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Financial aid for people with defaulted student loans—really?
Most people with defaulted student loans don’t realize that they can get additional financial aid to help them through their current financial hardships.
But you can. How?
First, don’t file for bankruptcy. The Federal government and lending institutions take a dim view of anyone trying to manipulate the bankruptcy system just so they can take out even more loans.
Second, change your defaulted student loan status through either a Federal loan rehabilitation program or a private loan servicing/consolidating company that specializes in student loans.
With the Federal loan rehabilitation program, you agree to a strict 10 month scheduled repayment process that will restore the status of your loan. Be warned, however, that the Federal loan officer sets the payment amount based on rigid financial criteria that often doesn’t reflect the reality of your financial situation. But at the end of those 10 months, you regain certain benefits, like the ability to use the Federal deferment and forbearance programs. Of even greater importance, once the loan is rehabilitated and you move forward with your monthly payments, you are free to apply for and receive additional financial aid.
Rather than the Federal loan rehabilitation program, many people prefer to use a reputable private student loan servicing/consolidation company to bring their student loan(s) out of default, because its requirements are not as severe. By working with one of these companies, you can end the demands of collection agencies and wage and income tax refund garnishments.
Of particular importance, your monthly payment amount is reduced significantly. You just pay it over a longer period of time.
By working with a loan service organization, you can often erase any record of Federal debt, which may make it possible to receive additional Federal financial aid.
Many people who have been out of school for years, and have years to go in repaying their student loans, want to return to school to get a higher degree that will help them improve their income. Some people want to return to school to change their careers entirely to raise their income.
By rehabilitating or consolidating their current student loans, they are eligible to get the financial aid they need to get the education they need to create a brighter financial future.
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