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Are student loans hard to get with a fresh bankruptcy on your credit report?

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  • Are student loans hard to get with a fresh bankruptcy on your credit report?

    I'm looking at starting grad school next year. By the time school starts, it would have been about 1 year after my chapter 7 discharged.

    I've never had a student loan in my life. I looked into it and because of my income, the only thing I could possibly qualify for is unsubsidized Stafford loans. The total amount I would borrow would be less than 35K (for the entire program) and probably significantly less than that since I want to pay as much as I can up front.

    Is getting student loans going to be more difficult for me since I have the recent BK or is it a non-issue? I honestly have very little idea how any of this works.
    Chapter 7, above median, no asset. Discharged with no UST involvement.

  • #2
    Obtaining private student loans would be difficult if not impossible.

    Obtaining a government unsubsidized loan is quite simple and pretty much guarantied (unless you have past due government student loans). As you are probably already aware, you can get about $20K a year for unsubsidized graduate loans.

    It probably goes without saying, but let me just say... just don't get yourself into too much student debt. It's the type of debt that sneaks up on you (after deferment) and then you live with it for years.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog


    I am not an attorney. Any advice provided is not legal advice.

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    • #3
      I agree with justbroke. I would also think long and hard about whether you truly need a graduate degree to advance in your field, or to get a job in your field, before you finance it with loans. I speak from experience!

      Comment


      • #4
        Originally posted by Blossoms View Post
        I agree with justbroke. I would also think long and hard about whether you truly need a graduate degree to advance in your field, or to get a job in your field, before you finance it with loans. I speak from experience!
        Exactly! In many fields, a graduate degree is not only unnecessary, it's counterproductive. Companies will label someone with a Master's/PhD as "overqualified" and hire someone else with just a bachelor's degree, because they don't wish to pay a higher salary for someone with a graduate degree.

        A good example of this is in the field of computer science. If you want to work as an applications developer, web developer, etc, then you need a bachelor's degree. A graduate degree would actually screen you out of these positions, as well as cost you time which could be spent working, and money which could be spent on other things.

        That's not to say that there are not jobs available for people with a graduate degree, however in many cases a person would be better off saving their money and entering the workforce instead.

        Comment


        • #5
          This is anecdotal so take it as just that. About 9 years ago, one of my co-workers, another Information Technology consulting professional, decided to get his MBA with a concentration in Management Information Systems. After graduating, he informed our manager that he now had his MBA. She said... "Congratulations, but so what. You're not getting any more money" (paraphrased). He later resigned and went to a company that "wanted" an MBA; not that my company didn't have many MBAs, but that my division didn't need any more. True story.

          Of course, you mileage may (and probably will) vary.
          Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
          Status: (Auto) Discharged and Closed! 5/10
          Visit My BKForum Blog: justbroke's Blog


          I am not an attorney. Any advice provided is not legal advice.

          Comment


          • #6
            My daughter's Girl Scout troop leader got a master's in education a couple of years ago. She is wonderful with kids, definitely someone who should be a teacher. She's been substituting for several years with a public school district, and the principal at the school she primarily works at wanted to offer her a teaching position, but couldn't, because she has a master's, and the school only had funds budgeted for a teacher with a bachelor's. Due to union regulations, the school would have had to pay her commensurate with her education. Ironically she would have been better off trying to get hired with the bachelor's, then getting the master's afterwards. Teaching seems to be one of the few professions where someone will get an automatic raise for getting more education.

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            • #7
              Many local, state, and federal government positions pay commensurate with education. I think you make a good point that obtaining such a job first with your baccalaureate's and then obtain your masters during your employment, may be best. That way, you gain experience at the same time and your income gradually increases. The advanced degrees would open you open for more tenured and senior positions.

              I can understand the issues with being told that "you are over-qualified" or "we can't pay you that much". Disheartening when you are looking for work. (I am lucky and thankful to have been employed with my current employer for more than 14 years.)
              Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
              Status: (Auto) Discharged and Closed! 5/10
              Visit My BKForum Blog: justbroke's Blog


              I am not an attorney. Any advice provided is not legal advice.

