Loans in default, but wanting to go back to school.

[beginning_anew]

I have 3 student loans that are in default and I'm trying to figure out the best way to go about this. If I were to consolidate them, does that still mean they're in default? I really want to go back to school ASAP, but I don't know if I'd be eligible for Pell grants again if I just consoidate. I know that rehab is probably my best bet, but if it would let me go back to school sooner, I'd be willing to consolidate instead. It's really late, so I hope I worded this in a manner that's easy to understand.

 

Thanks!

[LynnInMN]

I have 3 student loans that are in default and I'm trying to figure out the best way to go about this. If I were to consolidate them, does that still mean they're in default? I really want to go back to school ASAP, but I don't know if I'd be eligible for Pell grants again if I just consoidate. I know that rehab is probably my best bet, but if it would let me go back to school sooner, I'd be willing to consolidate instead. It's really late, so I hope I worded this in a manner that's easy to understand.

 

Thanks!

 

If you want to go back to school quickly, you can consolidate and regain your FA eligibility. Rehab takes 9 months to complete, however after 6 on time monthly payments, you can get your FA including Pell back.

[beginning_anew]

If you want to go back to school quickly, you can consolidate and regain your FA eligibility. Rehab takes 9 months to complete, however after 6 on time monthly payments, you can get your FA including Pell back.

 

 

Thanks for the info! I think I'll just be patient and rehab them. Then I can go back to school in August. Although, just to clarify what you said.......whichever option I decided on, I'd qualify for Pell grants and student loans again? I know with rehab I would, but I was confused about the consolidation. I couldn't find anything in the boards that specifically said (which is why I posted in the first place).

 

Thanks

[LynnInMN]

As long as your loans are out of default by whatever means, you qualify for more loans and pell.

[beginning_anew]

Thank you! I'm sorry to be dense. Sometimes it just helps to have it broken down into the simplest of simple terms. I also wanted to make sure there was something easy to understand for other people reading this.