Can I go back to college if I still owe student loans?

Asked by: Cali Cormier  |  Last update: January 20, 2025
Score: 4.3/5 (28 votes)

You can apply for federal grants and loans if you want to go back to school. This may help you complete an unfinished degree, possibly making it easier to repay your loans.

How can I go back to college if I owe student loans?

How to go back to school after defaulting on student loans
  1. Fill out the FAFSA. Your first step to pay for additional classes should be filling out the Free Application for Federal Student Aid (FAFSA). ...
  2. Apply for scholarships and grants. ...
  3. Take out federal student loans. ...
  4. Use private student loans to fill any gaps.

Can you go back to school if you still owe student loans?

If your student loans are in default,you won't be able to go back to schoolright away. First, you'll need to make the requisite back payments on eachloan and work out a repayment plan with your lender... If you still owe money on your student loans but haven't yet defaulted, you may return to school at any time.

Can I get FAFSA again if I owe student loans?

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.

Can I go to college with student loan debt?

Ask for a discount on your debt and set up a payment plan. You're going to need to pay that off before you can get a degree. Make your first payment. Then call the community college and ask for an appointment with someone in registration.

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29 related questions found

Can I go back to college if I have debt?

You'll still be able to submit the FAFSA and access federal grants, work-study and student loans for college or graduate school. However, it may not be a good idea to take on more debt when you're already behind on your student loan payments, and private loan default is still a difficult situation.

How much student loan debt is too much?

Is that too much debt? A general rule of thumb for borrowing is that a college graduate should not take on more debt than their anticipated starting salary for their expected career.

Can I get financial aid if I owe money to a college?

You'll need to get out of default before you can receive federal student aid again.

How do I know if I defaulted on my student loans?

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.

What is the fresh start program?

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.

Can I go to another college if I owe money?

Colleges typically do not release transcripts if a student still owes money. So this will probably prohibit you from earning a degree elsewhere. What you may be able to do, however, is to work out a payment plan with your old school which will allow your transcript to be released, even if you haven't paid in full yet.

Does student loan debt ever go away?

Do student loans ever go away? Student loans will remain on your credit reports and in your life until their paid in full or you qualify for Public Service Loan Forgiveness, income-based repayment forgiveness, or some other discharge or cancellation opportunity that wipes your remaining loan balance.

Can I still get financial aid if I have a defaulted loan?

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," U.S. News & World Report writes.

Can I get college transcripts if I owe money?

If the school is part of the state's public college or university system, contact the state Department of Education to ask about its transcript policies and laws. According to Best Colleges, withholding official transcripts is not allowed in the following 11 states: California.

What disqualifies you from FAFSA?

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.

Can I go back to school while paying student loans?

Automatic In-School Deferment

If you're enrolled in an eligible college or career school at least half-time, in most cases your loan will be placed into a deferment automatically. If you enroll at least half-time but do not automatically receive a deferment, you should contact the school where you are enrolled.

What happens if you don't pay off student loans in 25 years?

Any borrower with ED-held loans that have accumulated time in repayment of at least 20 or 25 years will see automatic forgiveness, even if the loans are not currently on an IDR plan. Borrowers with FFELP loans held by commercial lenders or Perkins loans not held by ED can benefit if they consolidate into Direct Loans.

What are the income limits for FAFSA?

Although there are some broad requirements you must meet to qualify for federal aid, there's no FAFSA income limit. The FAFSA's calculations are complex and consider many factors outside of your earnings, including your school's cost of attendance, your family size, and your year in school.

How many people defaulted on student loans?

How Many People Are Currently in Default on Their Student Loans? By the end of 2021, roughly 3 million people were in student loan default — that's about 7% of all borrowers. Another 270,000 were 90-270 days delinquent on their student loans — meaning they missed a payment but hadn't defaulted yet.

Can I get more student loans if I still owe?

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?

Can I register for classes if I owe money?

Blocked registration: Student account holds may be in place if you have past-due tuition, blocking you from enrolling in new classes. Late fees: When you have past-due tuition, your school can add a late fee to your outstanding balance. Late fee amounts vary by school.

What happens if I can't pay my college tuition?

Registration hold: You'll be prohibited from registering for classes until your bill is paid and the hold is lifted. Transcript hold: You won't be able to have your transcript sent to potential transfer schools, graduate programs, employers or scholarship sources.

How much does the average person owe in student loans?

The average federal student loan debt is $37,853 per borrower. Outstanding private student loan debt totals $128.8 billion. The average student borrows over $30,000 to pursue a bachelor's degree.

What is too much to pay for college?

Rule of thumb #2: loan payments should be less than 10% of your gross income.

Is $50,000 in student loans bad?

With $50,000 in student loan debt, your monthly payments could be quite expensive. Depending on how much debt you have and your interest rate, your payments will likely be about $500 per month or more. Your potential savings from refinancing will vary based on your loan terms.