              Comment


              • #8
                I work in healthcare and the graduate degree is required by my state for the role I am considering transitioning to.

                Thanks for the replies. It looks like regular unsubsidized government loans shouldn't be too hard to get. I'm working a lot right now (actually at work right now) so I can save up money. Debt scares me so the less I get, the better.
                Chapter 7, above median, no asset. Discharged with no UST involvement.

                Comment


                • #9
                  Originally posted by TXskyblue View Post
                  I work in healthcare and the graduate degree is required by my state for the role I am considering transitioning to.
                  Very good! I am very happy to read that you are currently in the field and that this would allow you to grow in your field of employ.

                  Originally posted by TXskyblue View Post
                  Thanks for the replies. It looks like regular unsubsidized government loans shouldn't be too hard to get. I'm working a lot right now (actually at work right now) so I can save up money. Debt scares me so the less I get, the better.
                  If you want to make sure the student loans don't creep up on you, I would pay while they are in deferment... if you can.
                  Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
                  Status: (Auto) Discharged and Closed! 5/10
                  Visit My BKForum Blog: justbroke's Blog


                  I am not an attorney. Any advice provided is not legal advice.

                  Comment


                  • #10
                    It's nice to have the degree, but if you can get a foot in the door as a Adjunct, or assistant at your local college, you may end up doing better. For one thing, learning on the job will keep you up to date faster on software than any degree program you may be trying to get into elsewhere. Also, you may get reduced prices and inducements to to continue your education.

                    Also, I have no idea what your age is, but if you are 50 or over, be prepared to be told that you are "over-qualified" no matter what you apply for.

                    I have been passed over for 6 good FT good-paying jobs that I am more than qualified for. Plus I have a Master's Degree.

                    This started when I lost my FT job in 2007. I was 55. Everyone hired over me has been 30 or younger.

                    Can I prove anything? No.
                    Can I do anything about it? No.
                    Would I love to do something about it? Yes, I would.

                    But I am bankrupt and basically am living paycheck to paycheck and what little bit I make selling at consignment stores and Amazon.com.

                    We got ourselves bankrupt by trying to fight and defeat an Enemy that decided he could outlast us and drive us into defeat with frivolous meaningless lawsuits. He almost did. But he got his comeuppance on the Feast of All Fools Day 2009. He was a devout athiest, and he posted one to many insults on his public website for the Lord Father to tolerate.
                    "To go bravely forward is to invite a miracle."

                    "Worry is the darkroom where negatives are formed."

                    Comment


                    • #11
                      Originally posted by bcohen View Post
                      Exactly! In many fields, a graduate degree is not only unnecessary, it's counterproductive. Companies will label someone with a Master's/PhD as "overqualified" and hire someone else with just a bachelor's degree, because they don't wish to pay a higher salary for someone with a graduate degree.

                      A good example of this is in the field of computer science. If you want to work as an applications developer, web developer, etc, then you need a bachelor's degree. A graduate degree would actually screen you out of these positions, as well as cost you time which could be spent working, and money which could be spent on other things.

                      That's not to say that there are not jobs available for people with a graduate degree, however in many cases a person would be better off saving their money and entering the workforce instead.
                      I remember a colleague of mine who had a PhD in aerospace engineering, and when he got laid off in his 40's, he became a computer programmer. He *intentionally* left off his PhD on his resume so as to not have potential employers reject him.

                      Comment


                      • #12
                        Since this thread got bumped anyway, I guess I'll update.

                        I'm in grad school now. I qualified for unsubsidized Stafford loans of 20K a year with no problem. Luckily, I'm able to pay out of pocket now so I'm declining them but I may have to take them next year.
                        Chapter 7, above median, no asset. Discharged with no UST involvement.

                        Comment

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