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Sep
14

What are the consequences for a person defaulting on a Federal Student Loan?

Financial Aid

  
federal student loan
♥Special Red Girl™ asked:

I’m a college graduate, & my 6-month is up. I’m disabled & receive a fixed, low income through Social Security. I took more after to try to improve my GPA, but due to my & being hospitalized, I can’t continue schooling. I went to school this Fall semester & was hospitalized. I can’t go back. What’s likely going to happen to my Spring financial aid?

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  1. cms1977 Says:

    You should be able to get your loans in “forebearance” OR “deferment”. I have been doing that for awhile because I have 2 loans that would cost me over $600 a month…ugghh. Try not to let them become deliquent, they’ll work with you to make sure that doesn’t happen.

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