Hi all, I just filed Chapter 13 this week and am still reeling with thoughts and questions. I just thought about my son who wants to go to college next fall. We obviously don't have any money saved for this so he will have to look into loans and grants. I know that financial aid does look at the parents income and may require that we sign on a loan? How does this work? I don't qualify for a loan while in chapter 13 so will my son not be able to get the money he needs thru financial aid because I filed for BK? I would feel horrible if that's the case.
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Go to the Search feature of the forum and see if you can find anything for student loans and bankruptcy.
I remember that about two or three months ago, there was a thread discussing something similar, where the school wanted to have the parents sign for the loan, but their active BK prevented it. So the school allowed the son to apply for and qualify for his own loan, without the parent's signature.
Look into Pell grants or something like that also. Your son may also have to take a PT job and go to school PT for a while.
Good luck to you!
"To go bravely forward is to invite a miracle."
"Worry is the darkroom where negatives are formed." -
Due to laws that were enacted, you have to fill out the financial info for FAFSA - however that is as far as it goes. FAFSA is only to tell the college how much "your family" is required to pay. With that being said, it is not a mandate that parents must co-sign loans and put their children through school, period.
Our daughter has paid for her own college education through Pell grants, scholarships, and small student loans as well as the GI Bill. We have helped with some college course books in cash and thats it. We decided long ago that our kids would have to pay their own way for college after watching friends and other family members go through hell and back (including having to file BK themselves) from cosigning for their childrens student loans. The kids decided "hell with it.. mom and dad will pay for it...I hate school" - and the rest of the story is...parents got stuck with the loans, kids dropped out; no jobs, no place to live - so back at home.
Do your kids a favor - make them pay their way. They'll be much better for it in the long run, this I can assure you.
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Pandora said it much better than I did. Her last sentence reminds me of something a very wise man once said:
"Do not handicap your children by making their lives easy." Robert A. Heinlein"To go bravely forward is to invite a miracle."
"Worry is the darkroom where negatives are formed."Comment
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Amen sister..amen!
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