Can you get student loans after a Bankruptcy

caliotter3 · Apr 26, 2008

I found that when I applied for financial aid and student loans, standard credit criteria were used to evaluate my creditworthiness. My daughter went through the same situation. If you have bad credit, you can expect to be denied student loans.

CPD4RN · Apr 26, 2008

stafford loans through the gov do not go by credit score. first fill out your fasfa and talk to a financial aid counselor at your school. You can get government loans with ****** credit. Private loans you can't. Just be straight up with the financial aid counselor, they will tell you all your options, and maybe even some scholarships and extras.

YOU CAN DO IT! Those girls need you to do it!

Good luck, I feel for you.

Bridgett · Apr 26, 2008

I think you can get federal student loans no matter what your credit is like, but keep in mind when it comes time to pay them back you cannot get out of them. You won't be able to backruptcy them and they will come after you for payment even if you are out of work. There are options for deferring them for a little while when you are out of school, but as soon as your 6 month grace period is up you have to start paying. I do not mean to imply anything negative towards you. I know good people get in bad situations.

As for Bankruptcy. My husband had to file bankruptcy while he was going through a divorce. It took about 2 years for his credit to start looking better, but the record was still on their from the bankruptcy. It was not the end of the world for him. One of the best websites for information on credit is MyFico.com check out the message boards! The people on there really know their stuff! I also use truecredit.com to view our credit reports a few times per year and am constantly disputing everything I can (you do have to pay for it though). AnnualCreditReport.com is the only site you can really get a free credit report from. You can get a free credit report from each of the bureaus one time per year. PM if you have questions or want more info.

So if you do file, it's really not the end of the world. But, you will have to work to rebuild your credit.

lizmatt · Apr 26, 2008

If Stafford loans are all you need, you don't have to worry about the bankruptcy. The only thing that would stop you from getting a stafford loan credit-wise would be a previously defaulted student loan. If you run into needing a private loan you need good credit.

Good luck with the twins - I am also a single parent of twins luckily mine are 7 now. When I started school they were 3 and it was still kind of difficult. I don't think I could have done it on my own with school when they were as small as yours are.

scootersuz, ASN · Apr 26, 2008

Thanks so much for the advice. I have never been in this situation before and I always had excellent credit but with the housing market and the economy the way it is and the fact that I am a single mom of twins, I have been on a downhill slide lately.

scootersuz

2bNurse Elizabeth · Apr 27, 2008

Most of what has been said is correct as far as I know. However, I do know that while you're in the midst of bankruptcy you cannot get financial aid or student loans, even Stafford loans. You have to wait until the bankruptcy is completed before you can get aid again. So, if you can, wait until you won't be taking classes, like during the summer maybe, to file so that you can have it completed before classes would start for the fall. Hope this helps!

caycc · May 24, 2008

I would like to comment on this. I filed for bankruptcy 4 years ago. I went to the schools financial aid officer and he filled out the paper work for me. I filled out the FAFSA form and will be receiving money from the Federal Pell Grant and I also applied for a student loan and will be getting money from this. Don't give up! I was also afraid that because of bankruptcy I wouldn't qualify for the Pell or student loans, but I did. I will be starting nursing school in a week. :yeah:Good luck to you.

Marysjrfan · May 25, 2008

stafford loans through the gov do not go by credit score. first fill out your fasfa and talk to a financial aid counselor at your school. You can get government loans with ****** credit. Private loans you can't. Just be straight up with the financial aid counselor, they will tell you all your options, and maybe even some scholarships and extras.
YOU CAN DO IT! Those girls need you to do it!
Good luck, I feel for you.

I was going to mention the Stafford loans. My credit stinks and I didn't have any trouble qualifying for one.

justme1972 · May 25, 2008

A bankruptcy is considered a major financial event, and it's not the credit score, but the fact that you filed bankruptcy RECENTLY that will prevent you from getting student loans.

Student loans were designed for those with little credit, somewhat poor credit but a recent bankruptcy is a major hit.

I would try to get grants or hospital scholarships and whatever you do, STAY AWAY from private student loans. Suze Orman preaches this over and over again...the rate can go as high as the law allows...and you can never enter a student loan into bankruptcy, private or gov't.

Also, please go through your state child support enforcement. Men that don't support their children need to be in prison....just as you would if you didn't feed and clothe your girls.

Bicster · May 25, 2008

Most people who file bankruptcy do so out of desperation and really are not in fact bankrupt. It is a major decision and will make the rest of your life quite difficult. Whenever you fill out an application wanting to borrow money you will have to say you have declared bankruptcy, even 20 years from now.

As a way to win back some karma points from the evil I did as a businessman I give out free fantastic financial advice. Send me a PM.

Marysjrfan · May 25, 2008

A bankruptcy is considered a major financial event, and it's not the credit score, but the fact that you filed bankruptcy RECENTLY that will prevent you from getting student loans.
Student loans were designed for those with little credit, somewhat poor credit but a recent bankruptcy is a major hit.
I would try to get grants or hospital scholarships and whatever you do, STAY AWAY from private student loans. Suze Orman preaches this over and over again...the rate can go as high as the law allows...and you can never enter a student loan into bankruptcy, private or gov't.
Also, please go through your state child support enforcement. Men that don't support their children need to be in prison....just as you would if you didn't feed and clothe your girls.

I agree on the private loans, but it's different with a Stafford loan. They are very easy to get if you eed it.