Question

[jribe]

I hope someone knows the answer to this..


I was planning on filing Ch. 7 in Sept/Oct. Obviously it wouldn't be discharged until next year.

My issue is that i am starting school in November and i will be getting a stafford loan for this.

Becaue my case would not be closed; would i have a problem getting my loan?

I haven't current staffords (that i am current on- always have been) so that's not the issue. I just don't want to hold up my school; i can't afford going without the loans.

It would be awful to file in September and find out i have to wait until next fall to start school because of the timing.

Thanks!

[123ABC]

Federal student loans have nothing to do with credit. A credit check is only done on a private loan or a parent plus loan. Keep in mind also they can not be discharged either.

[backtoschool]

I hope someone knows the answer to this..


I was planning on filing Ch. 7 in Sept/Oct. Obviously it wouldn't be discharged until next year.

My issue is that i am starting school in November and i will be getting a stafford loan for this.

Becaue my case would not be closed; would i have a problem getting my loan?

I haven't current staffords (that i am current on- always have been) so that's not the issue. I just don't want to hold up my school; i can't afford going without the loans.

It would be awful to file in September and find out i have to wait until next fall to start school because of the timing.

Thanks!

If you apply for the stafford loans and school before you file (I assume you filled out the fafsa form, etc) and get your first disbursement after you file (ie in November when you start), you will not have an issue at all.

Other scenarios probably won't have an issue either, but since I am taking a small stafford loan to supplement my fellowship while going back to grad school, I checked into all of this and ran it by my attorney.

As for credit score, etc, stafford loans are not credit based, they are need based based on the fafsa you filled out.

[jribe]

thanks for the replies. I understand they are not dischargable- i wasn't questioning that nor would i want to have my loans discharged.

I was just concerned about the timing - and making sure that because i filed it would not hold up the loan for some reason.

I know they are not credit based; which is quite helpful to me and many others i would imagine.

Thank you again for the responses.