Can I Get a Student Loan If I Declare Bankruptcy?

Federal student loan programs allows anyone to obtain a loan to pay for college, regardless of credit history.

As long as you have not defaulted on a student loan, you can obtain one even if you are in bankruptcy. Federal student loan programs will not review your credit, like private lenders do, so federal student loans can be awarded based on other criteria.

Advantages of Federal Student Loans

You will be able to defer all payments on all student loans till six months after you graduate. Federal student loans also offer low fixed-interest rates--contrasted with private student loans--and flexible repayment options.

Financial Aid Application

To apply for federal student loans, you should obtain a financial aid application from your financial aid office at the school you attend. You must also complete a Free Application for Federal Student Aid so that your federal student loans can be processed.

Student Loan Limits

Undergraduate students can borrow from $5,500 to $12,500 a year, depending on the tuition costs and year of study. Graduate students can borrow as much as $20,500 a year. Federal student loan money is used to cover tuition and other school-related expenses, such as housing.

References

• Department of Education: Federal Aid First

Resources

• Department of Education: Federal Student Aid: FASFA