Jul
30
Luck? I’d like to think so…
Filed Under Family, NYS Bankruptcy, Post Filing, Reaffirming Loans
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College Loans
I’m ok with calling it luck, I’ll call it what ever you want to call it as long as the ending turns out the way this one did. In my post from two weeks ago (Denied for a student loan) I shared with you our latest problem stemming from our bankruptcy. If you didn’t read it, in short, the company who funds the Salle Mae loans ran my wifes credit and discovered her our bankruptcy. Here’s what they said:
You have authorized New York State Higher Education Services Corporation (HESC) to obtain your credit history to determine eligibility for federal financial aid. To qualify for federal financial aid, you must meet certain eligibility requirements, which includes a review of your credit history, The information contained in your credit report indicated for federal financial aid is denied for the following reason:
DENIED - THE BORROWER HAS A DEBT DISCHARGE IN BANKRUPTCY DURING THE PREVIOUS 5 YEARS
It was a horrible few days for us. We jointly made a decision for my wife to stay home with our children during the days and go back to school at night. It was working flawlessly, especially when my side business was generating money. Even after the floor fell out on us and we were forced into bankruptcy, we still kept with our plan of kids during the day and college at night (for her). Think how great we both felt when she finished her Summer class and there was only 5 classes left for her to take. It’s like seeing the light at the end of the tunnel. That was until we received that letter. That letter that said we won’t cover you anymore and deal with it yourself. It was heartbreaking to look at her read the letter.
A few days later and the school finally called us back. After explaining our situation to two different people and desperatley hoping someone would take pitty and offer her a job, in exchange for free schooling. We were very pleseantly surprised to learn that the funds had already been dispursed from Salle Mae and received by the school. WOOHOO!!!! That means the duration of her schooling is paid in full and we’re in the clear.
How awesome is that!
Now I just pray that the first student loan payment doesn’t start until she graduates… I guess beggars can’t be chosers though. If it happens it’s certainly the lesser of the two evils.
- Joe
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