Is it okay to file bankruptcy if receiving student aid?

Yes, of course, although the financial aid may need to be factored into your budget and/or the means test in bankruptcy.  You would need to go over the specifics with a qualified bankruptcy attorney to see if this would affect anything. Mark Markus has been practicing exclusively bankruptcy law in California since 1991.  He is a Certified Specialist in Bankruptcy Law by the State Bar of California Board of Legal Specialization,  AV-Rated by martindale.com, and A+ rated by the Better Business Bureau.