Can I get Financial aid when my parents file bankruptcy?

Written by J. Hirby and Fact Checked by The Law Dictionary Staff  

Being able to get a solid education is important in today?s society for securing a good job. Many people worry that they are not going to be able to obtain financial aid for college if they file for bankruptcy, but that is not the case today. For those students who are depending upon their parents to be able to fund their education, they worry that they are not going to have options for getting the money they need for college with a bankruptcy on the record. When it comes time to go to school, your parents will be able to help you with a number of different financial options to help handle the cost of your education.

For example, student loans are a great way to fund the college education. Most of the time, you don?t have to worry about being denied a request for student loans because they are based upon need and not credit. The amount of money you get is based upon what year you are in school and the amount of need demonstrated by the individual. The school will be able to calculate your financial aid based upon the information provided in your FAFSA form. For those who are depending upon their parent?s information, you will need to make sure you put that information into the form for review.

Another great form of financial aid is that of the Pell Grant. This is a set amount of money that is awarded every year based upon specific factors that determine if you qualify or not. Depending upon the price of your tuition, this amount may be enough to pay for your tuition and books for the entire semester. Since you don?t have to pay this form of aid back, many people enjoy taking advantage of this form of aid.

As long as you don?t have any drug related convictions on your record, you will be able to obtain some form of financial aid without worry. It doesn?t matter how bad your credit history is or if you filed for bankruptcy because there are options from which you can choose to get the funding you need for college. Just because your parents filed for bankruptcy that doesn?t mean you are going to be stuck trying to pay for your college education out of pocket. You will be on your way to a solid education in no time with the help of financial aid from the school of your choice.

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