Only 4 Days of financial freedom :)))

[stanpendula]

4 Days after the discharge, with a credit score of 519 and a Ch 7 on the record I was approved for a Parent Plus Direct Loan by the Department of Education !!! $12k !!!

My strategy of applying and being sure that I will be denied so my kid can get approved for more loans backfired. What guidelines do they have and how are they following them if , after they specifically stated the ch 7 is Credit Adverse, they approve me for the full amount??

I'm between rock and a hard place: if I refuse the loan, my kid will not go to college, if I accept the loan, I re-start with debt ... what to do, what to do?



Btw\ I don't expect an answer It's merely a "be aware" post.

[IamOld]

stan, you are helping your kid. I would do the same.

Now, perhaps you and the "kid" could have an agreement, that if he/she is working, they will make the payments directly to you, or some portion thereof.

For what it's worth, that's what I'd do :-)

Good luck AND BEST WISHES!!! to you and your offspring!!!!!!!!!

[LadyInTheRed]

I think this the first time I've seen somebody fresh out of BK being disappointed that they were approved for credit.

That's quite a dilemma. You're going to get my answer even if you didn't ask for one. Has your son considered going to a community college for the first 2 years? You can both save money to pay for him to transfer to a 4 year school. Even if you still have to incur some debt, it will be less than borrowing for 4 years.

My father was a college professor at a State University. He always said that you can get a better education at a community college. The class sizes are smaller and the instructors are focused on teaching without any pressure to publish or do research.

[stanpendula]

I will definitely send him to school, regardless of the cost. I will even get a second job, if necessary. When we came to this country 15 years ago, we came 80% to offer him a chance for a better life and education. I don't want our financial mistakes to stop him from getting that education.

Regarding the community college, we talked about this at length, we decided him to go to a State University and out of town. Still, tuition is 22k.

... and about loan disappointment, what can i say? I was contemplating a secured credit card or one of those $300 limit cc's ... and now I'm waiting for the papers for a $12,000 loan ... I can still take whatever life throws at me

[IamOld]

Again, best of good luck to you stan. I feel the same way - my humble goal - fingers crossed for post BK - hopefully by the end of the year, that I can afford to pay my son's comm college tuition. My state has guaranteed transfer agreements with about 30 some odd univs, so he can go for next to nothng for 2 years, transfer, and come out with the same education and the same piece of paper that he would have otherwise.

[wipetheslate]

I will definitely send him to school, regardless of the cost. I will even get a second job, if necessary. When we came to this country 15 years ago, we came 80% to offer him a chance for a better life and education. I don't want our financial mistakes to stop him from getting that education.

Regarding the community college, we talked about this at length, we decided him to go to a State University and out of town. Still, tuition is 22k.

... and about loan disappointment, what can i say? I was contemplating a secured credit card or one of those $300 limit cc's ... and now I'm waiting for the papers for a $12,000 loan ... I can still take whatever life throws at me

$22k is an insane amount of tuition. I don't think you are on the road to financial freedom if you're willing to jump back in debt for extravagant education costs. And I say that as a college professor. IMO, you need to have the guts to face your kid with the truth.