In 1999, I had to withdraw from school due to financial problems. Up until that time, my parents were paying hard cold cash, no loans, for my tuition. At the time of my withdrawl, I owed the school $24,000.
I am currently looking to return to the same institution, but owe $24,000. As you know, they have a hold on my transcript so it will be impossible for me to transfer those credits to another school so that option is scrapped.
The question is, can I now apply for federal loans and have them applied to the $24,000 debt? (Note: I have never had federal loans in the past)
Can I use federal loans to pay outstanding TUITION debt?
Most schools will NOT even let you attend again until your balances from previous sem is paid off. Why did you owe so much..If you do get the loans you get now will cover this sem. fees. Anything you have leftover is for your living costs..if you have $5000 leftover and don't need it to pay rent, travel, etc. and choose to pay it on the debt, you can.. However, I would not pay them too much at a time..If you go in there with a bunch of money then they will think you don't need it for living expenses and change your financial aid package to give you less money..then you will have to give back part of the money they gave you for this sem..make sense? pay them back $50 or so a month...tell them you are working a day or so a month..if something comes up..or that you borrowed it. Also try for grants first..you sure don't want to go further in debt than you have to..
Can I use federal loans to pay outstanding TUITION debt?
sure you can. But the loan may be divided in half depending on what semester your in. if you are talking about this semester you will be entitled to a certain amount. Dependent students will get the following, freshmen 2625, sophomore 3500 and junior and senior 5500 annually. you parents can apply for a parent plus loan to cover the remainder. Then you could start receiving aid in the fall or possibly this semester. Good luck!
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