I have an out standing student loan which has'nt been paid off for many years?
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I am interested in returning to college for a bachelors degree in the arts. However, I would need to get financial aid, can I write the university with a letter of forgiveness.
I have an out standing student loan which has'nt been paid off for many years?It seems there are some dissenting opinions on what your options are. Here's why: it's variable. You have 3 groups you can work with to get yourself back on track and you really need to work with all of them to get a new loan.
1. Call you lender. Let them know what the situation was; even if it wasn't "catastrophic". They may have a program to help relieve your payments for a period of time or even reduce the amount. At best you can get on track with a payment program that will show you have the best intention to repay the loan. Typically 3 payments will do it.
2. Let the Dept. of Education know what's going on. Fill out your FAFSA even if you were denied in the past. The only way for them to help you is to know your current situation. Once it's denied you can move on to step 3.
3. Call and arrange for an in person appointment with an Aid Advisor at your school (you may even want to arrange it with the director of student aid). They can be very busy so be patient and plan in advance. A prescheduled appointment is the best way to be sure you have someone who can help you listening to you. In the meeting explain your case, truthfully. They understand what students can go through and can change how your awards are given based on your situation. Bring documentation with you from your lender and any other material (past pay stubs, unemployment documentation, etc). Most students are not prepared enough for these meetings so a little prep can go a long way.
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