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Going Back To School During Chapter 13 Bankruptcy

Many people filing bankruptcy take it as an opportunity to re-evaluate their goals. For some, this may entail going back to school to get a degree, complete a major, or move on to graduate school.

Luckily, even if you've filed for Chapter 13 bankruptcy, you may be able to qualify for certain types of financial aid and loans.

Going back to school is a commendable choice. If you do intend to continue your education, though, you may wish to meet with somebody who can help you better understand your financial options. Fill out the form below to set up a free, no-obligation consultation with a nearby bankruptcy lawyer so you can get the answers you need.

Federal Financial Aid and Bankruptcy

Filing bankruptcy does not typically affect your eligibility for federal financial aid.

In the past, people who had filed for bankruptcy to discharge federal student loans had to pick those loans back up in order to apply for any further federal loans. However, thanks to the Bankruptcy Reform Act of 1994, borrowers who had discharged earlier education loans can now freely apply for further federal aid without having to assume the debt of their previous loans.

Whether you’ve filed for Chapter 7 or Chapter 13 bankruptcy, you may still be eligible for the full range of Title IV grants and loans, such as:

  • Pell Grants
  • Teacher Education (TEACH) Grants
  • Federal Supplemental Educational Opportunity Grants
  • Direct Loans
  • Perkins Loans
  • Work-Study

This doesn’t apply in every situation. For instance, if you have student loans currently in default which were not included in a bankruptcy, you may be unable to get further aid until they are out of default. PLUS and Grad PLUS loans may also be denied to applicants who’ve filed for bankruptcy. However, in general, there may still be many opportunities for federal financial aid even if you have filed for bankruptcy. Plus, with your other debts finally cleared, you may find your personal budget allows for some of the expenses. The FAFSA website is a great resource to find out more about what’s available to you.

Private Loans For School and Bankruptcy

Getting private loans for going back to school is a more complex matter. Lenders are permitted to take bankruptcies into account, and previous filings (especially Chapter 7 bankruptcy) and your credit score may make it very difficult to secure a private education loan. However, if you’ve filed for Chapter 13 and have proven yourself capable of keeping up with regular monthly payments, private lenders may be more accommodating.

If you’ve filed for Chapter 13 bankruptcy and are looking at going back to school, check out your options. Whether you apply for federal aid or private loans, though, you may benefit from talking to somebody knowledgeable about current laws and how they apply to you. Fill out the following form, and you can get in touch with a nearby bankruptcy lawyer for a free consultation.

Speak to a Bankruptcy Lawyer Today

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