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When is the soonest you can apply for a school loan after 341 meeting?

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  • When is the soonest you can apply for a school loan after 341 meeting?

    I have my 341 meeting on Monday and will ask my attorney, however, I realize this website is a wealth of knowledge so I wanted to know when is the soonest I can apply for a school loan to get my Bachelor's degree. Also which companies will offer student loans to those in Bankruptcy or right after bankruptcy? Thank you so much.
    Chapter 7 Filed 10/17/07
    341 mtg. 11/15/07
    Discharged 2/19/08
    Closed on 2/26/08

  • #2
    I *believe* but am not 100% sure that you cannot apply for Federally-subsidized student loans while in an open bankruptcy...you'll need to wait for your discharge and case to close. I'm not sure where I read that, though.
    This post does not constitute legal advice. If you use this advice instead of that of a lawyer, God help you.
    Filed CH 7: 5/11/17 341: 6/12/17 Discharge: 8/14/17

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    • #3
      You can apply for Federal Student Loans while in bankruptcy. For Chapter 13 debtors, this typically requires permission from the Trustee, but they seldom want to discourage someone from improving their employment prospects by learning! As for Chapter 7s, it really doesn't matter in that a Chapter 7 is really about your financial life on the day that you filed.

      Some schools may want you to provide certification or proof that your old loans were not discharged. I had this issue when I applied and they saw that my loans had a BK notation although they were back in repayment status. Some of this issue, with the prior loans status, will depend on how savvy your school is with dealing with BK.

      As for private student loan providers, it will be difficult. Most will not like seeing that bankruptcy and most private school lenders want the borrower to have "very good" credit (meaning, likely, a score above 680). If you go with private loans it will likely require a co-signer / co-borrower. Sally Mae is bankruptcy friendly but not credit friendly.
      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


      • #4
        It is my understanding that you cannot receive a federal student loan until you are discharged -- not closed, which are two different things. BUT that is what I read here on this forum, and I'm not sure if I did my own googling about it after that or not.

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        • #5
          It really depends on what flavor of bankruptcy. You can absolutely obtain new student loans while in an active Chapter 13. I had to deal with this personally. I had to educate the school in question and they actually called the Department of Education to verify. The key is the loan status in the National Student Loan Data System (NSLDS). The NSLDS is not too unlike its functional equivalent for FHA loans, CAIVRS. (FSA means Federal Student Aid)

          From the FSA 2016-2017 Handbook

          A borrower who includes a non-defaulted FSA loan in an active bankruptcy claim, so that collection on the loan is stayed, is eligible for aid as long as he has no loans in default (including the stayed loan).
          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
            Good info, jb. I was of course talking about a Chapter 7. It's good to know that there are still options in a 13. Three to five years would be a long time to wait!

            Comment


            • #7
              Yes it is! I was just clarifying in case my earlier was unclear.
              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 was lucky enough to find out my job can pay my tuition in full prior to starting. I feel very blessed. So I won't need a loan. I went to 341 meeting today and it went well. No creditors to contest and trustee asked basic questions. One extra question he asked was if I was going to be suing anybody from the car accident from the Camaro. I saw about 4 cases before me I was out in one hour start to finish. Three of the 4 had filed bankruptcy twice each before this being there 3rd time wow. Made me feel a lot better bc I truly never planned to ever file bk again but because I knew the process and hit hard times I did think it was best for me and my children. Best wishes to you all and thanks a million.
                Chapter 7 Filed 10/17/07
                341 mtg. 11/15/07
                Discharged 2/19/08
                Closed on 2/26/08

                Comment

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