Applying for Student Loan

[spoon611]

I've heard different answers on this question, but anyways I wanted to hear it from you guys since there's experience in this forum:

 

Does your credit matter when applying for a student loan? Specifically the Stafford Loans? I'm going to apply for a school and wondered if I would qualify for it. I have never had a student loan. I do however have a small bank loan (under $400) charge off. And of course my credit kinda stinks. Thanks.

[spoon611]

BTW, if this helps, I'm married and would do this loan on my own. So the PLUS loan would be out. Also I wouldn't have anyone cosign with me.

[marsimms]

Hey Spoon,

 

I have no factual basis for what scores/credit history they require, but when I got my student loan, my credit was super stinky, and it was a pretty hefty 10,000. So I guess the government, like a good parent, sighs, rolls it's eyes :roll: and forks over the dough.

 

I'd give it a shot, like I said if I could get one, I'd be really surprised if they denied someone as credit savvy as you. I've seen you on the other boards!

 

Good luck! :wink:

 

-m-

[fla-tan]

spoon

 

Credit is not supposed to be a factor in obtaining Stafford Loans, either subsidized or unsubsidized. Some lenders will look at credit while others will not. Even if you are turned down by normal lenders, all states have what are known as "lenders of last resort". These lenders, and some times they are the guarantor directly, are required to approve you as long as you are not currently in default on any other federally guaranteed obligation. Also, if you are male and 18 or over, you must have registered for the draft.

 

 

fla-tan

[spoon611]

Also, if you are male and 18 or over, you must have registered for the draft.

 

 

fla-tan

Would being Active Duty for the last 5 years count towards that? I really don't remember if I registered, that was a long time ago...I have a great memory....it's just short term

 

Thanks for your input marsimms Credit savvy? You know, it seems like the more I fight with these CRAs, the more they put on my report...I've only started doing this last month, got a total of 5 removed from my reports...and during that same time 4 new ones popped up :evil: I won't give up though (Rocky theme starts playing)

[spoon611]

Also, if you are male and 18 or over, you must have registered for the draft.

 

 

fla-tan

Would being Active Duty for the last 5 years count towards that? I really don't remember if I registered, that was a long time ago...I have a great memory....it's just short term

 

Thanks for your input marsimms Credit savvy? You know, it seems like the more I fight with these CRAs, the more they put on my report...I've only started doing this last month, got a total of 5 removed from my reports...and during that same time 4 new ones popped up :evil: I won't give up though (Rocky theme starts playing)

What happened to my "Edit" button? Oh well, just wanted to add this question. Does a judgement count as a federal obligation? It was between me and another person, not a company. My guess is it would count toward civil court.(?)

[fla-tan]

Also, if you are male and 18 or over, you must have registered for the draft.

 

 

fla-tan

Would being Active Duty for the last 5 years count towards that? I really don't remember if I registered, that was a long time ago...I have a great memory....it's just short term Yes

 

Thanks for your input marsimms Credit savvy? You know, it seems like the more I fight with these CRAs, the more they put on my report...I've only started doing this last month, got a total of 5 removed from my reports...and during that same time 4 new ones popped up :evil: I won't give up though (Rocky theme starts playing)

What happened to my "Edit" button? Oh well, just wanted to add this question. Does a judgement count as a federal obligation? It was between me and another person, not a company. My guess is it would count toward civil court.(?) No, a federally guaranteed obligation would be like an FHA or VA mortgage that was foreclosed on and never cured or a Federally Guaranteed Student Loan that was defaulted and never rehabilitated.

 

 

fla-tan

[spoon611]

Thanks! I feel a lot better now on whether or not I'll get this loan

[eriqnoodle]

i wouldn't be too concerned. student loans will almost always be approved, unless the DOE had to charge previous student loans off or there are federal tax liens or wage garnishment ongoing to collect previous loans.

 

Eric