<p>I'm planning on going back to school in January, but am concerned because I just had a student loan go into default.</p>
<p>Do I still have time to consolidate my loans and get them out of default status?</p>
<p>Will I still be able to get financial aid? What's the best steps I can take at this point.</p>
<p>Thanks for any help...</p>
<p>Contact your lender, see what you can do to get your loans out of default. Being in default will affect your ability to get financial aid.</p>
<p>If you want to get aid in January, you will either need to repay the loan in full or consolidate (if that is even an option). If you do a repayment plan, you have to have a certain number of consecutive, on time payments before you will be allowed to get federal aid again (I think it’s five, but I can’t remember for sure). Call your servicer Monday. All of your loans, if they are Stafford, will be with the same servicer even if they are through different lenders. You can find your servicer at <a href=“http://www.nslds.ed.gov%5B/url%5D”>www.nslds.ed.gov</a>.</p>
<p>I think I’m gonna try to consolidate.</p>
<p>If I do it right away should I have enough time to still get financial aid in January?</p>
<p>[Direct</a> Consolidation Loan - Frequently Asked Questions](<a href=“http://loanconsolidation.ed.gov/help/faq.html#default]Direct”>http://loanconsolidation.ed.gov/help/faq.html#default)</p>
<p>There is a section of consolidating defaulted loans.</p>