I want to get admitted in a course and apply for a student loan. I had filed for Chapter 7 around two years ago, which is still there on my credit report. Will I be considered ineligible for the loan?

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Depends on whether you want to apply for federal aid or private loans. Bankruptcy usually doesn’t have any effect on the federal aids and student loans. As a result, you’ll be able to get the federal Pell Grants or the FAFSA aid. However, the decision for private loans rests with the creditor or lender only, and they might not consider bankruptcy a favorable condition.


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