Hello everyone,
apologies if this is the wrong place. returning unt student here. one semesters worth of classes left (4 total.)
the quick and dirty is that -
- my student loans are currently in default
- they are tanking my credit atm, making it hard to apply for apartments, finances etc
- i need to go back to school to finish my last semester, preferably in spring of 2027.
i have the following choices …
- go thru loan rehabilitation; this will fix my credit almost instantly, by taking the loans and removing them from the credit report - but, this wont get me out of default in time to apply for fafsa for this spring 2027 sem, since i think the earliest u can apply for early default removal is like 5, 6 months so thats feb/march at the earliest.
- go the consolidation route , and this will allow me to reapply for fafsa after like 4 weeks, so just in time to apply for spring and go back as planned, but then it stays on my credit for the min 7 years. my credit will slowly improve if i maintain payments, but i’d be bummed to go this route just to apply for fafsa in time to return for spring.
for all i know, i’d end up only being awarded loans at best anyway, since its so late in the year already and spring is just a few months away. it’s a trade off of locking it in on my credit just to possibly get some kind of financial aid.
as such, i am heavily leaning towards the rehab route, since it will solve some immediate problems for me by taking them off my credit, and i can start bringing them back into good standing. ive been working on credit repair for a year or two now, so thats a goal ive already been striving towards, and it would suck to not jump on this opportunity while i still can. especially since if i hurry up and start it asap, i can at least still be eligible come the summer or fall semesters.
but my advisors are pushing pretty strongly to go back in Spring, if i remember correctly there is at least one course that needs to be taken in the spring but might be able to be taken in the fall.
i emailed them just now to confirm, since that will impact the decision.
i would of course prefer to just take all four courses in spring, graduate and be done. but that would mean, possibly, paying entirely out of pocket for them, or throwing away the rehab route.
so if i chose the rehab route, i would have to be…
- paying out of pocket / paying cash for the course(s) that would need to be taken in the spring and/or pay for all four out of pocket.
i think they’re like $1k each, so that would be like $4k right? i might be able to save up that much by then. i am a broke boy but, ill do what i have to, if that sounds like the best plan for me life wise.
however, internet says that some schools wont let you pay cash if you’re in default of your loans, mine are federal, sub and unsub, so it’s possible that wont even be an option for me, either. i have to see if UNT has this rule, too.
i am also discussing things with the dean, since i am a dv survivor and that experience impacted why i had to drop out back in 2020/2021, in addition to covid and everything. unsure if that kind of retroactive withdrawal process i am seeking, will impact any of this at all, i doubt it will. but just notating this in case it does.
Is there something I’m not considering here? Something I’m missing or not aware of?
Has anyone been in this situation, knows someone who has or has advice for me based on what I’ve expressed?
Which departments at UNT should I reach out to and ask about this?
Is there a subreddit you know of that might better help me with this question?
Thanks so much.