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Bankruptcy and College
We have a child who will be (hopefully) going to college in the fall of 2015. We could probably afford to send him if we didn't have so much credit card debt due to our business.

We have considered bankruptcy, but I'm not sure if that's the answer, plus I'd like to know what effect (if any) that will have on getting financial aid for college.

Thank you.

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Students loans after bankruptcy

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College loans are not affected by bankruptcies. After my bankruptcy I was still able to obtain student loan. 

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I was in college and I had a daughter in college at the same time.  My husband and I had filed bankruptcy within the same year that my daugher and I obtained grants and loans (subsidized and unsubsidized) due to our bankruptcy.  If our credit had been good, we would have qualified for PLUS loans due to our income.  My advice:  If you make too much money (there are income requirements), the school may make you apply for a PLUS loan rather than a government issued student loan. Thus, some college loans are affected by bankruptcies.  You have to have good credit to qualify for PLUS loans and other student loans.

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When I filed ch.7 did that cover my stud

I filed ch.7 bankruptcy. Did that cover bankruptcy on my student loan because I don't see my student loan on my credit report?

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Heres a thought, let  the kid pay his own way through college, I did it. go to Community for two save every dime they can and go to a state school...........or better yet tell them to go to a trade school , and learn something they can use in a real job, because all they are going to learn in college is to party, and some liberal views on life, nothing they will be able to use in a real life ....

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Bankruptcy and Student Loans

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Hi Jensgem, 

Great question! 

Traditionally, student loans that are processed through the department of education are based on the parent's ability to repay and this is calculated off of the information submitted with your taxes. 

Often, even with a high "Expected Family Contribution" or EFC, your kid should be able to take out his own student loans - there is a certain amount available to everyone. 

Some states, like California, have programs designed for in-state students to reduce the cost of school. For example, if your child goes to community college in California and you're a qualifying resident (most are) he can attend the school for FREE. All tuition is waived with a special Board of Governor's Waiver. 

I hope this information helps, if you have any further questions, please feel free to contact me! 

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