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financial aid?
Is anyone able to answer this question or had similar experiences? 18 years ago I was in default on a student loan I did make arrangements and paid the loan back. I was wondering will this bar me from receiving financial aid now I am planning to attend classes for a degree. I have completed my FASA and am eligle for aid but I am afraid because of my bad choices years ago they will deny me. Is this possible?

I believe as long as you paid the loan back and got it pulled out of default, you should be OK to receive financial aid now. Here is what the FAFSA website says: Who is eligible to receive Federal Student Aid? To be eligible to receive federal student aid, you must meet certain requirements. You must: * Be a U.S. citizen or eligible non-citizen * Have a valid Social Security number (unless you're from the Republic of the Marshall Islands, the Federated States of Micronesia, or the Republic of Palau) * Comply with Selective Service registration, if required (see www.sss.gov for more information) * Have a high school diploma or a General Education Development (GED) Certificate or pass an approved ability-to-benefit (ATB) test * Be enrolled or accepted for enrollment as a regular student working toward a degree or certificate in an eligible program at a school that participates in the federal student aid programs Also: * You must not owe a refund on a federal grant or be in default on a federal student loan * You must have financial need (except for unsubsidized Stafford Loans) * You must not have certain drug convictions

How much financial aid can you borrow up to before you can be denied any more?
I owe almost $3500 in financial aid? I am thinking of applying to another college, but I am worried that I won't get any financial aid since I already owe. Eventually, I will pay back my financial aid, but I was wondering is there a limit to the amount of financial aid you can receive?

Yes, there are limits on the amounts you can borrow per year and the amounts you can borrow in your lifetime. I'm attaching a Dept of Education publication. Look in the back. They depend on if you are considered independent or dependent student.

Site updated : November 21, 2009

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