Going back to school questions -

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Going back to school questions -

Postby GabrielNYC » Thu Jan 10, 2013 8:59 am

I would like to go back to school to resume my education in hopes of improving my career options but i defaulted on my stafford loans. I'm currently unemployed. Is it true that i can take out a private loan to go back to school? I have bad credit due to being a victim of ID theft years ago. Can i still take out a private loan?

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Joined: Thu Jan 10, 2013 8:51 am

Re: Going back to school questions -

Postby Aid Whiz » Thu Jan 31, 2013 8:53 am

If you're in default on your Stafford Loans, then its possible you will not qualify for a private loan. Private student loans typically have strict credit requirements, and the default and identity theft will most likely make you ineligible.

However, you do have some options. If you apply with a cosigner with good credit, you may be able to qualify.

Additionally, you should take care of the default on your record. Here are some ways you can go about remedying that if you haven't already: http://studentaid.ed.gov/repay-loans/default/get-out

I hope this helps!
Student Advocate, The Student Loan Network

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