Sometimes we make choices to attend school before we're ready, other times accidents or other unfortunate circumstances prevent us from finishing school. Starting school at any point costs money, and when you've agreed to take out a loan to fund something you don't finish, it doesn't take away your obligation to pay. Don't worry! There is a way to get back into school despite any defaults you have.
Finding out who your loan was taken out by is a great place to start. Who holds your defaulted loans? Was it Sallie Mae? Nelnet? Some other company? Get their mailing address, telephone number, and your account number. You will need this information to help you recover!
Don't be sucked into prolonged conversations with the people whose job it is to collect that company's money! They will try to get you to make some kind of payment arrangement, and may be very rude, despite how nice you try to be. Don't worry, you won't need to create any payment arrangements if you are in school or enrolling into school, so get the information you called for, and politely end the conversation. Because you're re-enrolling in school, you can use deferment to hold your loans at bay for as long as you're still in school. If you are out of school, and have started a payment plan, you can ask for a forbearance to give you some time before you need to make any more payments. In both of these cases, you will still need to pay back your loans - but that is why you're going back to school!
If you are a male and are between the ages of 18 - 25, you are required to register with the Selective Services System in order to be eligible for Financial Aid. You can find out how to register here: http://www.sss.gov/Status.html
If you have never registered and you are over the age of 26, you will need to provide documentation that provides a compelling reason why you did not register (they need to determine if you were dodging service or not). You can find out about both of these types of information at the same Selective Services website above.
Once you've determined that you meet the guidelines for financial aid (if you're applying for that), you can contact the company Direct Loans. They are backed by the Department of Education, and will help you roll over you defaulted loans into their system where THEY will pay them, and you will owe Direct Loans instead of the current company your default is through. Bye bye collections! They will also help you get the loans you need for the school program you are currently enrolling in. You can reach them through their website at http://www.direct.ed.gov as well as by calling 1-800-621-3115. They also help you with consolidating your loans so that you will have fewer loans to deal with later.
Finding out who your loan was taken out by is a great place to start. Who holds your defaulted loans? Was it Sallie Mae? Nelnet? Some other company? Get their mailing address, telephone number, and your account number. You will need this information to help you recover!
Don't be sucked into prolonged conversations with the people whose job it is to collect that company's money! They will try to get you to make some kind of payment arrangement, and may be very rude, despite how nice you try to be. Don't worry, you won't need to create any payment arrangements if you are in school or enrolling into school, so get the information you called for, and politely end the conversation. Because you're re-enrolling in school, you can use deferment to hold your loans at bay for as long as you're still in school. If you are out of school, and have started a payment plan, you can ask for a forbearance to give you some time before you need to make any more payments. In both of these cases, you will still need to pay back your loans - but that is why you're going back to school!
If you are a male and are between the ages of 18 - 25, you are required to register with the Selective Services System in order to be eligible for Financial Aid. You can find out how to register here: http://www.sss.gov/Status.html
If you have never registered and you are over the age of 26, you will need to provide documentation that provides a compelling reason why you did not register (they need to determine if you were dodging service or not). You can find out about both of these types of information at the same Selective Services website above.
Once you've determined that you meet the guidelines for financial aid (if you're applying for that), you can contact the company Direct Loans. They are backed by the Department of Education, and will help you roll over you defaulted loans into their system where THEY will pay them, and you will owe Direct Loans instead of the current company your default is through. Bye bye collections! They will also help you get the loans you need for the school program you are currently enrolling in. You can reach them through their website at http://www.direct.ed.gov as well as by calling 1-800-621-3115. They also help you with consolidating your loans so that you will have fewer loans to deal with later.
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