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Can you apply for economic hardship with your defaulted student loans since you don't have a job?
Wiki User
∙ 14y ago
You were eligible for an Economic hardship deferment on your Federal student loans up to the point that you became 270 days delinquent. Once past 270 days late, you fell into Default. In Default, you are not eligible for Deferment or Forbearance.
There are only 2 ways to get out of default on your Federally Guaranteed student loans.
- Contact your collection company or student loan servicer and request to enter the rehabilitation program. Most people qualify, but I have seen some refused when the default is over 10 years old. In the rehabilitation program, you will need to make 9-12 on-time payments in addition to your garnishment. After the 9-12 on-time payments, they should stop the garnishment, but you will stay in a default status until your Rehabed loans are sold to a new lender. In the past, that was an easy process, but in these turbulent financial times, other lenders are not buying rehabed loans. So, with this option your loans will stay in a Default status for the forseeable future.
- The second way you can get out of default and have your garnishment lifted is to consolidate your loans. These days very few Federal lenders will consolidate defaulted loans and your lender will probably not release the loan for consolidation while in a garnishment stage. The good news is, there are a few companies out there that will help you get a garnishment lifted and find a Federal lender to consolidate the loans. One good example is Default Management Services, Inc. They are the cheapest I have seen and give a 100% money back guarantee on their services. You can Google the company name to get the phone #. Ask for Doug.
Wiki User
∙ 14y ago
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Can anyone apply for student loan forgiveness?
Anyone can apply for student loan forgiveness due to financial hardship. There are several programs you could look into depending on your circumstances. The forms are available online and can be found easily. Try income based student loan relief for a starter.
How can you file for financial aid if you own on a loan?
One of the basic student eligibility requirements for a student to receive financial aid is that s/he not be in default on a Federal student loan. As long as you don't have a defaulted Federal student loan, you should be fine to apply for financial aid. Go to www.fafsa.ed.gov. Good Luck!
Can you apply for student loans if you have defaulted on your previous student loans?
If you are living in the US, then the answer is no if the loans are in default. You will not be eligible for another Federal student loan until the loans are rehabilitated for 12 months or consolidated. If you need help with consolidation of your defaulted loans, please click on the link at the bottom of this text box. In some other countries, student loans can be awarded as long as you fill the requirements (i.e. are a student at an approved institution and have a minimum of courses). You can simply keep adding to the loans and pay them off later when you finish studying, or while paying them off.
Would you ever recommend someone to take money out of their 401k and use it to pay down their mortgage and if so is this allowable as a hardship and what tax implications would apply?
You should make an appointment with your tax accountant or a financial advisor who can review your economic status and then apply expert advice.You should make an appointment with your tax accountant or a financial advisor who can review your economic status and then apply expert advice.You should make an appointment with your tax accountant or a financial advisor who can review your economic status and then apply expert advice.You should make an appointment with your tax accountant or a financial advisor who can review your economic status and then apply expert advice.
What is a direct student loan and how would you apply for one?
It is student loan provided to a student in college. When you apply for finial aid you can also apply for a student loan then, your college will have lender set up.
Does having a defaulted student loan prevent someone from getting a passport?
The answer is no unless you have been asked by a court of law to surrender your passport and stay within a certain geographic segment of the country. As long as this does not pertain to you, you are free to apply for passports and travel as you please.
Are you allow to apply for a learner's license at the age of 14?
It depends on the state. If you qualify, you can apply for a "hardship license" at age 14.
Can you apply for a federal college loan if you defaulted on a prior loan 20 years ago and it was discharged in bankruptcy court?
You can apply, but you probably won't get it. Student loans don't have a time limit. That is, it's for life. Discharge in bankrupcy court just means that you don't have to pay it back. That doesn't mean that they will give you a new one.
What is needed to apply for a Bank of America Student Loan?
To apply for a Bank of America Student Loan one needs proof of identity details and their student registration details for the college they are attending. One can apply online.
Can a student of commerce stream apply for IAS exam?
yes any commerce stream student can apply for IAS exam
Can a pre final year student apply for cdse?
No, a pre final year student cannot apply for cdse exam.
Can i apply to us green card if i am an international student Can lawyers help me do it?
Yes, you can apply for a US Green Card if you are an international student. Lawyers are able to help you to do that. You can also apply for a student Visa depending on your financial status.
