No, you can't get a student loan to specifically pay off your existing student loans. But you can refinance to get better terms (pay schedule, interested, etc). Successfully refinancing usually depends on your (and maybe a cosigner's) credit score.
So yes, if the debt relief discharges enough of your balance to be under the aggregate limit you are allowed to re-borrow up to that limit. Whether or not you should is a separate question. How close are you to finishing your degree? What degree level is it?
Unless you do the governments method of getting out of default like rehabilitation or something they call it, you are ineligible to get any more loans unless they're private loans not federal.
Unless you do the governments method of getting out of default like rehabilitation or something they call it, you are ineligible to get any more loans unless they're private loans not federal.
Student loan default, which occurs after 270 days of missed payments on federal student loans, typically makes you ineligible for federal student aid. That means borrowers in default can't access the grants, work-study programs and student loans that help make college affordable.
Do You Qualify for the IRS Fresh Start Program? To qualify for the IRS Fresh Start Program in 2025, taxpayers generally need to meet one or more of the following conditions: Owe Back Taxes: Individuals or small businesses with outstanding federal tax debt.
It's possible that, like many students, you're considering taking out more than one loan to make the process easier. Of course, it's possible to have simultaneous loans, but before you apply for more student loans, you should be aware of some of the effects this might have on your future.
"Defaulting on private student loans from a bank, credit union or other lender doesn't make you ineligible for federal financial aid. You'll still be able to submit the FAFSA and access federal grants, work-study and student loans for college or graduate school.
Yes, student loans may affect your ability to buy a house, but they don't automatically disqualify you either. A lender's decision relates to the amount of debt you carry, rather than the type of debt, so student loans may affect your ability to get a mortgage in the sense that they affect your debt-to-income ratio.
Note: You can request an increase in the amount of a Direct PLUS Loan you previously requested if it's for the same school and same award year. The loan can't exceed the cost of attendance (COA) minus other aid.
Log in to studentaid.gov. All federal student loan borrowers have a My Federal Student Aid account they can access with their FSA ID. Sign in to your account, select a loan and look at its repayment status to see if it's listed as in default. Your account also includes information about your servicer, if you need it.
You'll have to connect with your financial aid office to inquire about their policy and process. You'll have to wait to return until you save up enough to pay off the balance or get a personal loan unfortunately.
For example, if your citizenship status changed because your visa expired or it was revoked, then you would be ineligible. Other reasons for financial aid disqualification include: Not maintaining satisfactory progress at your college or degree program. Not filling out the FAFSA each year you are enrolled in school.
Although you only have to submit one application, you may have 2 separate loans to manage and repay. Your student award letter will tell you which loan(s) you received and the amount(s).
No. If a student has federal student loans that are in default, they are not eligible to receive additional federal student aid until the default is resolved. The borrower can resolve a default by paying the defaulted loan in full, consolidating the loan, or rehabilitating the loan.
To stay eligible for student aid, you'll need to keep making your loan payment each month. If you miss a payment after your eligibility is reinstated, you'll become ineligible for student aid again. If this happens, your only option to get more student aid will be to get out of default. Was this page helpful?
The Fresh Start Program is legitimate, but the way that people use these phrase isn't always accurate. To understand what's happening, you need to look at the history of the Fresh Start Program. The IRS created the Fresh Start Program in 2011. This program didn't actually create any new options for taxpayers.
Although there's no hard limit on the number of student loans, you can have at a time, both federal and private student loans come with restrictions you'll want to consider as you determine the best way to pay for school. Here's everything you need to know.
The Benefits of Fresh Start for Eligible Loans
Restores eligibility to receive federal student aid including Federal Pell Grants and work-study. Protects borrowers from wage garnishments and costly collection fees. Restores eligibility for future loan rehabilitation for borrowers who rehabilitated during the pause.
A Direct Consolidation Loan allows you to consolidate (combine) one or more federal education loans into a new Direct Consolidation Loan for the purpose of lowering your monthly payment amount or gaining access to federal forgiveness programs.
There are no specific fees associated with the IRS Fresh Start program itself. However, there may be costs associated with resolving your tax problems and hiring professional services. Tax professionals or tax resolution firms may charge fees for their services.
Note: The Fresh Start program ended at 2:59 a.m. Eastern time on Oct. 2, 2024. Learn about other ways to get your loan out of default. It takes 4–6 weeks for most people to have their request processed and be transferred to their new non-default servicer.
Applying for the IRS Fresh Start program
It's only after filing tax returns that you can go to the IRS gov to get yourself enrolled using the Online Payment Agreement tool. The tool lets you choose your preferred repayment option.