I filed BK and now need a loan

[HRx]

I filed bankruptcy in the past and now need to get a student loan to pay for my education. Would I be considered for a student loan?

[sisterfunkhaus]

You can qualify as long as it is a government backed loan. They don't look at your credit report for those.

[MomIcantFindmy]

Recently, some lenders are refusing to originate student loans or purchase former student loans. In anticipation of the fall 2008 student loan credit crunch the government announced a new program to back more student loans in order to open up student education through loans to more students.

http://www.insidehighered.com/news/2008/04/23/loans

[momof5]

My daugher who is only 17 has obtained all of her own loans. Aside from the scholarships and grants she still has to finance I believe its 8,000 a year. At least for this first year.

Stafford (both subsidized and unsubsidized)and Perkins loans did not require any credit check.

[Gauche1967]

It is a violation of the bankruptcy code to discriminate in any way against someone who has filed bankruptcy in obtaining a new Title IV education loan. However, you probably will not be able to get a private student loan, unless the BK is discharged and you have a co-signer who has good credit. Funny how the bankruptcy code actually seems to encourage bankrupt students to take on even more debt!!!

However, just because it is against the law to discriminate against a bankruptcy filer in obtaining a federal student loan doesn't mean it will not happen. This occurs most frequently when a debtor tries to obtain a federal consolidation when they have an active chapter 13 plan. Some loan holders will refuse to release the loan for consolidation until the bankruptcy is discharged. Totally illegal, but you may have to file for a petition for contempt to get them to release the loans. There's the law on one hand and then there is bureaucratic procedure on the other and the two are often at odds in this scenario.

[BKOnce]

Its funny,.. for a moment I thought all moderators in here are always experts in giving BK advices, i.e., HHM & Lprn, Minny, etc.., and therefore a Super Mod like HRx must be a Super man of BK knowledge too?? < Not,.. J/K

[lrprn]

Its funny,.. for a moment I thought all moderators in here are always experts in giving BK advices, i.e., HHM & Lprn, Minny, etc.., and therefore a Super Mod like HRx must be a Super man of BK knowledge too?? < Not,.. J/K

Ummmm....sometimes a very knowledgeable moderator will post a question in a brand new area of the forum just to get a discussion started....(wink, wink ;) )

[yoyoma51]

My wife is going back to school for her Pharmacy Doctorate. She is quitting her job and going back to school full time this fall.

Our credit union called today to let us know we were approved for a student loan line of credit in addition to the government backed loans she is getting.

Yea! And we don't have to start paying it back for 6 1/2 years!

This loan is a private loan, but our bankruptcy did not seem to affect it much.

There are understanding lenders out there.

[alicias108]

yoyoma..

Be careful with any private student loans. Do not fall into a trap of over borrowing because these loans will ruin your life. Only borrow what is needed for education. Nothing more. Trust me..I have a 150K in debt from TERI that I'll probably go to the grave with.

Alicia

[yoyoma51]

True, Alicia.

Luckily, we don't need too much. Our total debt when it is all said and done should be fairly low.

Also, starting pharmacists with a doctorate make about $100k in our area and are in great demand.

[bk4sky]

ahhh... im glad i found this thread, i was thinking about going back to school so i can actually make something of myself but was worried about the BK ruining my chances of getting a loan. if the govt loans dont go by credit ill be fine

[Flamingo]

Ummmm....sometimes a very knowledgeable moderator will post a question in a brand new area of the forum just to get a discussion started....(wink, wink ;) )

I saw that immediately upon viewing the intial posting by a moderator - do the moderators on here pose as regular posters also under other names accidently utilizing, in this case, the wrong ID? Or does HHM really need that information? I found it puzzling.... I found in the past similar tactics are utilized on other forums to keep posters posting.

[nkthen]

Explore and contact as many insitutions as possible. One of them will definitely be kind enough to give you the loan without regards to your credit history with good enough interest rates.