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Federal Student Loans For College

Debbie Said:

I want to go back to college..but I defaulted on my Sallie Mae Federal Student Loans?

We Answered:

If you are rejected by government sponsored loans, you could get an open market one.

Carole Said:

Can you use federal student loans to pay for apartment rent at college?

We Answered:

Yes, you can if you're lucky enough to get that much.

The first priority of financial aid is to cover your tuiton/fees, then books, then room and board, and then transportation.

You will find out how much your financial aid covers and see if you have enough to help you pay rent. Do not use the money on things that are not really essential.

I've heard that if you don't have enough money for school after aid, you can request that your school requests your that your lender should consider loaning you more--- some technical schools are unable to do that tho.

You can also look for a private student loan from a lender if you don't have enough money after federal aid.

Jonathan Said:

My College Is Slowly Lowering The Amount I Can Take Out In Federal Student Loans. Can They Do That?

We Answered:

Based on the Expected Family Contribution (EFC) of the FAFSA, you will be eligible for a certain amount of aid determined by your budget (tuition, fees, books, travel, misc.). Once your school has met your "need" which is the addition of the above items minus your EFC, they cannot award you more money. If your need has not been met, they can still award funds if available. It sounds like you are only taking the subsidized part of the loans available. You may be eligible to receive unsubsidized loan funds also. You need to ask them your eligibility. If you want the loan and qualify for more, they cannot deny you that loan. They do like you to keep your loan amounts low for a couple of reasons. One is for you, so you will not get overloaded in debt, and that is good--take as little as possible. It will come due! They also do it for themselves to keep their loan default rate low. A high default rate reflects badly on them and can affect the school's relationship with the federal government's money.

Georgia Said:

Can Federal student loans be transferred to another college?

We Answered:

If the student loans have not yet been disbursed (the funds have not yet been sent to the school), then you should be okay to call the student loan lender and let them know of your situation. If the lender has already disbursed the funds to the school, you will want to contact the school to ask them to send the funds back to the lender as you will not be attending that school. Good luck

Eva Said:

College tuition but not federal loans and collections?

We Answered:

It sounds like the statute of limitations is about to run out and they want their money. Be aware, that if any money is sent to them (of if the debt is re-acknowledged - such as stating to someone, "yes I owe the money"), the statute of limitations resets.

What the statute of limitations is for a written contract depends on what state you live in.

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