Chapter 7-- Need loan for next school year

[AKboy]

Hi everybody,

I am asking about getting a Federal student loan while finishing up on chapter 7 proceedings. I am a second year graduate student, and need these loans to finish my degree.

Do I need to ask the Trustee permission for this loan? Should I wait until then to fill out my promissory note?

Thank you.

[scorpiogirl9]

I have a very similar question; hopefully someone answers!

[kartoons19]

I am also in the last year of grad school and have already applied for federal loans. I was told by my attorney that I should not have any trouble in getting the loan.

From the research I have done, federal loans are based on need not credit. The most you may have to do is sign another promissory note to get the loan disbursed. I have not heard that you need to ask the trustee's permission.

Hope this helps.

[scorpiogirl9]

It does help. In my situation, I am in the 60 day club right now...and I'm just wondering if I have to wait for the discharge before it's okay to apply for the federal direct loan, or if that will mess up my case?

[kartoons19]

It does help. In my situation, I am in the 60 day club right now...and I'm just wondering if I have to wait for the discharge before it's okay to apply for the federal direct loan, or if that will mess up my case?

I'm not sure how applying for a loan would effect your case since you already filed and haven't been discharged yet, I would check with your attorney. My situation is a little different. I already applied for the loan, but haven't filed yet, I will in the next few weeks.

[AKboy]

The Student loan officer gave me the go ahead to fill out the promissory notes. She said as long as it was a no asset chapter 7 case that there has been no problems with direct loans giving you a loan, as long as none of your earlier student loans are in default.

[queenfluff]

Thanks for this thread guys! I came here to ask a question similar to this.

Been a while since I have been on here. My no-asset BK was discharged last August (2009).

I want to switch careers and go back to school get a couseling license or my Masters in Psychology but how do I pay for it? I still don't have a job so no money for this yet. But while I am sitting around trying to get a job, I might as well go back to school instead of wasting my time!

I have successfully paided off student loans in the past (way before my BK last year) so student loan wise I hope there are no problems since you can't BK student loans, it is not like there would be an issue I would think.

But I was wondering how this would go? It would be nice to get the Grant or something I would not have to pay off I did get both Federal and Grant at one time although they were small. I have research to do.

Scorpiogirl, if you can wait until you are discharged but if you can't don't worry too much about it. Just hope you don't inherit any money before your discharge - that can screw you up! hehe

Nice to know that we can still go back to school and get the money for it. (crosses fingers)

[kartoons19]

Since my initial posting, I have filed and am waiting for my 341. I am expecting a disbursement of my left over student loan money any day now. I haven't received any notice from the school or Direct Loans since I've filed, so I'm keeping my fingers cross that I will get the disbursement.