Just approved for my student loans and grants right out of BK

[Exployer1234]

I just wanted to give hope to people who are wondering if they really can get grants and loans for school right after discharge, or while going through BK. I applied for my student loans and grants prior to filing BK. This was back in January of this year. After I filed BK in April I had to resubmit tons of paperwork to my school and lender. Well after almost 9 months I finally was awarded my pell grants and loans. I decided to go ahead and accept all the loans offered and put the amount in a savings for my emergency fund.

I received the same amount that I had last year and this was prior to my BK. So it does take a lot more paperwork, but it can be done.

My advice to anyone who does accept the loans make sure you have a plan to pay them back and do not accept all the loans that are offered each semester.If you save most of the student loans you accept then set a lot aside so you have enough to start paying the loan back when you complete school. I know it is tempting to spend the money, but honestly you need to think ahead. I already have a full-time job, it does not pay great, but I use this to pay all my normal household bills. This money that I took out is my back-up plan.

Prior to filing my BK I had a pretty good amount saved from the last 2 years worth of loans. It was not enough to pay my debts off and i even tried to save my credit by using that money to pay my creditors. Well after all the money was gone I had saved there was no choice but to file. If I had been smart I would have set the money in an IRA account and still have the money today.

[tobee43]

just curious...so how are you paying for school???

I decided to go ahead and accept all the loans offered and put the amount in a savings for my emergency fund.

[kartoons19]

Employer, that is great news, I'm so glad it worked out for you! At least you won't have to make weekly visits to the financial aid office anymore! ;^)

As mentioned in my other posts, I got my student loan disbursement and it wasn't an issue at the 341. I do wonder if I will have any problems for my January loans. This is my last one before I graduate! So far I haven't heard anything from Direct Loans, but I may after discharge. Hopefully I will get a job soon, so I can put the rest away in a savings account.

Thanks again for the update and I'm happy it worked out for you.

[Exployer1234]

just curious...so how are you paying for school???

The pell grant portions of the loans. This covers almost all of my tuition for fall and spring as well. I will have to pay 300 dollars out of the loans to cover the remaining balance on the bill.

[tobee43]

The pell grant portions of the loans. This covers almost all of my tuition for fall and spring as well. I will have to pay 300 dollars out of the loans to cover the remaining balance on the bill.

yes, your post had this house full of discussion last evening.!!!


we pd for a large part of our kids college and grad schools...however, they did get some grant monies and some loan monies... the loan money was never ever handed over to them!! once we recall there was an "overage" of funds...like a few hundred dollars and i think our daughter rec'd it back at some time.

even in grad school...all loans were directly issued to the universities directly not to my kids...??

i hear it all the time about the student loan monies being issued directly to the students...and please don't take this the wrong way but i know (and i'm NOT including my kids because to this day they are excellent with money), but i know a few of their friends that if handed the "check"...they were have blown thru the money in NY minute! LOL..

also even in those days we had two in at the same time..but that's what we get for having kids 10 months apart...the TOTAL college bill while they were BOTH in at the same time ( and we only had 2 years out of 8 years!!) was over 87K.....NO wonder we are broke!! LOL!! they did have a few loans in grad school they handled themselves but we KILLED ourselves to make certain our kids were equipped with...the following:

a sheep skin
good teeth
PERFECT CREDIT...both still after 11 years maintain over 800's
and a good pair of shoes to get them where their going...

oh...and please don't think they didn't work...both worked full time since they were 16! so they were not spoiled except with love i hope.

[Exployer1234]

Thanks Kartoons19. It is a load off my mind finally getting this done. I think you will be fine for spring. Just check now if you need to fill anything else out.

Tobee43 it is hard not to spend the money, but I think the only thing I can find myself doing is buying groceries and taking my dog to the vet. I have a Shar pei that is on the verge of death. She is in heart failure and in a lot of pain. I keep her medicated, but I know it is time to let her go. So my loan money is bitter sweet. There is really no other things we need in my house. I also am in the works on getting a second job to help make up the money I am using from the loans. My BK has taught me to replace what I spend.

Also we have not been on vacation in over 10 years now. I wish I could go, but not a chance. I have 2 other Shar pei's who can not travel now. One has a condition called cluster seizures and the other has fever episodes. Both are triggered from stress. There meds are very cheap to buy every month and the vet does help me out when I don't have the money to pay-in-full.

I know what you mean about people blowing all the money. I was in the financial aid office today and I overheard a conversation where a loan officer was asking someone if they needed more money. They were already getting 4000 in extra loans. He said and I quote " I can get you as much money as you want. Especially if you want just to have some money to spend. You name the amount and I will approve it". I just looked down and shook my head.

[tobee43]

oh, i really understand explorer...actually i feel so badly for those now in school busting there humps and taking out these high loans to education themselves to better themselves and their families, only to find NO jobs when they graduate...

living expenses have gotten out of hand, and personally i don't know how you do it!!

the problem also is that it's the young educated with the good jobs that are the backbone of our social security system...without them the elders in the country would have nothing....so i find it bleek to say the least about all you hard working students trying to better yourselves and the world.

i hope you so...and i wish your sweet doggies the best...;)

[Exployer1234]

Thanks Tobee43. I hope I can bring myself to take the last ride to the vet. She has been part of our family for over 11 years now. We rescued her when she was about a year and 1/2 old. I will be lost without her here.

Living expenses have gotten to be outrageous. No matter how much I cut, there always seems to be something that goes up. To top it off I have not had insurance since January of 2009. I am chronically ill and can only afford one of my meds.

I look at it this way sometimes it can be a lot to deal with, but everything makes me stronger . That is one reason why I want to finish my degree. I waited late in life to go back to school, but I know when I am done I will feel like I have accomplished something in life. Plus I will have a better chance of finding a job that will allow me to not come out of remission.

I think sometimes we have to look outside the box and put aside everything we are dealing with, and think about the big picture. I see many people going back to school at a young age and really their hearts are not into it. I think if you are going to spend all this money and time then you should want to do it. I know a degree will help your chances of finding a job, but if you do not learn anything while you are in school then it is pointless.