Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

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 ??
Show More
Show Less
Ask Your Own Tax Question
Answered in 36 minutes by:
1/17/2018
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,871
Experience: IRS licensed Enrolled Agent and tax instructor
Verified

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.

Ask Your Own Tax Question

Any questions?

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

Ask Your Own Tax Question
Customer reply replied 6 months 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.

Ask Your Own Tax Question
Customer reply replied 6 months 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
Category: Tax
Satisfied Customers: 3,871
Experience: IRS licensed Enrolled Agent and tax instructor
Verified
emc011075 and 87 other Tax Specialists are ready to help you
Ask your own question now
Customer reply replied 6 months 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.
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask emc011075 Your Own Question
emc011075
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,871
3,871 Satisfied Customers
Experience: IRS licensed Enrolled Agent and tax instructor

emc011075 is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
If i don't claim my daughter as a dependent does she have a
If i don't claim my daughter as a dependent does she have a chance of getting more grant/help in paying for her graduate program? she is 21 yrs old. … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,139 satisfied customers
I am wondering whether to file married or separately. If i
I am wondering whether to file married or separately. If i file married, there is no financial aid through FAFSA for my two college-age daughters. Can you tell me how much aid I might be eligible for … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
My daughter is 19, lives with us, is not attending school,
My daughter is 19, lives with us, is not attending school, is working two jobs. I filed my taxes with her as a dependent. but didn't qualify for the child tax credit. I used the standard deduction. If… read more
abci168
abci168
Principal
27 satisfied customers
A college loan my girl made a payment agreement with are
A college loan my girl made a payment agreement with are trying to take her whole tax check how does she stop them!… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
When should you no longer declare your child as a dependent?
When should you no longer declare your child as a dependent? My child is a college student and recieves colllege loans. Would she be elgible for better interest rates and grants if her loans weren't b… read more
CFEPro789
CFEPro789
Fraud Analyst
Master\u0027s Degree
369 satisfied customers
Here is the situation we are in. My husband, Gene, in 2011
Here is the situation we are in. My husband, Gene, in 2011 was paid via 1099 and not withheld. Additionally, as we were behind on credit cards, I negotiated settlements with the companies, not realizi… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,655 satisfied customers
Thank you FASFA.. I understand the concept is to have your
Thank you FASFA.. I understand the concept is to have your AGI as low as possible and your assets not sitting around in bank accounts for maximum eligibility, no? And why I never applied (my mistake) … read more
winktax
winktax
Enrolled Agent
Master's Degree
349 satisfied customers
This question is about financial aid for education. I have
This question is about financial aid for education. I have split up from my husband and am receiving spousal support and child support. I need to retrain and am interested in a Web Development Certifi… read more
abci168
abci168
Principal
27 satisfied customers
I need some advice for financial planning and managing student
I need some advice for financial planning and managing student loans. My girlfriend has just realized she has massive student loan debt and neither of us know the best way to approach the situation. S… read more
TaxWhisperer
TaxWhisperer
Principal
Master's Degree
24 satisfied customers
Im trying to repair or increase my credit score. Hope a mortgage
I'm trying to repair or increase my credit score. Hope a mortgage banker expert can answer my question. How many points will an eviction affect credit score? Does it stay on your credit report for 7 y… read more
Wallstreet Esq.
Wallstreet Esq.
Tax Attorney
Doctoral Degree
586 satisfied customers
Our son is 21 years old and needs to apply for fafsa student
Our son is 21 years old and needs to apply for fafsa student loan. He needs our tax info. We are not in the position to give him that info. How can he apply on his own without our tax info. He needs t… read more
Dave Z
Dave Z
Self-Employed
Bachelor
418 satisfied customers
Last year I made bellow $10,000, because i was volunteering
Last year I made bellow $10,000, because i was volunteering hours for medical school. My wife made over $60,000. Because I made so little money last year would I get more money from federal student lo… read more
Dave Z
Dave Z
Self-Employed
Bachelor
418 satisfied customers
What happens to my student loans when I withdraw from class
Hello there, I went through a similar situation with my child. What happens is that you will withdraw, and the institution will process your account. There is a formula that the institution uses to fi… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
60 satisfied customers
I am 55 years young, retired with a modest retirement ...
I am 55 years young, retired with a modest retirement income; however, I have never had credit and the credit I have is terrible. Would there be any sense in me attempting to establish a good credit r… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
60 satisfied customers
I'm 21 years old and am in my junior year of college.
I'm 21 years old and am in my junior year of college. My parents are in a bad financial spot and I'm worried they won't be able to pay for my last two years, or even get a parent loan. Unfortunately, … read more
Matt Kesler
Matt Kesler
Business Owner/Law Student
Doctoral Degree
1,646 satisfied customers
Is it true that we will automatically not qualify for ...
Is it true that we will automatically not qualify for college financial aid because we own 2 homes?… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
I am a single mother of twins / Im 35 started school ...
I am a single mother of twins / I'm 35 started school this fall /fulltime / I need to apply for a grant. Does someone have any direction for me? I can't work at this time - maybe in a few months after… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
I am 47 sole provider (mother) of 3 teenage daughters. I ...
I am 47 sole provider (mother) of 3 teenage daughters. I have 50k in bank (2.75% savings account), 300k in investments, 60k in 401k retirement account, and own my home (value 300k with a mortgage rema… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
60 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x