Sunday, August 7, 2011

How To Get Financial Aid After Default On A Loan

Default on student loan is a common factor, so there is nothing to worry about that. OK, so you took a student loan, got financial aid and went to college and you would expect great career but it didn't happened and have been unable to repay your student loans. Years have past and decides to dust and dream of returning to school, but money is a problem and do not qualify for financial aid, and you default on your first loan. You can still be a way to get financial assistance to return to school.

Apply for Consolidate your student loans, If after having abandoned your student loans and having trouble paying them, try to consolidate loans. If due to financial problems, this is impossible because of permanent incapacity to repay the loan, you may have to take measures to eliminate nonperforming loans law school.

If you have defaulted on your student loan and have not been able to pay off the loan, and have other debts, you should consider filing for bankruptcy. You have to get a lawyer to clear your loan and previous debt

After that you should reach the court. When you appear in the court, may not be representative of the bank of his difficult and your student loan payment is requested. If not, your debt will be discharged. You are likely to have that school loan discharge, if the loan is small amounts.

In court, if a representative visit from the bank, you can make an agreement to pay a percentage of your debt. Is also available as part of the agreement that the loan defaulted student will be removed from your credit at the time of payment.

You should wait for your student loan to be discharged. Once debts are discharged, you will receive a certificate stating the date was discharged his student loan. When he decided to return to school, this is the certificate that will give financial support as evidence of debt has been forgiven. Thus you might get another aid after being discharge from your previous loans or debts.

1 comment:

  1. Is that for federal or private loans. I read that you can not filed for bankruptcy for student loans