IfI file for bankruptcy, will my college age children still be able to receive student loans?

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IfI file for bankruptcy, will my college age children still be able to receive student loans?

Asked on November 3, 2010 under Bankruptcy Law, Pennsylvania

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Filing for bankruptcy really effects all aspects of your life and the life of your family.  Everyone believes that it is the saving grace but in fact it can be a hindrance as well in other aspects of your life.  If you were considering co-signing your kids student loans then a bank might not look very favorably on your bankruptcy. You child could be considered high risk in that scenario.  Your college savings account for your children might also be at risk in a bankruptcy proceeding.  The court may not look at those college funds as essential and dip in to them to pay debt.  It will not be fatal to your children but it could have a ripple effect somewhere down the road.  Speak with a debt counselor and see what options you have.  Good luck.   


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