Will having a bankruptcy effect my ability to get student financial aid?

Answer by  gleverance (720)

Depends on the kind of aid you need. Scholarships, grants and federal aid should be fine as long as the bankruptcy has been completed. You may find a problem with private student loans, as those are awarded like any other loan and depend on your credit score as much as your need.

Answer by  rob (22)

A bankruptcy can effect one's ability to get approved for student financial aid. The effect of the bankruptcy will depend on the sponsor of the aid, i.e. Federal, State or Private agencies. The granting of financial aid is generally dependent on re-establishment of good credit.

Answer by  dx10 (144)

It should not affect eligibility for federal aid (Pell Grants, etc.), but it will affect your ability to get a student loan.

Answer by  cdloanmod (10)

Yes of course. Bankruptcy will effect your ability to get student financial aid. But, if you are in need then you can consult any loan modification foreclosure and bankruptcy expert.

Answer by  Melissa (9)

Unless I paid for college myself, or secured only school grants and/or U.S. Dept of Education loans, getting student financial aid with a bankruptcy would be hard.

Answer by  go2jd73 (1)

I am have filed for bankruptcy. Do I have to wait for the bankruptcy to be discharged before I apply for admission to a university and for federal student loan funding? Obviously private funding will be based on credit/cosigner.

Answer by  Anonymous

yes it can