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I want to get back into school, but before I can do that, I need to pay off my past balance of $10,000. I already tried to apply for the Stafford loan, but I was told that it cant be applied to prior balances. I am trying to avoid gettin a personal loan from a bank because I have horrible credit. Is there any federal loan that will cover this? These are the loans I have heard about:
- Auxiliary Loan Assistance for Students (ALAS)
- Stafford Student Loan, formerly know as the Guaranteed Student Loan (GSL)
- Parents Loans for Undergraduate Students (PLUS). Must be incurred for the use of the individual contracting for the program (not others such as relatives)
- Consolidated Loan Program. Only covers the member’s education expenses
- Federally Insured Student Loans (FISL)
- Perkins Loan, formerly known as the National Direct Student Loan (NDSL)
- Supplemental Loans for Students (SLS)
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Tags: Consolidated Loan, Education Expenses, Federal Financial Aid, Federal Loan, Federal Loans, Financial Aid Loans, Financial Loans, Guaranteed Student Loan, Loan Assistance, Loan Program, Loans For Students, Parents, Perkins Loan, Personal Loan, Relatives, S Education, Stafford Loan, Stafford Student Loan, Student Loans, Undergraduate Students
September 21st, 2008 at 5:33 pm
No. All of these loans first need to be sent to a college to cover current tuition costs. Once that’s covered, if there’s some left over, it goes to you and your costs. Here’s the hitch: Since FA is based on how much schooling you have completed–you won’t qualify for much because there is a hold on your transcripts and the new school looks at you as a freshman if your previous school won’t send over transfer credits.
Looks like alt loan is the only way.
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