I went to school for a semester in 2014, and didn’t take a liking to it, i did very poorly and wasn’t very sociable, it made me drop out the first semester, however i was still signed up for classes, the 0% refund date was that 2/16/xx and i withdrew nearly too late, losing alot of that, and owing 4800$, since then ive been repaying and it’s absolutely hopelss, i can only afford 100$ a month, its only gone done 600 due to interest, Will FAFSA pay what i owe? or is that on me? it is impossible for me to get a loan even 1/10 of that, and both parents went through a forclosure, so no cosign loans for me, i still qualify for fasfa, what can i do…
You need to pay what you owe. Contact your old college/university, and work out a repayment plan.
You cannot get retroactive financial aid. If you apply to college again, and file the FAFSA, any aid that you would receive would be to pay for the costs at the new place. You also need to know that most places will not admit a student who owes money to another institution. It really is in your best interest to settle this debt.
FAFSA is a form for the school you’re enrolled at to evaluate you and your family to determine what you can pay. Then the school MIGHT give you some fin aid. The FAFSA isn’t a scholarship. And NO, your next school’s scholarships/fin aid won’t be attributable to your former debt. Like happymom says, they won’t even enroll you – much less allow you to submit a FAFSA. Maybe approach the first school and see if you can negotiate a lower payoff amount. Treat it like you might negotiate a debt collector. They might be sympathetic. Good luck.
Is there a way to get your debt reduced if you can prove you had a medical condition like depression or something? Ask the school, if you might have had extenuating circumstances.