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New school loans post BK filing????

morallyBR2
06-16-2008, 08:56 PM
Can you apply for government funded loans post chapter 7? I'm just curious because after all this is done with I would like to just take a year off and finish school real quick. Is it possible to obtain those kind of loans post BK?
rfassett
06-17-2008, 03:49 AM
BK does not disqualify you for a Stafford loan. It will disqualify you for other student loans.
morallyBR2
06-17-2008, 08:03 AM
Pardon my ignorance, what is a Stafford loan?
rfassett
06-17-2008, 08:15 AM
That is the primary government-backed student loan.
PoorGrammyinBK7
06-17-2008, 08:30 AM
I would love to get a student loan after BK to go to law school and become a bankruptcy lawyer - they sure make a lot of money!
morallyBR2
06-17-2008, 08:39 PM
LOL, not a bad idea.
yoyoma51
06-18-2008, 04:48 AM
My wife applied and received Stafford loans. It wasn't enough as she is quiting her full time job to go back to school.

Our credit union does private students loans via a signature line of credit. We were approved for them also, and we don't have to start paying them back until six months after she finishes her professional program (Pharmacy Doctorate).

We decided to do loans instead of dipping into retirement funds.
BankruptPinoy
06-20-2008, 08:03 AM
Hi yoyoma51.

Can you please clarify about the private student loans?

Was this after bankruptcy?

My understanding is that some private student loans are based on credit history and credit scores.

So, is it possible to get private student loans for graduate/medical/dental school after a bankruptcy and bad credit?

Thanks.
yoyoma51
06-20-2008, 05:17 PM
Yes, it IS possible.

As mentioned, we received Federal Stafford loans (not credit based) that are at about 8% interest.

We went to our credit union, explained our situation to a personal banker. We approved for a signature line of credit AT 5% INTEREST for the next 2 years of school (my wife has to re-take her undergrad sciences as they are too old). These are PRIVATE loans that we do not have to start paying back until 6 months AFTER she graduates from Pharmacy School.

Then, we asked about loans for Pharmacy School ($100-$150,000) and the credit union advised us that they can help with those, also.

Find an understanding bank/credit union and IT CAN WORK OUT! We're living proof!