If You Owe Coin To A Higher Can You Still Attend A Differnt College On A Loan?

If You Owe Money To A College Can You Still Attend A Differnt College On A Loan?

If you lot have been out of college for several years and you're thinking about returning to further your education, you might be nervous well-nigh taking out new fiscal aid awards. If you lot are currently struggling with student loan debt from when y'all were previously enrolled in a college, you might besides be wondering whether y'all're even eligible to procure a new financial aid award.

There are several factors that will automatically disqualify you from obtaining new pupil loans from either private or public sources. If you're currently in default on any educatee loan, regardless of the source, you will but exist able to secure new sources of funding once y'all have enrolled in one of the U.Due south. Department of Pedagogy'due south loan rehabilitation programs. To successfully finish this program and articulate away your default designation, y'all volition be required to brand six consecutive payments on your student loans on fourth dimension in accord with your agreement. One time this has been satisfactorily accomplished, yous will then be able to receive new private or public pupil loans.

Similarly, you will be banned from taking out a new student loan if you have been convicted of a drug felony between the time you took out your previous loan and the fourth dimension you are applying for a new one. You volition be required to wait until the conviction is wiped from your criminal record earlier you lot volition be deemed eligible to receive new funds. Depending on the jurisdiction in which you live, you lot may be eligible to speed up the process by submitting a petition to a court to expunge your criminal record.

Notwithstanding, keep in mind that doing and so comes with little guarantee that it will actually piece of work. At the bare minimum, yous will need to demonstrate your want to the court nigh returning to school, and you volition need to prove that you are serious almost furthering your education and obtaining a degree. Later on all is said in done, you may nonetheless be able to secure pupil loans even after you expunge your record.

Instead of attempting to take out an additional loan, you may consider interrupting your studies for a longer length of time in order to clean upward your finances. Whether you've been out of college for 10 years or 10 months, it may be in your all-time involvement to secure a full-time chore and save money for future education expenses. This volition also let additional time for you to consider your plans and re-examine your career rail, if necessary.

Like this Article? Subscribe to Our Feed!

Author: Jay White

I started Dumb Fiddling Human being so great authors, writers and bloggers could share their life "hacks" and tips for success with everyone. I promise you discover something y'all like!