Can i get a federal stafford loan if i have defaulted?
On One Hand: Several Program AvailableIt is possible to get a Stafford Loan even if you have defaulted on other Title IV federal financial aid. The U.S. Department of Education’s Default Resolution Group has several programs available to help you restore your eligibility for a new Federal Stafford Loan.On the Other: Up-Front Money NeededThe options for restoring financial aid will require you to come up with money, and that might have been one reason behind the initial default. Without being able to come up with cash to resolve the default, getting a new Stafford loan will be impossible. The Department of Education will not grant you loan eligibility until the default is cleared up.Bottom LineIt will require some money, but you can get a Stafford Loan after having defaulted on other aid. According to the Department of Education, you can resolve your defaulted loan status in several ways, including making six agreed-upon monthly payments over a six-month period.
