Obtaining a Private Student Loan 2 yrs Post Bankruptcy, Is it possible?

[Scorpyo_Ice_27]

Hi guys!

I am 2 years post bankruptcy and since the bk I have built up my credit score close to the 700's. I don't need to borrow much maybe $5k-$10k since this is my last semester.

Does anyone know if there a possible way that I can get approved for a private student loan without a co-signer?

[keepmine]

Why not call some lenders and ask? Also, $5 to $10K is a pretty big spread. Tighten up the numbers and find out what you really need.

[One Half Full]

I am going to be going to school post BK/ Forclosure, in fact, I am filling out my forms and getting my paperwork together right now. The program I am going into requires an artistic portfolio, so to speak, so there is a lot of preparation work. I am getting my Masters,so there is no public Government money available, and all I can get are of course bank loans. I specifically called the Financial Aid office of one of the colleges I am applying to and asked if colleges hesitated to give financial aid to MA (independent) students who have undergone BK/Forclosure. The Financial aid officer said, no, you are fine. Just fill out the FAFSA and get into the program, and you will get your loan. Frankly, since you cannot default on a student loan, they really have nothing to worry about. I am taking mine out for tuition and books only, and am going to a reasonably priced college (local state).

[CindyLou]

I am going to be going to school post BK/ Forclosure, in fact, I am filling out my forms and getting my paperwork together right now. The program I am going into requires an artistic portfolio, so to speak, so there is a lot of preparation work. I am getting my Masters,so there is no public Government money available, and all I can get are of course bank loans. I specifically called the Financial Aid office of one of the colleges I am applying to and asked if colleges hesitated to give financial aid to MA (independent) students who have undergone BK/Forclosure. The Financial aid officer said, no, you are fine. Just fill out the FAFSA and get into the program, and you will get your loan. Frankly, since you cannot default on a student loan, they really have nothing to worry about. I am taking mine out for tuition and books only, and am going to a reasonably priced college (local state).

Are you saying that because you are going for your masters that you can't get government student loans? I did for my masters....

[danaf]

be careful about the private student loans. they are at a high interest rate and very difficult to pay off. i know - I have one.

i'd say that unless you are going for a degree that will land you an extremely lucrative job - don't do it.

and if you do get one - make sure you pay much more than their minimum payment because that minimum payment is just the interest (in many cases).

just my opinion. good luck though in school.

[lrprn]

You can certainly get student loans after barnktupcy - check out this link for a great explanation of what to expect - http://www.finaid.org/questions/bankruptcy.phtml

Agree with those who have cautioned against getting private student loans if you can avoid it. The private lenders are much more predatory if run into financial trouble later.

[One Half Full]

Are you saying that because you are going for your masters that you can't get government student loans? I did for my masters....

For real? I always thought that student aid only went to undergraduates (Pell grants) and masters had to take loans. I will look into this. I think that masters can get government backed student loans. I suppose I forgot that. But that's okay. I wonder if this is helping the OP and all.