Can I get student loans while enrolled in a Chapter 13 bankruptcy?
I am currently in a chapter 13 bankruptcy repayment plan. I have some student loans that are included in this plan. Is it possible for me to take out additional student loans next year? I am going to graduate school and I cannot pay for school on my own. I have never missed a payment and I am repaying everything 100%.
Posted April 26th, 2010 in Bankruptcy Q And A. Tagged: chapter 13 bankruptcy, repayment plan, student loans.
You will probably not be able to qualify for private student loans, but you cannot be denied Federal student loans on account of your bankruptcy. You CAN be declined for Federal student loans if you are currently in default on other student loans you already have (but it sounds like you are not).
You will need the advance permission of the Ch 13 trustee before incurring new debt (including student loans). Most Ch 13 trustees will approve reasonable and necessary student loan borrowing.
Talk to your bankruptcy attorney about the details of getting permission from the trustee before taking out the new loan(s).
April 26th, 2010 at 7:05 pmYes and no. There is no law that prevents you from getting a loan, however no lender in their right mind will issue you additional debt when you cannot even handle the debt you ALREADY have. That is the equivalent to taking a recovering alcoholic to a bar and expecting them not to drink. In either case, you are asking for trouble.
April 26th, 2010 at 7:05 pmNo your borrowing days are over for the next 7 yrs.
April 26th, 2010 at 7:05 pmeducation.mypressonline.com – it provides some tips about applying to US federal and state grants for college students.
April 26th, 2010 at 7:05 pm