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Federal Student Loan

Ken Said:

Can a collection company come after you after 10 years for a defaulted federal student loan?

We Answered:

Well, one thing that happens is that there are these companies now that buy up what is called "garbage debt," ancient old loans and debts that are so old they are basically uncollectable, but these companies buy them up for pennies on the dollar, and then they start phoning around and harassing the people and sometimes, even though the debt is long dead, the unsuspecting people they're calling will pay up, even though they really no longer have to.

So, find out the name of the company that is calling you and then find out if they're one of these garbage debt collecting companies by searching for them on the internet, and, if they are, formally tell them to stop calling you, and they have to comply, although they might not.

On the other hand, if the company calling you really is the Federal Government, then, yes, you will have to pay up, but don't pay anything until you find out for sure who it is that's calling.

Good luck!... ?

Norma Said:

do you need a job to get a federal student loan, or pell grant?

We Answered:

You do not have to have a job in order to qualify for federal student loan or the federal pell grant.

Grants are given to eligible low-income students seeking a degree. The maximum amount you can receive from the Pell Grant this school year (2010-2011) is $5,550. In fact, the less you make, the higher your grant will be. That is assuming you are an independent student. (Meaning you are at least 24, or have children, or married, in active duty or a veteran.)

If you are a dependent (you are under 24, not married, don't have any children, not in active duty or a veteran), you must use your parent's tax return to file for financial aid.

Melinda Said:

Can I borrow more money if I already have a federal student loan this semester?

We Answered:

The maximum you can receive in student financial aid, including loans, is your school's "cost of attendance". That's an amount each school determines itself and typically includes tuition, fees, room and board (or an allowance for similar expenses if you live off-campus), books and supplies, and transportation. If you have hit that cap, you will not be able to get additional student loan money. Your only alternative would be a private, non-educational loan.

Zachary Said:

Can I apply for a subsidized federal student loan NOW?

We Answered:

Filling out the fafsa is the starting process for getting a loan. Since you are already getting grants, you have already done this and need to tell the schools fin aid office you want to take out a loan. They will give you some papers to sign and you will get your loan in about 6-8 weeks.

Debbie Said:

My wages are being garnished for a federal student loan. Will they take my tax return also?

We Answered:

Yup.
Then can even take your social security when you are older.
/

Alfredo Said:

Is it legal to use a federal student loan to put a downpayment on a house?

We Answered:

It think the answer is slightly (that is it's slightly legal).
Federal student loans are suppose to pay for educational expenses, such as tuition, books, food, transportation, house and others. The loans weren't intended for downpayment assistance, but they were intended to help with housing. Since a house would be housing it technically would be legal. Furthermore, the feds do very little follow-up and of all the other things you could have spent it on this would be a better choice (than say Plasma TV).

That having been said, here's why I don't think it will work.
1st the loan isn't going to come in a large chuck, but will probably be split per semester. Since you're a grad student you will be able to borrow a lot (18k this year 20k next), but after it pays for tuition, I doubt that you'll have much more than 7k per semester left-over to help with a down payment. Let's say that is just enough to make it.
2nd you then won't have any of the refund money to pay the mortgage payments, buy groceries, pay for utilities, fill your car with gas, etc. Now, there are two ways around that, get a job and/or get paying roommates. The first, job, could cause challenges with accomplishing school work, and it's tough to stay in grad school with a less than 3.0 gpa. The second could be inconsistent; I rarely had, or heard of, 3-4 roommates that were always good for the full rent on time. You're putting yourself in a risky situation, make sure there is a possible reward.

Katrina Said:

Can you use your money from a federal student loan refund for anything ? For example rent?

We Answered:

You can use the money for anything you wish. If you are buying lunch I'll be there.

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