Q on student loan

[zoomzoom]

Hi, DH and I will finally be discharged in 5 months! I am desperate to go back to school. In fact, I'm starting to get everything ready: take GRE test, applicaiton process, etc... We hope I can submit my application by the beginning of 09 or middle of 09. My question is, I had student loans included in my Ch 13 plan. What are my chances of getting student loans for my Master's Degree?

[MajorMike]

You can do the Staffords, they don't look at credit.

[CindyLou]

Hmmm.... there may be an issue if they consider you defaulted on your current loans. I'm not sure exactly how it will work, but I think that could be the only issue.

[zoomzoom]

Yeah, that's my problem. I defaulted on my loans, but I so desperately want to go back to school. Discharge should take place in Nov of this year (although I know it may take longer), and my hopes is to start school in the Fall of next year.

[AngelinaCatHub]

There is a plus and a negative as you may get a loan in that you cannot bk for I think 7 years? Could have changed. Trouble is, you will be offered a BUNCH of CC's since you are safe to get a judgment as you cannot write them off. Be careful. To easy to get back on the slippery slope again. 'Hub

[rrockinggramma]

if your student loans were not paid off in your chapter 13 they are not completely discharged. You will still owe what is left. Now private loans filed under the old law may be discharged but private loans won't affect the stafford loan from the federal government. Government loans are not discharged.

[buckeyebrat]

Student loans outside Chapter 13

I filed my Chapter 13 petition on May 8 & have my meeting of the creditors on July 1st. When I filed, we included all my debts but put a special provision for my student loans through sallie mae. I went to pay my sallie mae loan today online & I was locked out. I called sallie mae & they said I was locked out b/c I filed bankruptcy. Keep in mind that my student loans (all of them) are not included in my Chapter 13 bankruptcy & were included in a special provision of my plan to be paid outside my Chapter 13 plan. They are saying different. I have the court paperwork & faxed them to sallie mae today. My lawyer is on vacation & I am freaking out. My dad has cosigned for my one loan through sallie mae & they said all my loans are not in bankruptcy but the one that my dad cosigned for is. Does that sound odd?? Sallie Mae is screwing up again. They also told me that my dad's credit is affected b/c I filed for bankruptcy so that means he did to. This is not true. Need help or advice???

buckeyebrat

[tcauvet]

Don't worry about it. I have the same thing (except for private student loans that are included in the bankruptcy, but still non-dischargeable). They lock you out as far as checking your account, but you can still call them and request a balance. Also, the loans are deferred until the bankruptcy is discharged, but you can still send them a payment (I send them a payment every month). I know- I freaked out too, because I didn't understand what was going on. I usually send a monthly payment and call them about every six months to check my balance. You can get a billing address and phone number from salliemae.com. Hope that helps.

[rrockinggramma]

and even though you are making your sallie mae payments outside of your plan, they were still included in the BK and they could indeed show up on your dad's credit report as IIB because they were and are IIB. Now he can fight it with the credit bureaus but I bet he won't get far. Just make sure the payments are made and posted on time. Sallie Mae is awful and not afraid to ruin one's credit with late payments.

[zoomzoom]

Thanks. My student loans are included in the 13, but they will not be completely paid by the time I'm discharged. I'll have about $12K left on them. Ouch! I know that's going to suck! Will they have a payment plan available? That would be my only option. They have to know that we can't obviously pay $12K upfront!

[alicias108]

I'd like to know the answer to zoomzoom's last question. I have about 160k in private student loans. (I just laugh anymore..no way I'll ever get that paid off in my lifetime.) How would they be collected after a ch 13 was discharged? Could you petition through the court for a payment arrangement?

Alicia

[rrockinggramma]

the loan company should set up payment arrangements. But I think that the congress just passed some new rules concerning private student loans that effects how much you can or have to pay each month. You might want to google that because I don't have the particulars on it but there have been some changes of late.