Posted by: admin in chapter 13 bankruptcy info on
Marie asked:
I am trying to find out how much our daughter can get in student loans on her own? My husband and I cannot legally cosign for her because we are in the middle of a chapter 13 bankruptcy. I contacted the college that she will be attending (CMU) and was told that we will need to fill out a parent exemption form that will allow her to get more loans but how much will she be able to get? Enough to fund college? She has zero credit so I’ve read that she cannot get any other loans. How on earth is she going to be able to go to college? We are desparate for any information we can get on this. Thanks much.
Tags: cmu, zero credit, Student Loans, Earth, chapter 13 bankruptcy
AGGRESSIVELY pursue scholarships and grants! Many of these will not require that your daughter have a 4.0 or be able to stand on her head or any other weird skill – tell her not to be intimidated when it comes to applying. So many scholarships go unclaimed, so if you’re willing to do the research, it can be a massive help and…less debt! Fill out a FAFSA asap, contact her school and ask them for scholarship literature. Good Luck!!
When I went to college I took out 2 loans. At the time i was 19 so I didn’t have any credit. My parents cosigned. Your daughter can get any adult to cosign if they have good credit. The places where she is getting the loan from needs to know that if she is not paying her monthly payment they always have the cosigner. As long as the adult you ask to do this favor know the risk then everything should be fine. All my dad had to do was fill out a form. Ive been paying for 20 months now and haven’t missed a payment. The payments are really low. Which is what they like because only half of it goes to the actual loan you took out. So its going to take me 7 yrs to pay off my loan which is total crap because they take half of the money. Also these loans will help her get credit. It will be on her credit report 6 months after graduating school.