Posted on June 15, 2009 at 12:59 am Can one still be eligible for a student loan even after filing bankruptcy?

Posted on June 15, 2009 at 1:03 am For government loans yes, I think, because the government would much rather have you improve your chances in the future. Government supported student loans are based on need rather than credit--unlike private loans. I am not sure if private loans are available for student's that have already filed bankruptcy.

Posted on June 15, 2009 at 1:14 am There is a limit to the amount that you can loan from the government per year. I am not sure exactly what it should cover but I am thinking just enough for tuition and school related expenses. If you are planning on going to an expensive school, it follows that the government would not cover your full tuition and all the other school expenses that are attached to it, so you are still going to have to find something to subsidize your expenses...and you can rule out private loans, I think. Not that there is no chance for you to get approved, there is, but the interest rate would be understandably higher, to protect the business from you, because after bankruptcy, your credit would be on the negative..

Posted on June 15, 2009 at 1:25 am To protect the business from me? But I have every intention of paying! Think of it this way, I go to an expensive school, top caliber education = high paying job. I don't see how a private student loan would not be an option for me too, especially after peterpanamerican have said that a government sponsored student loan is very possible. I mean how else can I subsidize the cost..

Posted on June 15, 2009 at 1:36 am I am not saying that a private student loan is not an option for you and if I've offended you, I'm sorry. I was referring more to what a mess repayment is going to be like if you combine the two loans. What I'm trying to say is that when you're done with school, and have started repayment, you'd be staring at two different loan payments. The government sponsored loan would have a fixed interest rate and the private loans would have an adjustable rate, which may translate to you having increasing private loan payments ,while your salary remains the same, and when you default on your payments, the worst case scenario is you filing bankruptcy again..

Posted on June 15, 2009 at 2:00 am I think what misissbedinfield is saying is that it is a bad idea to accumulate complicated debts again, but if you are sure that you would also want to try getting a private loan, then it is your prerogative. If you find yourself getting denied--because of your bad credit score--what you can do is find somebody to co-borrow with you. Preferably one with  good credit. The interest rates on such a loan tend to be lower and your lender would be under the impression that you, with a co-signer,would unlikely default on the payments.

Posted on July 31, 2009 at 12:00 am Yes you can get the student loans even after filing bankruptcy. But you have to pay high interest rate for that. Apply for student loans with bad credit.