2006-08-18 05:11:55 · 22 answers · asked by mars 1 in Education & Reference ➔ Financial Aid
You pay off the one you defaulted on or you don't get another one.
2006-08-18 05:17:19 · answer #1 · answered by Joker 7 · 0⤊ 0⤋
The best way to get approved for a student loan when in default is to consolidate your loans. Apply on the web, by searching for student loans with bad credit.
2006-08-18 12:19:00 · answer #2 · answered by cthawl1 1 · 0⤊ 0⤋
You can't default on a student loan and expect your credit to forgive and forget. If you are going back to school defer your previous defaulted student loan. STAY ON TOP OF IT. Your credit stays with you for 15 years, so if you have a bad mark it is going to float around for several years, hindering you from buying anything on credit. Cars, houses, student loans. Just make the minimum payment if you can't do anything else.
2006-08-18 12:18:46 · answer #3 · answered by someDumbAmerican 4 · 0⤊ 0⤋
Get a William D Ford consolidation loan http://loanconsolidation.ed.gov/ it is government backed and available to everyone. Your loan will be out of default in 2 mos and you will be eligible for financial aid and fed backed student loans again. You will also get the option for deferment back. Your payments will be based on your income so it will be affordable.
2006-08-22 01:53:20 · answer #4 · answered by CJ M 1 · 0⤊ 0⤋
Unfortunately if you are in default you wont be able to get another student loan. However you may be able to get a personal loan. I would try applying at a smaller bank like a credit union.
2006-08-18 12:19:03 · answer #5 · answered by Russ D 2 · 0⤊ 0⤋
that could prove difficult since they sort of look down on those things. If you're in default it would be a good idea to get those loans deferred so you're not delinquent in your duty to pay it back, then that might put you in a better standing. Or you could pay the balance of the payments you've missed, but I'd try the deferral, they'll accept almost any excuse for a hardship deferral.
2006-08-18 12:20:44 · answer #6 · answered by Hans B 5 · 0⤊ 0⤋
Most financial institutions will probably not give you another loan if you have proven that you are unable to pay a loan you have already. Pay off your first loan before trying to get a second, or else you'll just end up deeper in debt.
2006-08-18 12:17:07 · answer #7 · answered by Blue Jean 6 · 1⤊ 0⤋
You can't
Look for other options and do not think in terms of loans at all.
Good luck and bless you.
Go for anything you can think of for school fees and the like instead of loans. If you try hard, work hard, and stay focused, you can do it!
The (insert curseword here) with loans.
2006-08-19 20:55:43 · answer #8 · answered by Mary K 2 · 0⤊ 0⤋
Generally you are unable to do so. But if you can put it on the delay you are allowed to get six months. But you can not get that 6 month delay until you are in school. I know that is a bit of a vicious circle
2006-08-18 12:18:00 · answer #9 · answered by admiralgill 4 · 0⤊ 0⤋
check with the financial aid office at your school, they maybe able to help roll the loans into a new one, they are your best bet for help. good luck.
2006-08-18 12:18:51 · answer #10 · answered by Anonymous · 0⤊ 0⤋