do i inform my college?

[ab33arch]

...do i have to inform the school that i'm filing bankruptcy?? i'm still planning to continue to attend but i wasn't sure if i have to tell them or not anyway...

[tobee43]

no, you really don't need to tell them....unless you are taking out loans you need them to cancel?

[ab33arch]

no, you really don't need to tell them....unless you are taking out loans you need them to cancel?

i am taking out loans but i don't want them canceled 'cuz i rely on the loans in order to pay for tuition...will this be a problem in the bk??

[enuffznuff]

You need to tell the financial aid office. The bk will sort of cancel them, you can get them back but the BK will void your MPN, so you'll need to sign and file another one with the financial aid office of the school.

If you just don't tell them, you won't get your next disbursement because your mpn will be invalid.

[backtoschool]

The loans will not be cancelled, but a new master enuffznuff is correct that a new master promissory note will need to be signed. Make sure that you exempt the refund amount as a cash exemption as well.

[tcreegan]

Hi all, Hi ab33arch,

Always pays to be proactive given the speed at which most financial aid departments operate (not really their fault, usually they are way understaffed for what they are asked to do)

Make an appt w/ your fin. aid advisor and send them an email in advance that it will be about your BK so they can be prepared.

Hope college is going well for you!

Tom in Colo

[tobee43]

i am taking out loans but i don't want them canceled 'cuz i rely on the loans in order to pay for tuition...will this be a problem in the bk??

my reply got LOST in cyberspace...but YES you need to let them know under that situation.

[mekia2001]

I am in school as well and I didn't inform my fin aid office of my BK because I am not including any thing school related. Well they called me and told me they needed a letter from my attorney stating that I am not discharging my student loans, even though they are not dischargeable. The letter is just their requirement, I just sent the letter today so I will have to wait to see what happens.

[backtoschool]

You will still be eligible for the loans as long as they are federally backed loans.

[kartoons19]

I am also in school and did not notify the financial aid office. About a week ago I got a notice from Direct Loans indicating that I needed to contact my school's financial aid office. I called them and said I'm in the middle of a bk, they very nice and said, it's not a problem as I already got my distribution for Fall. I asked her if I will have any problem getting my disbursement in January, and she said no. The most I may need to do is sign another MPN, but I may not even need to do that. So that was my experience.

[Exployer1234]

I had to complete a new MPN, submit a letter from my attorney, and give the school my BK discharge letter. Every school may have some additional information they may need. I would call and let them know you are in the process of filing BK. Also you may want to speak to any lenders you have a student loan with. I had to also call my present student loan lenders. My loans had gone into a default status, even though I was still in school. The lender removed the status and everything is fine now. It is better to be safe then sorry.

[ab33arch]

thanks for all the advice and info everyone!! :-)