creditor meeting the 30th & disability question & college loan ??

[seekininfo]

we have out meeting of the creditors on the 30th.

when do we do the 2nd class?

I am getting ready to apply for SSD. Should I wait til after the court date or does it matter?
My husband said if I get the back pay the court may take it. opinions?

also, our son is starting college, they said I have to apply for the parent plus loan before he can apply for the extra he needs. Can I apply now, during the BK??

[seekininfo]

any ideas on the school loan? leavin here in a few minutes to the college and not sure what to do.

[Pandora]

As far as school goes - you (Parents) dont need to apply for any loans, thats a misconception. If the school requires that your son / you fill out FAFSA, then you fill out FAFSA, it does not obligate you to pay for your sons college. Its merely a guideline of what your child would have to pay outside of what could be awarded to him. You doing a Parent Plus loan merely lowers the interest rate for your child vs. him getting a student loan on his own. Thats it

As far as SSD - If you're just now starting to apply - be prepared that it can take upwards of 6-18 months+ for approval and sometimes longer. Usually you are denied the first time, and must appeal; from first submittal to finding out if awarded/denied takes on average about 3-4 months. Then again, strangers things have happened and some people get approved their first go round if they have enough medical evidence and doctors support.

2nd class? Are you referring to the pre- and post BK courses? I dont know if a post bk is required for Ch. 7. I'm sure someone will chime in on that, as we filed Ch. 13, so I know its required for a 13.

[sidhesadie]

Yes but if she applies for a parent plus loan and is declined (which she will be post bk) then her son can get a HIGHER amount of Stafford loans than he can if she simply elects not to apply for them (assuming he is not considered an independent student) which is probably why they said she has to apply (and be declined, which she will be) for him to get the 'extra'. Independent students and those whose parents do not qualify for the PLUS loan get MORE loan money via govt. loans than do dependent students whose parents qualify.

[gmk]

The post BK class is required for Ch7. I took mine a week or two after filing. It must be done or the case can be dismissed. I received a notice from the court clerk advising me to do it within a certain time frame that I don't recollect but I think you have x amount of days after the 341 to do it r you can do it ahead of the 341 like I did.

[dumpinmydebt]

sidhesadie has it right. If the OP applies and gets declined, then the son is eligible for much, much more financial aid.

[Pandora]

sidhesadie has it right. If the OP applies and gets declined, then the son is eligible for much, much more financial aid.

Understood - however remember, there are others on here that did the same thing, thinking they would be declined due to BK (either active or discharged) and they werent - they were approved for the loans even though they were told they'd be declined. Search through some posts and you'll find them

Again, just something to think about.

[mrskal]

sidhesadie has it right. If the OP applies and gets declined, then the son is eligible for much, much more financial aid.

True, for example, the child is eligible for $3,000 from federal aid. (random number). School cost is $10,000. The parent can then take out a parent plus loan to make up what the child is short. In this case, $7,000. This loan is based on credit. If the parent is declined, the child then becomes eligible for a federal loan for the $7,000.

There is a post on here from the other day in regards to this. Dont be too sure you will be declined. Depending on how your credit is when you apply, you may get an approval. I know some people who have said they still have decent credit when they are about to do BK. Mine credit sucked last year, and I got approved. We did not take it though.

[mrskal]

haha, looks like we posted at the same time Pandora! Oops

[Pandora]

haha, looks like we posted at the same time pandora! Oops

Ugh... the smilies arent working LOL :P

[seekininfo]

sooo, can we apply? We have filed but havent had our 341 meeting til next week.
I mean, are we allowed to apply while waiting?

[seekininfo]

I know about the disability taking a while.
Thats why I wondered if it would matter If I filed now. I mean, If I DO get approved a year from now, you get the back pay. Will the BK get it?

[tcreegan]

Post class time frame

Hello, the Chap 7 "post" debtor class has a specific time frame: within 45 days AFTER the 341 meeting. This is when the class certificate and declaration page have to be filed with the court, so leave room to get your certificate in time to file it with the court.

Tom in Colorado

[seekininfo]

thank you will work on it net week then.

anyone know about the applying for the college loan thing? are you allowed before the 341 meeting?

Hello, the Chap 7 "post" debtor class has a specific time frame: within 45 days AFTER the 341 meeting. This is when the class certificate and declaration page have to be filed with the court, so leave room to get your certificate in time to file it with the court.

Tom in Colorado

[dumpinmydebt]

Understood - however remember, there are others on here that did the same thing, thinking they would be declined due to BK (either active or discharged) and they werent - they were approved for the loans even though they were told they'd be declined. Search through some posts and you'll find them

Again, just something to think about.

Good point.