ANSWERS: 2
  • Don't take this as a wet blanket on your plans, but my advice to you is, pay back the loan first. An unpaid federal student loan is very bad on your credit record. I defaulted on one as well, but I paid it back, and now I am going back to school on federal loans again. If you go trying to borrow money from other sources now, with that on your record, it's going to cost you a fortune in interest, and you will be paying through the nose for a long time to come. You can still go back to school, but the best way to do it, is get back the fed's good graces. You aren't going to get those kind of rates anywhere else.
  • all you have to do is make six consecutive payments on your student loans and you will be off of default but you must continue to make the payments after. I would say maybe talk to your school about getting on a payment plan with them or try and hold off until you've met the six consecutive payments so you can recieve aid.

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