Can I still get a Student Loan if I am Bankrupt?
You can certainly apply for student loans while in bankruptcy.
If you require financial assistance to continue your studies, and you are in a consumer proposal or bankruptcy, talk to your trustee and to the financial aid office. If you receive funds from a student loan, the trustee will not seize that money for the creditors. That money is loaned specifically for school, and is not considered an asset to which the trustee is entitled. However, you will probably have to get a letter from the trustee stating that any funds you receive for school will not be considered after-acquired assets available for your creditors.
Please remember that any loan received after filing is not included in the bankruptcy or consumer proposal, and must of course be repaid outside of those processes.
Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.