I am an older Soph. Pre-Med with a recent bankruptcy. I am wondering if this will affect my chances of acceptance at medical schools?
No, it won’t affect your acceptance. It’s possible it could have an impact on your ability to get loans, but I’m not even 100% sure about that - you may still be able to get federally-backed loans but not private loans. You’ll need to talk to financial aid experts to get clear guidance on that.
I was denied earlier this year for a private loan for an offshore medical school. They told me to re-apply after my bankruptcy discharge was 7 years old (which thankfully for me is October). However, if you are planning to go to school in the US, you won’t have a problem with the federal loans. My husband and I have been able to get them for the last several years for our ugrad education. Good luck.
Not with acceptance only with loans. Federal or state loans won’t be a problem but private loans are hit & miss. Don’t let bankruptcy deter you…just makes the process of paying for stuff “interesting”.
Some of the more expensive schools such as Georgetown will do a credit report check on you and thus a bankruptcy will affect your acceptance to this school. I know for sure, that Georgetown does a financial check as does Howard. There have to be other schools too so look into this before you apply.
Does anyone know if they check beyond the 7 years that it taks to get it ‘off the record’. Certain types of organizations can check if you’ve had a bankruptcy up to ten years after, and a few (mostly law enforcement, I believe) can check for ANY past bankruptcy.
What I worry about more than the old bankruptcy is just that I don’t have much of any kind of credit history any more. I use credit very sparingly and pay it off in full at the end of that month… And I owe no one anything for any large items, since I bought my car outright and the house is in my husband’s name.
I’ve never liked debting, and would not have had the bankruptcy were it not for health care expenses.
Does anyone know if their spouses credit affects their ability to get loans, etc.? What about assets and earnings?
Some loan applications will ask directly: Have you ever filed bancruptcy? To put ‘no’ when you have is considered fraud. Also, I was told bancruptcy stayed on one’s credit for ten years while everything else stays for seven.
A spouse’s credit rating should not effect your loan application if you are relying only on your (future) income to repay the loan. If you need your spouse to sign because you need your spouse’s income to get approval, then the loan will be based on both of credit ratings.
Bankruptcy stays on your record for 10 years. After that point the credit agencies are mandated by law to remove it but if the schools ask whether or not you’ve ever filed that’s the schools perogative. I was led to believe the credit checks at Georgetown & Howard were to get a jump start on the loan process…a bit of naivete on my part.
I would look into the schools you are applying to and find out about the BK issue. The issue is you have to show some reestablished credit after a BK. Something which shows that you are now responsible. Get a copy of your credit report and see what your score is. Just because you’ve been credit-less for the past 7 years doesn’t prove that you can handle credit and a bank will be less inclined to loan you money. A BK on your record with reestablished credit shows that you made a mistake and have accepted “responsibility”. This is akin to having to retaking the pre-reqs after many years, especially with C’s, D’s, F’s & W’s. You have to show you’re serious to the medical school and able to handle the new responsibility of school just like you have to prove to the bank.
It MIGHT be different for medical school loans because after all you’re becoming a doctor…however bad credit is bad credit and higher paying job only means you might get into deeper trouble.
Don’t take offense on my wording. I don’t know you nor your situation but am familiar with having a BK and then trying to buy a house and now trying to get it off my credit report only to be told I have to wait another 2 years…