Jump to content

Please consider disabling your adblocker for CreditBoards if you have not already done so.  This site depends on advertising revenue to stay online.


Sign in to follow this  

Student loan in default - will need new loan

The last post in this topic was posted 5439 days ago. 

 

We strongly encourage you to start a new post instead of replying to this one.

Recommended Posts

Following up on prior thread (summary: $45K or so student loan in default, signing agreement to pay for 12 or 13 months, at which time "supposedly" goes out of default-correct?, ).

 

Now that I "seem" to be getting things back in order, I'd like to go back for my Macc, which will require another student loan. Will that be possible while in repayment of student loan in default? Or are there private lenders that will do this, which I can later roll into a lower interest student loan.

 

p.s. The reason I am in default, is b/c I only obtained my undergrad, and need the key to the puzzle (master's) to get more $ rolling in.... its like at the $45K I owe, what's another $15K investment for the Macc...

 

For now I am just going to be taking individual prerquisites I can pay myself, but once I get into the Maac courses, then we are talking $$ B)

 

Reading the archives, I read after six payments you can apply for new student loans? Is this the case?

 

What if I just send them the six payments in one shot? Can't really do that, but assuming....

 

 

Thoughts?

Edited by yosshimura

Share this post


Link to post
Share on other sites

Following up on prior thread (summary: $45K or so student loan in default, signing agreement to pay for 12 or 13 months, at which time "supposedly" goes out of default-correct?, ).

 

You're talking about rehab. If you're not familiar with it, you should really read up on it here. There is a lot of good info about it. A simple search should garner you tons of info on it.

 

Now that I "seem" to be getting things back in order, I'd like to go back for my Macc, which will require another student loan. Will that be possible while in repayment of student loan in default? Or are there private lenders that will do this, which I can later roll into a lower interest student loan.

 

Once you take out private loans they will also be private; you can't "roll" them into a federal loan. Again, you need to read up on rehab, but I was able to get new student loans after six months.

 

p.s. The reason I am in default, is b/c I only obtained my undergrad, and need the key to the puzzle (master's) to get more $ rolling in.... its like at the $45K I owe, what's another $15K investment for the Macc...

 

For now I am just going to be taking individual prerquisites I can pay myself, but once I get into the Maac courses, then we are talking $$ :clapping:

 

Reading the archives, I read after six payments you can apply for new student loans? Is this the case? see above...YMMV

 

What if I just send them the six payments in one shot? Can't really do that, but assuming.... Nope. You can't prepay rehab. You have to make payments within a particular time frame - not too early, not too late - for them to be counted as part of the rehab. There's no cure for your problem but time.

 

 

Thoughts?

 

 

Be patient; otherwise you could really blow yourself up here. I can't say it enough because it sounds like you have very little idea about rehab. Read read read ... and familiarize yourself with what you're doing. You've been given another chance, don't blow it because you don't understand what you're doing. Good luck!

Share this post


Link to post
Share on other sites

Thanks... After posting my question, I must have spent 2-3 hours reading student loan info on here, and on a couple of links I got off searches here.

 

Thanks for the info... I concur I don't expect to get everything on one evenings reading on here, but its a start. Thanks for the time of responding..

Share this post


Link to post
Share on other sites
Thanks... After posting my question, I must have spent 2-3 hours reading student loan info on here, and on a couple of links I got off searches here.

 

Thanks for the info... I concur I don't expect to get everything on one evenings reading on here, but its a start. Thanks for the time of responding..

 

 

:yahoo:

 

Well, if you have any other questions, please let us know; we're here to help. Just be sure you understand the implications of what you're doing with rehab; if you mess it up (which can happen inadvertently), you might really make trouble for yourself, ya know?

Share this post


Link to post
Share on other sites
Following up on prior thread (summary: $45K or so student loan in default, signing agreement to pay for 12 or 13 months, at which time "supposedly" goes out of default-correct?, ).

 

Now that I "seem" to be getting things back in order, I'd like to go back for my Macc, which will require another student loan. Will that be possible while in repayment of student loan in default? Or are there private lenders that will do this, which I can later roll into a lower interest student loan.

 

p.s. The reason I am in default, is b/c I only obtained my undergrad, and need the key to the puzzle (master's) to get more $ rolling in.... its like at the $45K I owe, what's another $15K investment for the Macc...

 

For now I am just going to be taking individual prerquisites I can pay myself, but once I get into the Maac courses, then we are talking $$ :D

 

Reading the archives, I read after six payments you can apply for new student loans? Is this the case?

 

What if I just send them the six payments in one shot? Can't really do that, but assuming....

 

 

Thoughts?

 

Be very wary of getting deeper into debt until you KNOW things are getting better, not "SEEM" that way! You could easily screw yourself and make things a lot worse than they are now.

 

You cannot get a new federal student loan while you are currently in default. Your loans remain in default during the rehab period. If you can rehab in 6 months then you could possibly get new loans, but often rehab takes 12+ months.

 

Federal loans and private loans are totally different animals, and you cannot consolidate private loans along with federal loans. Be very careful about private education loans because you might get stuck with a ridiculous interest rate, particularly since you can't currently get federal money.

 

My advice would be to tread lightly, and keep reading! :grin:

Share this post


Link to post
Share on other sites

THanks for the reply. I agree on not getting in over my head that's why I said I would just be paying for courses for now (now=3-6 mths from now)... so realistically, if I would NEED to get a student loan again, it wouldn't be for another year... But you know how it is, when you hear 'out of rehab in 6 mths" you want the six months here NOW, LOL

 

thanks

Share this post


Link to post
Share on other sites
THanks for the reply. I agree on not getting in over my head that's why I said I would just be paying for courses for now (now=3-6 mths from now)... so realistically, if I would NEED to get a student loan again, it wouldn't be for another year... But you know how it is, when you hear 'out of rehab in 6 mths" you want the six months here NOW, LOL

 

thanks

 

 

Just to clarify, you will not be out of rehab in six months; you will be able to get new loans, IF you follow the letter of the agreement.

Share this post


Link to post
Share on other sites

The last post in this topic was posted 5439 days ago. 

 

We strongly encourage you to start a new post instead of replying to this one.

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  




  • Member Statistics

    • Total Members
      179,444
    • Most Online
      2,046

    Newest Member
    Witchdoctorsix
    Joined

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×
×
  • Create New...

Important Information

Guidelines