Google """"Unified Student Loan Policy Common Manual of April 2005, Chapter 5, paragraph 5.6"""" if you have the opportunity. It states that the Bankruptcy Reform Act of 1994 prohibits a school or lender from denying a federal loan or grant solely on the basis that an applicant has filed for bankruptcy.
I frequently meet with clients in Northwest Georgia who are concerned that if they decide to file for bankruptcy, they will never be able to earn a degree. In reality, bankruptcy does not prevent you from pursuing your educational goals. I've encountered clients in Northwest Georgia who were able to continue their education despite having active Chapter 13 bankruptcy cases.
My guess is that for students applying for financial aid, a bankruptcy would demonstrate that they are genuinely in need of the aid.
Student loan debt is almost impossible to discharge in any form of bankruptcy. Consequently, student loans have been readily available. The frightening aspect of student loans is that excessive borrowing will result in permanent economic servitude. Some of my attorney friends assert that they will continue to pay on their student loan debts until they die.
Before increasing your student loan debt, you should consider whether your future income will be sufficient to pay off the loan within a reasonable timeframe. There are numerous college graduates in the United States who cannot find jobs paying more than $10 per hour. How much do you plan to borrow in total to complete your degree? What is the expected salary for someone with your degree? How many of your college's graduates find employment within six months of graduation? Before enrolling, can you speak with some graduates of the program you're considering? Do not sell yourself into the servitude of student loan debt.""
" - https://www.affordablecebu.com/
