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Kids in College after BK

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    #1

    Kids in College after BK

    I was thinking,in 4 yrs our oldest will be going to college.How will BK on our credit report affect that?Will colleges know about it?
    Thanks
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    #2
    BK may affect your ability to sign for some types of Student Loans and to obtain a Parent Plus loan to help your child with expenses. Any type of Student Loan based on credit worthiness may be impacted. But,......... 4 years from now is a long time for Credit Rebuilding. BK may not even be an issue by then.

    The Stafford Loan, Grants, Scholarships, and other types of aid, BK won't be an issue at all. Stafford Loan and many other types of Aid are totally based upon the FAFSA, which is filed using your Income Tax returns.

    Since your looking at doing the college thing soon, be sure to check when your State requires you to complete the FAFSA. You have to file your income taxes before you can complete the FAFSA. Our State is early. Way before April 15. We lucked in and happened to check right around the time we filed our income taxes. We barely made our State's cut-off date.
    Filed Ch 7 - 09/06
    Discharged - 12/2006
    Officially Declared No Asset - 03/2007
    Closed - 04/2007

    I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

    Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

    Comment

      #3
      Originally posted by SinkingFast
      BK may affect your ability to sign for some types of Student Loans and to obtain a Parent Plus loan to help your child with expenses. Any type of Student Loan based on credit worthiness may be impacted. But,......... 4 years from now is a long time for Credit Rebuilding. BK may not even be an issue by then.

      The Stafford Loan, Grants, Scholarships, and other types of aid, BK won't be an issue at all. Stafford Loan and many other types of Aid are totally based upon the FAFSA, which is filed using your Income Tax returns.

      Since your looking at doing the college thing soon, be sure to check when your State requires you to complete the FAFSA. You have to file your income taxes before you can complete the FAFSA. Our State is early. Way before April 15. We lucked in and happened to check right around the time we filed our income taxes. We barely made our State's cut-off date.
      A lot to think about..Good info!Thank you

      Comment

        #4
        Bump
        Filed Ch 7 - 09/06
        Discharged - 12/2006
        Officially Declared No Asset - 03/2007
        Closed - 04/2007

        I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

        Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

        Comment

          #5
          Im worried about college now we are paying 200.00 month for our oldest daughter to go to community college (includes books) and praying the trustee does take that off of our expenses. If he/she does, then I don't know how the heck we're gonna pay for it. Now how do you tell your kid you can't go to community college anymore?
          9/28/06: Filed Chapter 7
          10/25/06: 341 meeting Done!
          12/25/06: Last day for objections.... Dear Santa, can we have a bk discharge for Christmas please?
          1/12/07: Discharged & closed!!

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