Grad Plus Loan...

[compaq1984]

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[JDGuy86]

I was wondering about the grad plus loan too.. what kind of requirements are there for qualifying? I remember lots of people having trouble qualifying for parent plus loans in undergrad.. hopefully its different?

[Cicero]

I got the grad plus loan. From what I understand you just can't have bad credit like a bankruptcy on your record or a history of not repaying loans.

[JDGuy86]

ok, so some credit debt is ok just not bankruptcy or major things.. like foreclosures, repossession etc

[Cicero]

Yeah, I don't see why some debt would keep you from getting it. When I applied it said you can get it as long as you don't have "bad" credit. Even if a person has bad credit, it sounded like they could get a cosigner and could still qualify.

[bigs5068]

Yea I had some credit card debt, but I always made the minimum payments etc. As long as their is nothing awful bankruptcy, outstanding judgment or something I think they will get it to you. I don't know anyone that had trouble qualifying at my school.

[MEMEMEME]

That's my question though...can you have had bad credit for non-student loans and paid it all off and get the GradPlus loan? I mean, no bankruptcies or repossessions but you were seriously delinquent at one point (and it's still on your credit report) and they were even sent to collection agencies but then you paid everything off before applying. Again, these were not on student loans. They were credit cards. My student loans were always paid on time.

[chi2009]

As long as your debt is currently up to date or paid off, you should be fine.  It should say on your credit report whether or not it's been paid.  If it doesn't reflect your payment, you need to call the credit reporting agency and have them change it.  Then you should have no problem.  If you do, you should be able to fax proof of payment to the Grad Plus company and that'll do it.

[jsweeden]

I thought you could get a Gradplus with a bankruptcy as long as it was over 5 years ago. Is that right???