Student loans?

linkmanager1 · Joined: 09 Mar 2007 Posts: 22 13.66 Dollars($)

Is it possible to take student loans, after bankruptcy?

jameshogg

Hi Linkmanager,

Even if you have filed for bankruptcy, you can qualify for government loans as the government wants you to improve your financial situation.

Moreover, it is willing to offer you loan for tuition and school expenses. But as far as getting private loans are concerned, it will be tough as private loans are based on your credit score which usually drops down after you file bankruptcy.

Thanks,
James.

miller_st · Joined: 17 Jan 2007 Posts: 917 168.82 Dollars($)

Let me add that the amount of government loan a person can receive every year is also limited. And if the educational expenses are higher then government loans may not completely cover all those expenses.

Taking a private loan will not be a good idea as most of the lenders will charge quite higher rates than normal for your loan because of the poor credit score you will be having.

So you need to plan your expenses and take on loans that you would be able to afford repaying in future.

Miller

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