Does FICO affect ability to get SL?

[pepperoncini]

My FICO stinks...502, 512,520.

 

We filed CH7 last month. Can I still get student loans to go to school in January?

[direred]

They are not FICO based. You should be fine.

[nicnac]

They are not FICO based. You should be fine.

 

Unless they are private SL's

[ziggypop]

Government student loans (those offered by the U.S. Department of Education -- Stafford loans, etc.) do not look at your credit at all, except to the extent that you may be currently in default on another student loan (which it doesn't sound like you are). I would imagine that any loans available through your state would be the same, but I don't know about those. The only possible drawback with government loans are that the amount you can borrow is somewhat limited.

 

Nicnac is also correct that private student loans often do look at credit. These all have their own credit criteria, though, and oftentimes also have higher interest rates.

 

I would strongly advise you to make an appointment with your schools' financial aid office. First of all, they have access to a ton of other programs that you might be eligible for (other loans, grants, scholarships, etc.). They will also have all of the paperwork for you to fill out to get the loans, which can sometimes take a few weeks at least to get through the process (remember, you're dealing with the federal government on those and they aren't known for speed!). They can really be a great resource -- you never know if they might have grants or scholarships for you that you wouldn't even have to pay back!!

 

Good luck!!

[uuuuut]

My FICO stinks...502, 512,520.

 

We filed CH7 last month. Can I still get student loans to go to school in January?

Most of the loans you can get through filling out the FASFA do not require a credit check at all. I believe that the "parent loan" requires a credit check of your parents and the "self loan" might take a credit check, I forget. But the Stafford/Ford/Perkins loans don't require any credit check and the interest rates are much better than the self or parent loans.

 

You should be able to get a federal student loan as long as you haven't screwed up any other federal student loans. Talk to your financial aid office. They're not going to refuse to talk to you because you have a BK.

[pepperoncini]

Thanks!

 

My student loans are current and everything there is A-ok.

 

BK was filed as a result of my daughter's death and astronomical medical bills. Sucks, but it's the way it happened.