Can bankruptcy affect my ability to get student loans?
I am a 31 year old non-traditional college student who has to rely on loans. I have amassed considerable credit card debt and am considering bankruptcy. I know bankruptcy won’t cancel my student loans, but will bankruptcy affect my ability to get student loans?
not government backed loans but private loans yes. So you need to hope you can get enough financial aid from the govt, or else youll be SOL
Well, a lot of it would depend on what type of student loan program (private or federal) you’re applying for and the bankruptcy type. Your financial administrator should be able to guide you in this respect. He is the right person to tell you which loan program/lender would suit you the best.
If you’re applying for federal student loans, bankruptcy shouldn’t influence your eligibility. Private loans may get affected. This is due to their credit criteria which doesn’t allow them to offer credit to people who’ve filed for bankruptcy during the last 7-10 years in the absence of creditworthy cosigner. Most creditors prefer bankruptcy filers with a payout plan.