Legal Question in Bankruptcy in Ohio

Bankruptcy and Student Loans

I am a grad student who still has approximately 2 and a half years until graduation. My credit card bills are getting out of hand. I work only as a substitute teacher only, so money is scarce. My question is if I declare for bankruptcy, will I still be eligible for student loans to pay for my graduate school?

thank you in advance!


Asked on 10/13/99, 10:53 pm

2 Answers from Attorneys
Dorothy Bunce

Re: Bankruptcy and Student Loans

Every lender has its own criteria, but I recently represented a client on a bankruptcy, and less than one week after her discharge came through, she had obtained her next student loan. In fact, she used part of the loan proceeds to pay off (at a large discount) several nondischargable debts.

My suggestion is to check the lender's criteria. If I had to guess, I would say that you probably cannot obtain any financing as long as the case remains open.

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Answered on 10/14/99, 5:23 pm
Daniel Press Chung & Press, P.C.

Re: Bankruptcy and Student Loans

Federal law prohibits use of a prior bankruptcy as grounds to deny student loans.

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Answered on 10/15/99, 12:55 am


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