Will I be able to file for financial aid if I file bankruptcy? I have piled up a lot of debt that I cannot handle and I am going through school right now.
Am I still eligible for financial aid benefits for school if I file a bankruptcy for my personal debts?
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Answer: (1)
The answer to this question varies depending on your credit history, whether you had student loans in the past and the type of loan for which you are applying in your financial aid package.
Generally, there should not be a problem with federal loans unless you are delinquent with a current federal loan that you currently have in your name. Universities cannot use a bankruptcy as the basis for denying you a federal school loan. However, if you apply for a private loan, the private loan provider will look at your credit history and use it to as a factor to determine whether to lend you money. It is best to contact a bankruptcy attorney to discuss your past history and current options for filing a bankruptcy and applying for financial aid later on.
Posted by Elizabeth Smith on 22 Jan 2010