AboutBobbi Buehl Expertise Home mortgages is my expertise
Experience Experience in the area 15 years Organizations Mortgage Brokerage Education/Credentials BS in Chemical Engineering, BA in Sales and Marketing. Licensed Loan Officer for 6 years and I have worked as a Loan Officer for 15 years.
Question QUESTION: I filed for bankruptcy in September 2006. It has been 2 years now. I need to know what my chances are in getting approved to co-sign on a college loan for my daughter. She is currently attending the University of Florida. She needs about 15,000. I was told I need to wait 2 years and 1 month after it has been discharged to be able to do anything. I am in a much better situation now financially. I make about 42,000 a year my husband and I just bought a home (under his name). I really don't have anything under my name besides 1 credit card with a limit of 500. which I rarely use and my phone. I am scared to cosign as I don't want a rejection and the possiblity of it lowering my credit rating. When our mortgage ran our credit, my credit score was better than my husbands but I couldn't apply for the home loan becuase it had not been two years since my discharge. I would appreciate your thoughts and expertise.
ANSWER: Hello Liz,
I don't know the answer to co-signing for your Daughter's student loan, but I would think you have a good chance because it's a Government loan and they are open to financing you after 2 years of on time payments after a bankruptcy.
My real question would be this; why doesn't your Daughter apply for the loan? I would think she shouldn't have a problem getting one herself.
Hope that helps somewhat, and you can always call the bank and ask them what the probability of youself getting a loan after bankruptcy, before you apply.
Good luck!.... :)
Bobbi
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QUESTION: Bobbi,
Thanks for your quick response. My daughter did take out a small loan through the school. She is on scholarship but her scholarship was greatly reduced when I got married last year. I didn't think that would affect her financial aid but it did. The school gave her what they think is enough for "living expenses". But in reality, it really doesn't do much. The reason I don't want to go through a "bank" is because she wants to be able to pay back when she is done with school, she won't be able to start doing payments before graduating for obvious reasons "college students are always broke". We are looking at companies like Astrive...companies of that nature. She needs a co-signer cause she is only 19 and her credit isn't great. You know how these credit cards come after college kids eventhough she was warned. We ultimately need this loan to pay off all her credit cards and get a used car and living expenses.
Answer Liz,
I would think that you'd be able to co-sign for your Daughter, even with the bankruptcy 2 years out. As I said, it is a Government loan and the Government typically lends when you are 2 years out of bankruptcy.
Again, call them before you have them run your credit and ask if they would let you co-sign after your bankruptcy....nothing ventured, nothing gained!
