I have a child who will soon be starting college. As I am sure you know it is very expensive. We will have to get student loans for her to attend and I have filled out the applications. I'm concerned as our credit is very bad, late payments, judgements, the whole works. With credit this poor will we be able to get a student loan? On the form I filled out it said they would be denied for poor credit. Is it possible for my child to get the loan in her name?
As long as you have no Federal defaults and are going for Fed loans you should be fine . I had REALLY bad credit when I got my Fed loans and no problem at all. They're not as concerned about your credit for Fed loans. Good luck!
I'm no expert but I don't even think they well check your credit. All you should have to do is verify taxes with the Dept. of Education that you don't make enough money to send you daughter to school. The loans should all be in her name for Financial Aid. If she's under 25 (I think it's 25 now) then you need to fill out tax information only.
One more thing... You should have your daughter get the info from the school she is attending. There Financial Aid office.
Well, I have not worked since September due to medical reasons but am receiving 2/3's of my saleray. My spouse works but we have car payments, mortage, etc and savings have really been hit hard. We did make pretty good money but with all the expenses and my making less money we really cannot afford to send her. Still, our income last year was around $65,000. Any hope for us getting a student loan. There was a section in the instruction booklet for the loan application that said they do a credit check.
I'm not sure what the guide lines are for your income. The best thing would be to get the info from the Financial aid office at the school she plans on attending and fill it out with them. When I first tried for loans they said my parents make too much money. I had to prove that I did not live with them and they were of no support to me. The financial Aid offices are usually pretty helpful.
Re: Re: Student Loans Was this with FASFA? I don't think FASFA does credit checks for anything except Fed loans in default.
Re: Re: Student Loans Just to add some info. If you are doing a Parent plus loan then YES they do use your credit as the only determination of the loan. If your daughter gets A Stafford loan from the Feds then there is no credit check for worthiness. Stafford loans are great, but may not cover all of here school cost. Depending on how expensive her schooling is.
Re: Re: Student Loans She can get a subsidized and an unsubsidized stafford without a credit check. Just be careful.
Re: Re: Student Loans IMO I would let your daughter get the loans and if for some reason it's not enough, look for some local scholarships to help out a bit. The Parent Plus loans are based solely on credit history and I've heard the banks can be a pain in the you know what... Most student aid offices will do everything they can to cover tuition and get 100%. But the amount she gets each semester is based on how much you make a year. Until she turns 25 at least. It does'nt hurt to try though. You never know.
