Fast Fact

More Americans will file for bankruptcy this year than in the entire decade of the 1960s.

Source: Legal Helpers, 2010

Bankruptcy

If you declare bankruptcy… Then…
Before you get a loan

Consider speaking with your financial aid office and bankruptcy attorney.

Federal loans—In most cases, a bankruptcy does not prevent you from obtaining a student loan through the United States Department of Education.

Alternative (private) loans—Bankruptcy may affect your eligibility for an alternative student loan. Speak with the lender first, before you apply.

While you have a loan Bankruptcy could impact your rights and obligations pertaining to your existing student loans. You should consult a bankruptcy attorney regarding the impact of bankruptcy on your student loans, including whether they may be dischargeable.

Related Information

Online Resources

Download deferment and forbearance forms online or contact your servicer directly to apply for a deferment or to determine eligibility.