<p>My son is in Default on a FASFA loan that he did'nt start paying back (Lack of work) and now he wants to go back to school for a more employable career, trouble is he cannot get a loan or a new FASFA untill he makes 6 months of payments which he can't because he has no job .Does anyone know how he can get a loan so he can go back to school and get started on paying off this debt?
We tried calling and requesting loans but because I also have bad credit and I am paying off a parent plus loan for him already we can't get approved for another loan every place I tried redirects me to the FASFA site ( see above ) and it starts over again .
My wife and I are at our wits end trying to figure this out He's a great young man and we just want to get him back on the path</p>
<p>JMO, but taking on more debt as a way to pay off prior debt isn’t the way I’d go. I’d tell my kid to get the best paying job he can now or piece together part-time jobs, be they beneath his qualifications or not, until he can start paying off those prior loans.</p>
<p>Yea I know that was my advice too, Just trying to think of a option for him to get on with his life , get his own place ,more confidence ECT.</p>
<p>I’d guess that “more confidence” would likely come from getting a job - any job - and getting those six months of payments under his belt. Also, I’m not sure, but I’d think he’d be eligible for income sensitive repayment (ISR), which should make the payments manageable no matter what kind of job he’s able to get.</p>
<p>I hope he realizes how fortunate he is to have your support in this!</p>
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<p>I think the best thing that he could do is try to repay the loan, not get a new one. This might mean getting any job, even if it is minimum wages. It is much easier to find a better job, when you already have (even not so good) one.</p>
<p>I am wondering why he is in default instead of using forbearance or deferral option? Did he run out of this option?</p>
<p>We never recieved the fasfa repayment Paperwork in the mail and were not aware of and defferal option payment it was only a certificate program and he has not been able to secure employment been laid off from 3 jobs since then</p>
<p>Find out what option he has now in term of forbearance. It is too late for deferral I am almost sure, I am not sure about forbearance at this point though.</p>
<p>At least this will get your son out of default. I would say that even when he is out of default, I would advise to think through a decision to take on additional debt. Everything depends on current debt and future debt numbers.</p>
<p>Has your son contacted his loan servicer? Do you know who his servicer is? The borrower services departments for the servicers are great (except for one … and if he has that one, I will give you different advice). He should be able to get on an Income Based Repayment plan. He would need to make one payment, I think, first - maybe you could help with that? But the servicer will explain it all. You can look here for some good general info: <a href=“http://fedloanservicing.com/manage-account/about-your-account/default-delinquency.shtml[/url]”>http://fedloanservicing.com/manage-account/about-your-account/default-delinquency.shtml</a>.</p>