Getting a Student Loan After BK?

[cirnrab]

I'm wanting to go back to school, and I would like to get a student loan(the only way that I'd be able to pay for it) My questions are : Would I be able to even get one since I filed BK, and my second question is, if I can get one, how long should I wait? until BK is discharged?

[HHM]

Well, you have to wait until your BK is discharged. You are not supposed to take on debt while your BK is pending.

I suppose it depends on the type of student loan. If you can get government backed student loans, your credit is irrelevant. If you have to get private students loans, that could be more challenging, but not impossible by any means.

[lrprn]

I'm wanting to go back to school, and I would like to get a student loan(the only way that I'd be able to pay for it) My questions are : Would I be able to even get one since I filed BK, and my second question is, if I can get one, how long should I wait? until BK is discharged?

Yes, you can get a student loan after filing - see http://www.finaid.org/questions/bankruptcy.phtml

As far as when, as HHM said, you need to wait to apply until your Ch 7 is over.

[stephanie4686]

I got a student loan while in a current bk. My atty was aware of this and said it was not a problem, as they are non-dischargeable. Such a high value is placed on education that they are allowed, although I think I was supposed to get trustee permission, but the trustee told me it didn't matter (he was just being lazy I think) You can get a stafford reguardless of your credit, but they check it to make sure you didn't ever default on a student loan before. Really, defaulting on a student loan previously or oweing back taxes is the only way you can be disqualified. From my experience though, a private loan after bk is IMPOSSIBLE to get. Also, I'm not 100 sure but I think that if you are in a current bk that the money cannot fall into your hands, it must be paid directly for tuition and whats left is sent back (that may be just wachovia's policy).

I found the following on the net. It is for Michigan but the rules are the same for everyone because student loans are a federal program.

"Borrowers who declare bankruptcy and have no previous loans in default status will still be eligible for federal student loans in accordance with federal education and bankruptcy laws. Borrowers should be aware that if he or she declares bankruptcy, lenders may require the borrower to fill out a new Master Promissory Note and the school to certify entirely new federal loans. "

[ritika]

I require a financial aid.

Well, I am a high school student having a good academic career. I secured 90% in 10th and 87% in 12th. For my higher studies I require a financial aid. I want to know more about all scholarship providing institution which will match my requirements. I want to study Engineering in UK or any of the prestigious institutions abroad. Help me with a solution. Thanks a lot.

[lrprn]

Well, I am a high school student having a good academic career. I secured 90% in 10th and 87% in 12th. For my higher studies I require a financial aid. I want to know more about all scholarship providing institution which will match my requirements. I want to study Engineering in UK or any of the prestigious institutions abroad. Help me with a solution. Thanks a lot.

Ritika, this is a United States-based board dealing with bankruptcy. This isn't the right forum to ask about student loan or other financial aid opportunities in the UK or other countries outside the US.

I did a quick online search for you and here are some sites for student financial aid in other countries to check out:

http://uk.dir.yahoo.com/Education/Financial_Aid/

http://www.futurestudents.unimelb.edu.au/int/ukfinaid.html

http://uk.internationalstudent.com/study_uk/financial_aid/

You can find more sites by doing a search yourself on www.google.com or another online search engine. Good luck!

[Runnin on empty]

I too received Stafford student loans this semester while going through Ch 7.

[millerc507]

Me too! Still not discharged but just got a Stafford Loan. We have settled our case, it was just a matter of waiting it out the 60 days from 3/12. I had to call about a current student loan and get that straightened out because apparently they were showing me in default rather than deferment. A quick phone call straightened it out. Good luck!

[MajorMike]

We're in a 13. I get Federal Student loans. They send it to the school and the excess back to me. Every case is different.

[Misstep]

[WorkingItOut]

Would you prefer we all chastised each other, Misstep? I mean, I really don't think anyone is thrilled about the fact that they have been led to file BK. But the fact is, BK is giving us each a fresh start, and that IS something to be happy about. We made mistakes and now we are moving on and starting over. It doesn't really do you any good to continue to beat yourself or beat each other up over it. We KNOW it's a bad situation to be in. But once you've made the decision to file, it's time to come to terms with it and move forward with your life.

[Cali]

Misstep - If some people seem to not be bothered with the fact they filed that is fine, because many know it was a business decision and don't take it to heart like many do. If others seem to have a harder time with it, that is fine too. No one way is better than the other.

In the end we are all doing the same thing, just react differently to it.

[Mi Bankruptcy]

Misstep,
Several people feel ashamed. It's a part of the bankruptcy process. However, people that end up here and participate in the forums have usually juggled finances for so long that they come to realize it's a hopeless battle. Some people are here because of job loss, medical bills etc.

Additionally, after you beat yourself up for so long you realize it is a business decision and not a definitive character trait. Several people here will go on to save and invest in their future after they make it through this set back.

[Misstep]