I have a question that I hope someone can answer for me. I have a child getting ready to go off to college. She did get a partial scholarship but no way I can afford the entire tuition. A year or so back I had started on the road to credit repair but before I got very far I had a major medical incident. I suffered a ruptured aneurysm and thus have not been able to do much in the way of credit repair. I have not been working since then and may be off work for a time yet. I am still drawing 2/3 of my pay and my wife works but I have also been running up more bills, some late pays etc. all related to this. My credit and my wifeâ??s was not good a year ago and I am sure it has not improved since then. My question is this. How hard will it be for my child to get a student loan and how much of a part will my credit history play in determining if she gets one?
What the heck does your medical condition have to do with your daughter getting a student loan? Of course she can get one--she is an adult, and her getting a loan has nothing to do with you, your credit or your medical situation. Credit reports are not a factor in getting Federal student loans.
Re: Re: Can we get student loan? If your child is applying for their own student loan, without your guarantee, they'll have no problems. Any loan application that's asking for your personal SSN, date of birth, etc, is something that you will be personally guaranteeing. I would avoid that. If they are just asking for your family's annual income, savings, etc, that's normal for a student loan, and is nothing to worry about. Those loans are need-based, and the qualification is based on family income and assets.
Re: Re: Can we get student loan? The reason they ask you so much about parental income, debts, etc. on the FAFSA is that they must factor in how much the family is able to contribute to determine financial need of the student. Your credit should not be a concern unless you are also trying to sget PLUS or private loans. If she is applying for stafford or perkins loans for herself only, I do not think your credit will even be checked.
Re: Re: Can we get student loan? It is a Stafford loan. I think I will go to the college on Monday and talk with the people there.
Re: Re: Can we get student loan? A little about student loans...When applying for a student loan, parent's information will determine your need until you turn 24. 18 may be the magic age to vote, but 24 is when you can get a loan based solely on your own income.
Re: Re: Re: Can we get student loan? FYI... as early as 18 if you can prove yourself financially independent... requires extra paperwork.
True. It's called a dependency override. The financial aid counselor at each school must sign off on it, and then submit it to the government for final approval. It can be difficult to attain, especially if mom and dad are claiming you as a dependent, but worth a try if you are like a lot of people who have parents that make good money but feel college is the responsibility of the child.
