student loans with a past bankruptsy

  1. My husband works for the airlines. We have been married 14 years and have 2 wonderful kids. He has been laid off many times which has resulted in us traveling about the country for a job. Then after we get settled there just a few short months/years, then that job goes through layoffs. The airlines are not a dependable job at all. So after another move, now we are close to our family again. And guess what? We decided to stay. We decided that we need a job that is way more dependable than the airline industry. Also, my husband and I decided we were willing to make the sacrifices and make my dreams come true/and be more finacially sound, and that I can go to nursing school. However, with all our travels and job losses, we have not so great credit. 6 years ago we actually went through a bankruptsy and a repossession. I have applied to nursing school and believe I have a very good possibility of getting in. I am not scared to take out student loans as I know that I will be able to pay them off with my first years salary. I plan on working 3 12's. So, do you know of anyone that would give a student loan to someone who has been through bankruptsy, respossession, and not so good credit. I know I can get a stafford loan, but that tops out at 6,650 the first year. I am taking an advanced course and I will need another 10,000. What are your thoughts?

    I plan on being an RN (labor/delivery, Surgery, or ER). I work well under pressure.

    By the way, this is my first post here. But I have been reading for a while.

    :smilecoffeecup:
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  2. 19 Comments

  3. by   MS. ICANDOIT
    you should check out sallie mae's tuition answer loan and teri.org. I got a loan with both of them WITH a co-signer. Perhaps your parents or in-laws can help you out. The process was VERY simple and I got the checks within a week of the approval.
  4. by   scottlgarrett
    Just fill out the FAFSA application for the federal guaranteed student loans and grants.
    I did a BK 2 1/2 years back, no big deal. Avoid salle mae and the others because they want better credit.
  5. by   mistydave
    I did do the fafsa, and I cannot qualify for any free money due to "we make too much". And the stafford loan is only up to 6,650 (so I have been told). Where would I get the rest or am I expected to pay for it myself?

    thanks!:smiletea:
  6. by   Cattitude
    Quote from mistydave
    i did do the fafsa, and i cannot qualify for any free money due to "we make too much". and the stafford loan is only up to 6,650 (so i have been told). where would i get the rest or am i expected to pay for it myself?

    thanks!:smiletea:

    sit down with someone from the financial aide office and go over your situation. besides the well known loans and grants, there are also a lot of little loans and grants that are very particular to either a major or even type of student. for instance, my school had a special nursing student loan available for $1,000. then there are some really peculiar loans/grants like "a married student over 30 going into nursing". that's just a made up example but there are some strange ones that you may qualify for, you have to ask. remember, many alumni leave funds for scholarship money but specify who it goes to. so it doesn't hurt to ask. good luck!
  7. by   anne74
    Are you sure you'll be able to pay off your student loans in one year? Wow. I'm not done paying mine off until 2036. But I also wasn't married and had to take out loans to support myself.

    Anyway, before you can do anything, you have to fill out that FAFSA form online. Then you can probably get the stafford loan, and when that is maxed, you'll have to get a signature private loan, which has much higher interest rates unfortunately. Getting a co-signer will help bring your interest rates down. You really shouldn't have a problem getting a loan for school.

    Try to talk to your financial aid office, although the office at my school was terrible. They couldn't even tell me how to get loans, let alone how to get scholarships. I got absolutely nothing, even though I was single, had been unemployed for 2 years with no income, and had a 3.9/4.0 GPA. Hmmmmmm. (I'm a bit bitter.) But maybe you'll have better luck.
    Last edit by anne74 on Jan 30, '07
  8. by   mistydave
    thankyou, plan on making that my next stop-finacial aid office. Don't think I can get a co-signer as parents aren't too supportive.

    Anyone else in my same bankruptsy shoes, that has gotten loans without a co-signer?
  9. by   Soup Turtle
    You may be able to get more stafford loan money...I'm pretty sure I have taken out at least 10000 or so in the past year 1/2 to 2 years. There are unsubsidized and subsidized loans. Get them both if you need them I've also read that some students in some fields can take out more than the "normal" allowed amount, but I haven't tried to take advantage of that yet, so I don't know the details.
  10. by   Multicollinearity
    Juniors and Seniors are permitted to take out $10,000 per year in Stafford loans. Freshman and Sophomores are limited to $6,500 and $7,500 per year, respectively. If you are at a community college, the maximum Stafford loan per year is $7,500 because theoretically that's as far as community colleges can go - to the sophomore level. Never mind that nursing students at community colleges can study for 3 years full-time.
  11. by   mistydave
    i called sallie mae, and they told me if I didnt qualify for any fafsa money, I can't get stafford loans. I am so confused. I thought stafford loans were available to everyone, not based on need. Sallie mae said if you make too much money you aren't able to get stafford loans. But the schools said everyone was able to get a stafford loan, they were government guaranteed loans. any help there?
  12. by   Cattitude
    Quote from mistydave
    i called sallie mae, and they told me if i didnt qualify for any fafsa money, i can't get stafford loans. i am so confused. i thought stafford loans were available to everyone, not based on need. sallie mae said if you make too much money you aren't able to get stafford loans. but the schools said everyone was able to get a stafford loan, they were government guaranteed loans. any help there?
    fill out the fafsa first! i really don't see why you shouldn't get loans. i did and that was while working as an rn making decent money. i also have an old bk from 1998 and that wasn't an issue at all with student loans. but you really can't do anything until you do the fafsa. even with my salary in the 70's i got a small tap grant (very small). but still, it was something. you can do the whole fafsa online and you really do need to talk to your financial aide office.
  13. by   Multicollinearity
    I suspect Sallie Mae just wants to write you a loan. With very few exceptions, everyone qualifies for a Stafford loan.
  14. by   MsKieshaRN
    Check with nurse recruiters at hospitals where you are. You may be able to find a hospital that will offer tuition assistance in your area. You agree to work for them for specified amount of time for set amount of money.

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