Q: Hello, I have a defaulted federal loan that I'm currently paying on, but it is going to take 6 months of consecutive payments in order for me to apply for school loans again. My question is can I use the GI Bill to go back to school? Let's say I want to go to a school, such as ITT tech. Would I have to apply for loans again, or can I just use the GI Bill. Thank you very much.
A: There are a lot of unknowns in your question, so I can't give you a definite "yes" or "no", but I will give the information and you can decide for yourself. First, I'm going to assume you have, or had, the Montgomery GI Bill (MGIB). From your question, it sounds like you have been out for awhile, so the first concern would be are you past your delimiting date? With the MGIB, you have 10 years from your discharge date to use your education benefits; after that point, you lose whatever months of benefit you had left.
If you have not passed your delimiting date, then yes, you can use your GI Bill to go to a technical or trade school for as long as you still have months of benefit left. As far as if you would have to apply for loans again, I can't answer that because I don't know how much it costs to attend ITT. I can tell you, however, that you would get $1,368 per month from your MGIB and you would have to pay all your own tuition, fees and other related expenses. Depending on your financial health, that may be enough, so you would not need another loan.