Quick student loan question

DirtyDirtyVagrant

Is it possible to apply for grants after the fact?

Like for preexisting loans?

Paladin

Have you graduated?


If you're still in school and you need more money, talk to your financial aid advisor. Chances are you may be able to put plane tickets and computer purchases and stuff on there, provided you kept the invoice.

DirtyDirtyVagrant

No, I took a loan out for one of those stupid vocational colleges.

They let me borrow money for the first term, and then when the second term came around (I was an A student by the way), they told me they couldn't lend me anymore money. It was about 5500 dollars. Now with late fees and interest it's about 7.

Probably for the best.

Anyway, I was curious if I could apply for anything. Maybe there are grants meant specifically to relieve debt on former students. I mean, that was my thought process.

Paladin

dunno about that, but did you take that loan straight from your bank or credit card company? If not, you may be able to do some gymnastics with payment and interest - probably not in this economic climate though.

Talk with your financial advisor anyway. I don't even know if the FAFSA applies in your situation. Something should, or you should start looking for a part time job.

LadyM

$5500 rings a bell . . . I think that's the annual limit for the federal Stafford loan. Is that the kind of loan you took out?

So it sounds like you aren't interested in continuing this program, but want out and are looking for a way to get rid of some of the debt, is that correct? All I can think of is seeing if the federal PELL grant applies to you (it's based on being low income--but if you are under 24 they will count your parents' income too) and then see if you can retroactively get part of it for your previous quarter/semester. I had a community college retroactively give me part of a State Need Grant (which I didn't get in the first place because my income was "too high" . . . but I was able to wait six months and then prove that my income situation had drastically changed, since I had to quit my job to attend school, at which point I was awarded it.)

I don't know of any grants specifically intended to cover student debt once a student is out of a program . . . although if you're jobless you might look into Americorps. In addition to paying you, they offer some money to cover either past or future college expenses.

DirtyDirtyVagrant

Yeah, it was a stafford loan.

And I noticed Americorps. Has anyone here done that before? Is that legit?

e: Oh and apparently I cant do Pell grants because my loan is in default. It shouldn't be in default, I know, but for some reason I have the damndest luck with employment.

Elin

If you took a Stafford load from the government, call them. Direct Loan Servicing is happy to defer your loan for many reasons, unemployment being a good one. Get that worked out asap.