In 2004 I defaulted on my student loans and my taxes were garnished in 2005 now I am tring to get back into school and I am told that I can never receive financial aid again since the loans were paid back by garnishing my taxes is there anything I can do? So that I can get back into school.
2007-05-31 14:29:43 · 4 answers · asked by bignickk420 1 in Education & Reference ➔ Financial Aid
My understanding is that if you have federal loans, and you have cleared them out of default status ($0 balance), then you are eligible to apply and receive federal aid again. I am in the process of paying off my own defaulted student loans and that's the information I got from the US Dept of Education. Since your taxes were garnished, it sounds like you have federal loans. I don't know about private loans, but since that's based on credit, you may have a problem taking out loans with a private lender. Also, if you do find a lender, they may have higher interest rates. Hope this information is helpful.
2007-06-04 08:36:04 · answer #1 · answered by Vivian 2 · 0⤊ 0⤋
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2016-10-24 16:59:08 · answer #2 · answered by ? 3 · 0⤊ 0⤋
It depends.
Are you currently in default? If you are, then you are not eligible to receive aid at all. If not, then you will be eligible for federal aid.
CAUTION: Federal aid (need-based) will be easy for you to get if you are not in default. Private loans will probably be impossible. So be sure you have everything covered by federal aid before committing to anything!
2007-06-02 19:59:58 · answer #3 · answered by Holly 5 · 0⤊ 0⤋
Unfortunately, no one will ever trust you for a very long time until you have a job, establish credit, and pay it on time. At this point, you'll probably have to work at least part-time. Does your school have a student work-study program? Try talking with the Registrar's office and maybe they'll have some suggestions for you.
2007-05-31 14:36:03 · answer #4 · answered by Elaine P...is for Poetry 7 · 0⤊ 0⤋