Usually, when you go into default, you lose your eligibility for additional financial aid from the federal government. This means that if you go back to school, you can’t get federal loans or grants to help pay for your education.
If you want to get access to financial aid again, you will have to look into ways to get your loans out of default. If you cannot get your loans out of default, you may also be able to become eligible for federal financial aid again if you make six monthly payments on your defaulted loans. Your loan holder will work with you to set a reasonable and affordable amount for these monthly loan payments. After you make these six payments, you will become eligible for federal student aid again, but your loan will still be in default. For more information, see the Department of Education’s website.
