How long after repairing bad credit could you be eligible for a new loan for school/training?

I have atrocious credit. 2 defaults, various revolving accounts, and numerous collections that have made their way onto the report. I also don't have a co-sign. For the better part of the last 3 years I had recurring, misdiagnosed conditions that prevented me from working steady. I want to fly helicopters, but the cost of school is so that it would be faster to pay off debt and get a loan to complete training (leg > commercial pilot), than it would be to save money and pay out of pocket. It's also maybe the right thing to do. I know items stay on the report for ~7 years, but, even with bad history, if you don't actually owe anyone anymore I would have a better chance I would assume. Even if it's not helicopters, I need to finish school. I have 70 hours and lack 8hours for an associates in aviation science (air traffic control), but I haven't been able to get a job in the field. So instead of "finishing" school I should say I need to go back and get some other type of training. one or two classes? where did you study? At Thomas edison state 8 hours is 8 classes, roughly $1100 just to register. I did know about the fafsa already, I couldn't submit it because of tax information and vet status problems. Working to fix it.

Public Comments

1. You cannot repair bad credit! You can only wait seven years for the bad credit to get erased from your credit report. The idea of repairing bad credit is making me laugh! If you only need eight more hours for an associates, that is only one or two classes! Why stop when you are almost done? You sound a little disoriented.
2. Your best bet may be to file bankruptcy. The law now was "suppose" to make it harder for persons to file but it really didn't. You have to not be working full time to file. Anyway, in regards to school; you need to fill out something called a FAFSA @ FAFSA.gov. No one is turned down for financial aid through the federal system ( I think you may have to go to an accredited school). You will be given loans, grants,fellowships etc. Your credit isn't check and it is not a factor, only your assets haave a bearing on the amount of aid you will receive. Your credit is only a factor for personal loans via a bank or loans you apply for individually through a school. Also see if there are any scholarships out there for you via the Department of Education Hope this helps.