Bankruptcy and loans

[Michigan MD Hopeful]

Hi all. Do I have a chance of attaining the loans I need to attend AUC with a recent bankruptcy? I am unclear as to the answer. Let's assume a cosigner is available. Thanks

[teratos]

With a co-signer you probably do. You would have the most problem with non-Stafford loans. e-mail the financial aid dept, or call a place like Sallie Mae. G

[tRmedic21]

I don't think so. If you aren't currently in default on any federal student loans, never have been convicted of a drug-related felony offense, and are currently an American citizen or permanent resident, then you are eligible for federal loans, regardless of past credit history, no matter how recent.

However, with only federal loans, you ain't gonna make it, as they won't even cover tuition anymore, especially with the upcoming $500 hike next semester. You absolutely will need private loans to go to school here, but if you have a cosigner with a decent credit rating (~650 or so) you shouldn't have any problems.

[secret.asian.man]

hey michigan,

there is another option.
you can get the Achiever Loan (not MedAchiever) from Key Bank. it's supposed to be designed for people with bad credit history or bankruptcy.

someone else with a good credit history (mostlikely your parents or siblings) has to apply for it on your behalf. you can consolidate it for 20 years max. the downfall to this option is that you'll have to pay back the loan as you go along from day one. another words, your first repayment will be one month from the date when the school starts. the amount of the loan you are eligible for depends on the applicant (who's applying on your behalf). it doesn't sound all that appealing but it's better than nothing.

in case yoiu didn't know... as far as fedral stafford is concerned, as long as you're not in default, even with your bankruptcy, you should be fine.