As a graduate student, you’re still eligible for federal loans as long as your existing debt remains below $138,500. Since federal guidelines are subject to change, you can confirm current limits with the U.S. Department of Education. While you’re not allowed to take on new loans if your old accounts are in default, there are several options for rehabilitating your loans.
If your accounts are in good standing and your balance is under the debt cap, fill out the FAFSA and check out loan deferment. This option allows you to suspend loan payments as long as you’re a part-time student.