A hearing aid includes a hearing aid housing enclosing a microphone for converting sound into an audio signal, first feedback compensation means for providing a first feedback compensation signal of signals picked up by the microphone by modeling an internal mechanical feedback signal path of the hearing aid, second feedback compensation means for providing a second feedback compensation signal by modeling an external feedback signal path of the hearing aid, subtracting means for subtracting the first and second feedback compensation signals from the audio signal to form a compensated audio signal, processing means, connected to an output of the subtracting means, for processing the compensated audio signal, and a receiver, connected to an output of the processing means, for converting the processed compensated audio signal into a sound signal.