Got myself into a bit of a predicament. I was attending university for three years, no problems. In the last year I had a small breakdown and stopped going to class and then dropping out. By doing this I ended up owing this private university around 5,000 dollars. It's been about a year, and after calming myself down, I've realized I need to finish my degree. I can no longer afford the fancy private school I went to, but I can afford the local state university. Problem is I need to pay the 5,000 dollars back to the private university first. I have been paying salie mae and aes loans back for a year now - so i think they have some faith in me. How do I go about getting aid to cover the amount I owe to my old university as well as covering the state school I want to go to. I really appreciate any help. I have no clue what to do and I'm sick of working at restaurants. Thanks

This is a dilemma. However, at this point you have a few options.

1) You can contact your previous school and see if you can make arrangements to return. Since you attended 3 years, that means that you are pretty close to finishing. Depending on their rules and regulations, they might allow you to set up a payment plan that will allow you to finish your degree there. This would also allow you to go into a deferment status and not have to pay on your student loans until you graduate.

2) Apply for a private student loan that would enable you to repay the school and resume receiving finanical aid. Keep in mind that you would have to be enrolled at the school in order to receive the student loan.

3) If you decide to attend another school, you might still be able to receive financial aid, as long as you do not owe any reparyments on any grants or loans. You can find out if you are still eligible by completing a FAFSA application. If you have any overpayments, you will see it listed on yourStudent Aid Report as a comment code saying that you owe a repayment. The only problem with attending another school at this point is that your previous school will not release your transcripts and you would basically have to start all over again.

That's a nice idea alexisbrown. Great advice. We always have the option. It's just a matter of good approching.