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Only 4 Days of financial freedom :)))

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    Only 4 Days of financial freedom :)))

    4 Days after the discharge, with a credit score of 519 and a Ch 7 on the record I was approved for a Parent Plus Direct Loan by the Department of Education !!! $12k !!!

    My strategy of applying and being sure that I will be denied so my kid can get approved for more loans backfired. What guidelines do they have and how are they following them if , after they specifically stated the ch 7 is Credit Adverse, they approve me for the full amount??

    I'm between rock and a hard place: if I refuse the loan, my kid will not go to college, if I accept the loan, I re-start with debt ... what to do, what to do?



    Btw\ I don't expect an answer It's merely a "be aware" post.
    Last edited by stanpendula; 07-13-2011, 07:20 AM.
    Ch.7 filed: 2/23/2011 Discharged: 7/7/2011 Asset: Yes Case Closed: 7/30/2013

    #2
    stan, you are helping your kid. I would do the same.

    Now, perhaps you and the "kid" could have an agreement, that if he/she is working, they will make the payments directly to you, or some portion thereof.

    For what it's worth, that's what I'd do :-)

    Good luck AND BEST WISHES!!! to you and your offspring!!!!!!!!!

    Comment


      #3
      I think this the first time I've seen somebody fresh out of BK being disappointed that they were approved for credit.

      That's quite a dilemma. You're going to get my answer even if you didn't ask for one. Has your son considered going to a community college for the first 2 years? You can both save money to pay for him to transfer to a 4 year school. Even if you still have to incur some debt, it will be less than borrowing for 4 years.

      My father was a college professor at a State University. He always said that you can get a better education at a community college. The class sizes are smaller and the instructors are focused on teaching without any pressure to publish or do research.
      LadyInTheRed is in the black!
      Filed Chap 13 April 2010. Discharged May 2015.
      $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

      Comment


        #4
        I will definitely send him to school, regardless of the cost. I will even get a second job, if necessary. When we came to this country 15 years ago, we came 80% to offer him a chance for a better life and education. I don't want our financial mistakes to stop him from getting that education.

        Regarding the community college, we talked about this at length, we decided him to go to a State University and out of town. Still, tuition is 22k.

        ... and about loan disappointment, what can i say? I was contemplating a secured credit card or one of those $300 limit cc's ... and now I'm waiting for the papers for a $12,000 loan ... I can still take whatever life throws at me
        Ch.7 filed: 2/23/2011 Discharged: 7/7/2011 Asset: Yes Case Closed: 7/30/2013

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          #5
          Again, best of good luck to you stan. I feel the same way - my humble goal - fingers crossed for post BK - hopefully by the end of the year, that I can afford to pay my son's comm college tuition. My state has guaranteed transfer agreements with about 30 some odd univs, so he can go for next to nothng for 2 years, transfer, and come out with the same education and the same piece of paper that he would have otherwise.

          Comment


            #6
            Originally posted by stanpendula View Post
            I will definitely send him to school, regardless of the cost. I will even get a second job, if necessary. When we came to this country 15 years ago, we came 80% to offer him a chance for a better life and education. I don't want our financial mistakes to stop him from getting that education.

            Regarding the community college, we talked about this at length, we decided him to go to a State University and out of town. Still, tuition is 22k.

            ... and about loan disappointment, what can i say? I was contemplating a secured credit card or one of those $300 limit cc's ... and now I'm waiting for the papers for a $12,000 loan ... I can still take whatever life throws at me
            $22k is an insane amount of tuition. I don't think you are on the road to financial freedom if you're willing to jump back in debt for extravagant education costs. And I say that as a college professor. IMO, you need to have the guts to face your kid with the truth.
            Filed Ch 7 pro se Oct 2010 . Filed student loan AP pro se Feb 2011 . Discharged Feb 2011 . AP trial 1/10/2012 . $28K in student loans dismissed Jan 2012 . ECMC appealed. Appeal hearing 7/2012. Original judgment upheld 9/2012.

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