If I file bankruptcy (not to include student loans) is it likely that I can get *private* student loans later?
June 28, 2010 by admin
Filed under Student loans
I have seen many people here ask if they can get Student loans after a bankruptcy, and I have seen many people answer that yes, it is possible and the federal loan application process does not consider bankruptcy. However, I need to know if a private lender (such as Sallie Mae) follows the same rules (i. e. doesn’t consider credit or a bankruptcy) in the application process? I live in California.
yeah
BS the federal loan application doesn’t consider bankruptcy. Stafford loans are guaranteed depending on need. If you need additional federal loans, those are based on your credit report. It will be very hard to get any loans, Federal or Private, after declaring bankruptcy without an endorser.
If you file bankruptcy, it may be hard to get loans from a private lender. It is possible, but not guaranteed.
ill be asking this same question in a couple years !!!
no, all private lenders look at bankruptcy filings too. they will show up on your credit report therefore will be considered, best bet just wait until it has run off your credit in about seven years, sorry to give you the bad news.
Call and ask financial aid, I had no problem with getting government student loans, but a couple of years had gone by and this has been 9 yrs. ago. Unless your in serious debt, I would consider other options, there are also some new repayment options for your student loans as of July 1. 2009. Whatever you do, do not default your student loans. Of course bankruptcies will not do away with government student loans or IRS debt.
Private student loans will always require you to have a very “credit worthy” cosigner. If you can find one, even with a bankruptcy in YOUR history, you would prob be able to get a private student loan.
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