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When applying for a student loan financial aid, how much…

When applying for a student...
When applying for a student loan financial aid, how much does your credit score play in the decision and what if you have a bankruptcy ??
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Answered in 36 minutes by:
1/17/2018
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,388
Experience: IRS licensed Enrolled Agent and tax instructor
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Hi. My name is ***** ***** I will be happy to help you.

Your credit score or bankruptcy is irrelevant. Your financial aid is determined by your support and available asset. Financial aid officer will ask for your tax returns and maybe bank statements. If you are being claimed as dependent by your parents, the financial officer will ask for their income documents.

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Any questions?

Financial aid (grants, scholarship) is not a loan. It is based on your financial needs, not your ability to pay it back.

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Customer reply replied 1 month ago
What about student loans?

Student loans come from private banks but you have two types of loans: government sponsored and private. If you qualify for government sponsored loan, the fed. government is your guarantee that the bank will get paid in case you default (and then you deal with the government). If you apply for private loans, the bank will check your credit score and a bankruptcy may be a problem unless you find a co-signer - somebody who will guarantee the loan for you.

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Customer reply replied 1 month ago
She would be applying for a student loan after filling out her Fasfa student loan would be a government loan with Great Lakes

As long as she is a US citizen the bank will not deny government loan because it is guaranteed by the federal government. If she defaults, the bank get paid the the government will come after her.

emc011075
emc011075, Tax adviser
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Customer reply replied 1 month ago
Well sounds like bankruptcy won't keep her from getting a student loan for school then..that is awesome to hear. As her mom I am so worried and stressed about this mess. Thank you I don't think I have any more questions at this time.
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