This might work?? [Archive] - Bankruptcy Forum

impendingbk

05-11-2009, 05:31 PM

I was wondering if anyone had tried to discharge their Private Student Loans based on the fact that they are "non-qualified?" In the Legislation that passed in 2005 it states that in order to be exempt from bankruptcy the loan must be "qualified" and capped at the cost of tuition less any financial aid received.

Back when private loans were booming Sallie Mae use to send out flyers offering upto $30k in funding to use for computers, housing, etc. and these loans were not school certified. I wonder if these loans would still be protected?

Just a thought!

Amy26

06-04-2009, 07:44 AM

I don't know much about this stuff but that would be interesting. I actually used a lot of my private student loans to pay for those things .... the checks are cut directly to the student and you are free to use it for tuition, room and board, transportation, computers etc... they actually stopped granting student loans like this last year... but all the ones I got prior had that ability.

However, after reading through the posts on here... even though the loan was used for rent payments, travel, computer etc... it was still taken out under the guise of "educational expenses"... So, I took the loan to pay for my living expenses under the premise of it benefiting my education. So, I think we're still on the hook for them no matter what. :)



	Bankruptcy Forum > After the Discharge > Student loans > This might work?? PDA This might work?? impendingbk 05-11-2009, 05:31 PM I was wondering if anyone had tried to discharge their Private Student Loans based on the fact that they are "non-qualified?" In the Legislation that passed in 2005 it states that in order to be exempt from bankruptcy the loan must be "qualified" and capped at the cost of tuition less any financial aid received. Back when private loans were booming Sallie Mae use to send out flyers offering upto $30k in funding to use for computers, housing, etc. and these loans were not school certified. I wonder if these loans would still be protected? Just a thought! Amy26 06-04-2009, 07:44 AM I don't know much about this stuff but that would be interesting. I actually used a lot of my private student loans to pay for those things .... the checks are cut directly to the student and you are free to use it for tuition, room and board, transportation, computers etc... they actually stopped granting student loans like this last year... but all the ones I got prior had that ability. However, after reading through the posts on here... even though the loan was used for rent payments, travel, computer etc... it was still taken out under the guise of "educational expenses"... So, I took the loan to pay for my living expenses under the premise of it benefiting my education. So, I think we're still on the hook for them no matter what. :)