Bankrupt and want to apply for student loan

Avocadotoast · 4 January 2018 at 12:01PM

Hi all,

Wondering if you could help with my question. I'd like to apply for a postgraduate diploma here in Scotland. I am currently in my first year of bankruptcy. In Scotland the full loan for 9 months would cover my tuition fees and living costs and would be a more than manageable amount to pay back when I start working again. I've done my research and figure than I'm not going to end up in dangerous debt again.

My question is, does my bankruptcy status mean I won't be able to get a student loan? It might be the case that I don't apply until I'm discharged.

Thanks!

Avo

immoral_angeluk · 4 January 2018 at 2:57PM

Generally, Student loans are assessed on factors such as your nationality, the course and age rather than your credit rating, so are unlikely to be refused even if you are Bankrupt.
If it makes you feel any better, I applied for a student loan last week and there was no mention of credit checks or anything about bankruptcy or insolvency on there.
However, I'd be surprised if things were different in Scotland, but the best way to be sure is to call them and ask before making an application.
Student loans are excluded debts anyway, so even if you owed them money and went bankrupt, you'd still have to pay up so there's no real incentive for Student Loans to be restricted for undischarged bankruipts.

Avocadotoast · 6 January 2018 at 12:33PM

Thanks very much for this. That's good news! Good luck in your studies :-)

KeepOnKnitting · 6 January 2018 at 12:36PM

I can't speak for Scotland, but I was bankrupt when I was awarded student finance for my degree in 2016, and freshly discharged when I applied for year 2 in 2017. Good luck with your studies.

Bankrupt and want to apply for student loan

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