I've had clients come to me in tears because they desperately need to file for bankruptcy but they are afraid their dreams of getting a college degree are going to go down the tubes if they file. Contrary to popular myth, you can get a student loan after you file for bankruptcy.
If you get a chance, Google the "Unified Student Loan Policy Common Manual of April 2005, Chapter 5, paragraph 5.6" It states that the Bankruptcy Reform Act of 1994 prevents a school or lender from denying a federal loan or grant to an applicant solely because he or she has filed a bankruptcy petition.
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I frequently meet with clients throughout Northwest Georgia who are concerned that they will not ever be able to get their degree if they make the decision to file for bankruptcy. The truth is that bankruptcy is not an obstacle to pursuing your educational dreams. I've seen clients who were able to get loans to continue their education while they were in active Chapter 13 bankruptcy cases in Northwest Georgia.
For students who are applying for financial aid, my guess is that a bankruptcy would show the college that you are truly in need of the financial aid.
It is important to note that student loan debt is virtually impossible to discharge in any type of bankruptcy. As a consequence, student loans have been easy to obtain. The scary aspect of student loans is that if you borrow too much, you will be putting yourself into permanent economic slavery. I have some attorney friends who claim that they will be paying on their student loan debts until the day they die!
Before increasing your educational loan debt, you should consider whether the future income you are going to earn will be enough to pay off the student loan over a reasonable time. The United States is filled with college graduates who can't get a job making more the $10 per hour. What is the total amount you intend to borrow to complete your degree? What is the salary expectation for people with your degree? How many of the graduates from your college find jobs within six months of graduation? Can you speak with some of the graduates of the program your considering before you enroll? Don't sell yourself into student loan debt slavery.
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