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I defaulted on my student loan but wish to go back to school now. I still owe most of the original loan amount. Do I have to repay the loan before taking out another one for school?

Rodney Fox

in Student Loans

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1 answer

Melissa Norris on July 29, 2018

You don't have to pay the original loan to get more loan money, but you must be in good standing with their lender (or the federal government, who has the loan now). Look at yourself in the National Student Loan Data System ( take a look at yourself and get the contact information about who owns your loan. Contact them and find out what you need to do to get back in good state. Many times the lenders will not put you in a good state until you have made at least 12 on time payments--but find out what your lender requires. Usually until it is in good condition, you are not eligible for federal financial aid, including loans.

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