, then do so and your negotiation ends here. However, if you are like the rest of us and this dollar amount makes you have to swallow hard several times, you need to continue negotiating.

Tell the loan servicer (probably a collection agency) that you cannot afford that amount. He will probably ask why, but you don't need to go into any great detail. Remember, he is taking notes about you. When you have the opportunity, tell him you can afford $50 a month. Fifty dollars is the lowest acceptable payment to federally guaranteed loans under current law. This will get the ball rolling. When he comes down to an amount you can afford between his original offer and yours, take it.

2. Find out from the loan servicer how long it will take to receive a letter of cleared default. Just ask while you are on the phone, after negotiating a payment but before you authorize a payment. It may take up to 12 months of on-time payments. Request a letter outlining the cessation of garnishment, your new payment plan, and anticipated letter of cleared default.

3. Go to the financial aid office of the college you are considering attending, if it's local. Ask them what you would need to do to be eligible for financial aid. If you have already talked to the loan servicer, tell the financial aid officer what the loan servicer told you. Better yet, bring in the letter they sent you with the new payment schedule.

So long as your student loans are in good standing, you will be eligible for grants and other types of financial aid. While in school at least half time, you will be eligible for an in-school deferment. This means, you will not need to make payments while you are taking classes and maintaining satisfactory academic progress. Remember, though, that the interest will capitalize (add on to the principle) even if you are in deferment status. You can decrease the principle while in deferment by making payments. This can be a nice way to clear that debt.

Answer 2

Another hand out ? First pay back what you owe, then move forward with your life under your own personal financial responsibility. Good luck , and remember education is something no one can take away from you . But you may have to pay for it .

Answer 3

You must look for a scholarship grant so that when you'll be able to get one, you can pay your student loan, too.

Answer 4

"could college student get carry of economic help?" in the adventure that they couldn't have adequate money college in the different case, sure. "if so then why shouldn't the ill no longer get carry of economic information?" they ought to, or a minimum of they ought to have get proper of entry to to a equipment of less costly health coverage. "Why could pot be unlawful yet guns are felony and designed to kill human beings?" those are 2 completely separate subject matters. even if marijuana should be felony has no longer something to do with the right to undergo fingers. "could those with the most money get better remedy compared to the man with little money?" No, yet we shouldn't begrudge human beings for being wealthy, both. "could money administration what we do with our lives?" money is only a medium of change. You provide it to human beings in change for issues they prefer, as a way to get issues they prefer. Having money unavoidably potential having get proper of entry to to the things you want, that's the nature of any medium of change. you may want to eliminate money and use a barter equipment particularly, yet that does no longer replace the inherent capacity of tradable products and amenities.

Answer 5

http://iefa.org -------> International Students on the web <-------

http://www.about.com --->Great search engine and information site for everything <---

http://www.ed.gov/index.jhtml --> Dept. of Education for any questions<--

http://www.fastweb.com

http://www.gocollege.com

http://www.collegeboard.com

http://www.scholarships.com

Answer 6

contact whomever garnished you and ask them.

Answer 7

i dont beleive so
it is har to get it once you have gone to school

Answer 8

no

Answer 9

maybe maybe not