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Question: Bankruptcy and financial aid?

(Posted by: Sandy P on 2010-08-25 16:56:01)

I am in the process of filing bankruptcy, hopefully it will finalize in the next month or so. I am currently attending school. I DO NOT HAVE ANY STUDENT LOANS IN MY BANKRUPTCY PETITION. My question is, will my bankruptcy affect my eligibility for future financial aid? Federal direct ford loans, grants?

Answers:

Posted by: rpg on 2010-08-28, 12:05:59

No, absolutely not. Federal law prohibits discrimination in financial aid based on the fact that the student has filed bankruptcy. You will not be eligible to get PRIVATE student loans, but that is no great loss -- those things are toxic and you shouldn't get those anyway. You WILL be just as eligible as you were before filing bankruptcy for ALL Federally or State backed grants, scholarships, and loan programs. Good luck with your studies.

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