I have a ch7 in 1999. These loans are available if 5 years have passed since bk and my credit has improved. Is anyone familiar with when I can apply (date of applying for bk or date of discharge)? what fico needed? who lends and won't give me the evil eye for my bk? thanks.
I just went through this and was amazed at how easy it was for a PLUS loan. ( A parent loan for college students ) I asked the school who they worked with best and they sent me to Sallie Mae, all the loans are backed by the federal government so you get a really low 3.9 per cent interest rate. At the time I had some really bad credit ( before I found this and similar boards ). The only requirement is that you not have ANY past due amounts on your CR and any BK is over five years. It does not matter how many lates or c/o's are in the past as long as they are now current. They do not look at income or credit scores. If you meet these requirements you will be approved immediately up to the total cost of attendance at the school applied for. This includes tuition, room and board, books, transportation etc. So if your child decides to go to an out of state private school it could be $35000 a year for 4 or 5 years. I don't recommend that but it would be approved regardless of income.
bev, thanks for the info. i was really worried about qualifying. I am assuming that i will have to wait until sept 04 to apply as i was discharged 8/99. But the good thing is, from what i read, that you can utilize a plus loan to recover what you have already paid out of your cash reserves. and now that I dont have to worry re: my stupid fico score !
