Is it possible to get a new federal loan?
I graduated from college with a bachelor’s degree 2 yrs. ago from a state school in NJ…I now owe $45,000! I had a bunch of loans from sallie mae in my name and my dads name, and 1 small federal loan. To make things easier my dad paid off my loans with a home equity line of credit, so now I just pay him monthly. I now have a job with the government and there is a program to pay off your federal student loans….but I don’t have any….I was just curious if it’s possible to take out a new federal loan so that I can sign up for this program and have it all paid off or if there’s any other way to easily pay off all this money! Anyone with any good advice, please help!
The loan payoff programs are only for federal student loans. Even if you took out a new federal student loan (by enrolling in school at least part-time and applying again), it would still only cover the federal loan debt, excluding the private loan debt. So, you see, your idea would do no good. Unfortunately, I don’t think there are any loan payoff programs for private loans. Private education loans are just the same as any other private loan (home, auto, personal, etc.) in that they are completely between you and the lender, whereas federal student loans are backed by the federal government.
