how do i get another student loan while my other student loan is defaulted and i'm still paying it off?
Answers:
If you have a defaulted federal student loan you will be ineligible for any additional federal student loans until your defaulted loan is paid in full or you have made satisfactory repayment options with the guarantee agency. Contact your guarantee agency to determine how to get your loan out of default status. If you don't know who that is you can find it at http://www.nslds.ed.gov/. You will need your federal PIN to access this site. If you don't have one you can get it at http://www.pin.ed.gov/.
If you are looking at private student loans you may be able to qualify, but having a defaulted federal loan will count negatively in the review process. And, if it is approved, your interest rate and fees will probably be pretty high since you are a credit risk. Make life easier on you...take care of your defaulted student loan.
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Unfortunately, you will not be able to get another government student loan if you currently have one that is in default status. You need to contact the US Dept of Ed to find out the amount that you are defaulted and make arrangements to take care of it (as it appears that you are doing). Next, a lot of financial aid departments have alternative loans that you may also apply for. Citgroup has a CitiAssist loan that many students who are in default of a federal student loan can apply for. This will secure funds that you can use for school so your education isn't further delayed while you work on your defaulted student loan. Once your loan is our of default status, you will be able to complete a FAFSA and once again qualify for government grants and loans.
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