can i get a loan to pay off a student loan? even if i defaulted?

Question

well, compared to everyone else who had this issue, my student loan (with interest and fees) is a little over 6k, are there financial institutions out there where i could take out a loan and repay the student loan?

any answers would be greatly appreciated...

Answer 1

Check the interest on each loan. At least with student loans they are more forgiving if you borrow money and don't pay they can take your car. So research this carefully and don't be afraid to ask the new company how this will help you as opposed to keeping the student loans and paying on them.

Answer 2

A student loan is going to have a much lower interest rate than you can get from a bank to pay off the loan. You can consolidate federal student loans. My advice would be to keep the student loan because they will work with you much more than a private lender. You can get deferments and forbearances whereas a private lender wants the money on time every month with no excepsions. Keep you lower interest rates!

Answer 3

Student loans generally have some of the lowest interest rates available. It would not make much sense to re-borrow money to pay them off; you're going to end up paying more interest. Try negotiating with the original loan company to lower your payments until you can get caught up. Re-borrowing only compounds the problem and puts off the solution.

Answer 4

Hi, you sure can. What you are going to need to do is consolidate (even if you have just one loan). This will renew your loan terms and possibly lower your current interest rate. You can try Department of Education or William D Ford foundation. Good Luck!!

Answer 5

Call American Student Assistance they can help you if you defaulted their are ways they work out payment arrangements with you.