Are there any OPMs receiving financial aid despite the fact that they have filed for bankruptcy in the past?
Although I have never filed for bankruptcy, this should still not be a problem for anybody. The Stafford loan is not dependent on a credit rating or credit report. The eligibility requirements for Federal Student Aid are:
Have a high school diploma or GED;
Be accepted to a degree-granting institution;
U.S. citizen or permanent resident;
Registered for selective service (males only);
Have no drug convictions.
I filed bankruptcy a year ago and am putting in my FAFSA for student aid. Staffords are available to you because they do not require credit rating. Other private loans may or may not require a credit rating, most loans at a bank do if not all. If you need more money than a Stafford can give you then you could have a co-signer on a private loan. Staffords are ONLY available to you if you did NOT discharge any previous student loans in your bankruptcy(usually you can’t discharge them but in some cases they are allowed).
I have a bankruptcy that is now about 7 years old. We do still get turned down on a lot of things, or we just end up having a higher percent rate. I do receive the Pell Grant, and Stafford Loans with no problem, but when I applied for a private student loan I didn't qualify on my own, I needed a co-signer. It can be done, so just don't give up.
Amy in Texas