Let’s face it, college is expensive, and the economy isn’t helping too much either. If you have fallen victim to economic circumstances, you are certainly not alone, especially if you are a student. If you have filed for bankruptcy this early, it is still possible to get funding. Yes, you are able to get a student loan after bankruptcy. If taken care of in the most responsible and timely manner, you can save yourself from continued financial nightmares, and also attain a higher education.
The short answer is that you probably will not qualify for private loans. Instead, you will have to resort to getting funds from the government, which are based on need and not by credit scores. By law, it is illegal for the government to deny anybody a need-based loan because of past or impending bankruptcy. This fact alone should be reassuring – the private loan industry does not have this kind of inflexibility.
However, if you get a loan from the government, you will have to jump through a few flaming hoops and make some changes. The government, even though it thinks it has unlimited funds, cannot give you unlimited moneys for schooling. You will have to take financial responsibility for your funds.
It will be tough, but it is absolutely possible to get out of the bankruptcy hole, even while attending college or graduate school. You will probably have to get a job, for example, and you will have to live a very budget-limited lifestyle. You will have to go to a less expensive college to reduce costs. The bottom line is to keep track of your finances, and to live within your means.
As for actually getting the loan, you will surely have to fill out a lot of extra paperwork and because of the limit on the government loans, it will be tough living. However, as stated, as long as you keep your finances in check, and as long as you live within your means, you will be able to not only get an education, but pull yourself through this kind of financial meltdown.