by Wayne Ramsey

Created on: March 22, 2007   Last Updated: April 18, 2007

While you may assume that after you file for bankruptcy your life is basically over, you aren't completely right. While it does do a lot of damage to your credit and your overall ability to purchase goods, especially in the first 10 years, there are still some things that you can do in order to go to collect and get the education that you need in order to make a better life for yourself.

One of the most important things that you can do before applying to college is to go to http://www.fafsa.edu and fill out the Free Application for Federal Student Aid. By filling out this form, you could be eligible for a lot of money to use for college. I personally get my schooling paid for by the military, but I applied and received almost $5,000 in grant money that I can use each semester. This of course equates to a lot of extra money for me to use towards books, computer software, and supplies. This allows me to go to school with everything that I need to truly be successful. But on top of the grants, you could also get students loans, EVEN if you have filed for bankruptcy.

The trick is, when you apply for a student loan, sure they are going to know that you have filed for bankruptcy because you have to disclose that information. But fortunately for you, it is relatively easy to obtain these loans, because the federal government is willing to guarantee these types of loans. That's right, the federal government believes in education so much that they are willing to essentially cosign on your loans. And who has better credit than the American government? Not any one person, that's for sure! So this means most any bank would be willing to take the risk and give you a loan, because they know that if you default, the government is going to give them the money anyway.

Now, there's a possibility that you won't get as much as you would without the bankruptcy, but it also depends on your annual income as well. The less money you make, the more money you will be given. In fact, you could find that you are given a substantial amount of money in grants alone and that you really don't need all of the student loans. However, you should be able to get some and it should be enough to cover going to college either part time or full time. The main thing is that if you need more money, let your college know the situation, they often times can find you other programs that are willing to work with students with credit problems. Let their experience help you to obtain your education and improve your future. Don't let your past hold you back from accomplishing your dreams, stay positive and good things will come.

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