GRAD PLUS Questions and Answers 2007

[maka nani]

2.   What is considered to be an adverse credit history?
You are considered to have an adverse credit history if you are 90 or more days delinquent on any debt

I know this constitutes a "ding" on one's credit... I forgot to pay a $50 medical bill for 90 days once... one small ding like that wouldnt be enough to deny a GRADPLUS loan would it?

my understanding on financial aid is that a credit score of 580 or higher should get you a grad plus

not necessarily....from T.H.E. website - the federal requirements are:

10.        What is the credit criteria to obtain the Federal Graduate PLUS loan?
Credit approval is based on federally mandated criteria, not a credit score. In order to qualify, the student may not have any of the following items on their credit report:

• Any current delinquency of 90 days or more

• Any of the following items within the preceding five years of the date of the credit report:

Default, Bankruptcy, Discharge, Foreclosure, Repossession, Tax Lien, Wage Garnishment, Write-off of a Title IV Debt, Open Collection

[Thistle]

2.   What is considered to be an adverse credit history?
You are considered to have an adverse credit history if you are 90 or more days delinquent on any debt

I know this constitutes a "ding" on one's credit... I forgot to pay a $50 medical bill for 90 days once... one small ding like that wouldnt be enough to deny a GRADPLUS loan would it?

my understanding on financial aid is that a credit score of 580 or higher should get you a grad plus

not necessarily....from T.H.E. website - the federal requirements are:

10.        What is the credit criteria to obtain the Federal Graduate PLUS loan?
Credit approval is based on federally mandated criteria, not a credit score. In order to qualify, the student may not have any of the following items on their credit report:

• Any current delinquency of 90 days or more

• Any of the following items within the preceding five years of the date of the credit report:

Default, Bankruptcy, Discharge, Foreclosure, Repossession, Tax Lien, Wage Garnishment, Write-off of a Title IV Debt, Open Collection

i had most of the items on that list from when my wife became disabled and lost her business, and i still got the grad plus.

i was shocked, but what the hell.

[Einstein]

I pulled my credit report, and all of my accounts say that they were placed in collections but then a settlement was accepted for less that the full balance.

Then there is one account that I recently settled which does not reflect this.

Then there is another account that is in collections but when I call they say they can't find my account.  So I have to dispute it with the credit bureaus.

I just hope all of this is cleared before time is up.

Does anyone know if you can still get GRAD PLUS if you have been in collections but settled the account for less than the full balance?

Credit reports are so hard to read, they really need to make these things easier to understand exactly what you are looking at. 

[Thistle]

I pulled my credit report, and all of my accounts say that they were placed in collections but then a settlement was accepted for less that the full balance.

Then there is one account that I recently settled which does not reflect this.

Then there is another account that is in collections but when I call they say they can't find my account.  So I have to dispute it with the credit bureaus.

I just hope all of this is cleared before time is up.

Does anyone know if you can still get GRAD PLUS if you have been in collections but settled the account for less than the full balance?

Credit reports are so hard to read, they really need to make these things easier to understand exactly what you are looking at. 

since i got the grad plus with accounts still in collections, i would say yes

[jimfoolery]

Should I be concerned that Transunion won't give me a credit score because they think I'm deceased?  And that the deceased me owes $1200 on an old credit card?

So the dispute investigation I requested from Transunion is complete.  The results?  "No change."  They've concluded that I am in fact dead and owe a lot of money.  Thanks oodles for your competence, Transunion.

[dcforlife]

Should I be concerned that Transunion won't give me a credit score because they think I'm deceased?  And that the deceased me owes $1200 on an old credit card?

So the dispute investigation I requested from Transunion is complete.  The results?  "No change."  They've concluded that I am in fact dead and owe a lot of money.  Thanks oodles for your competence, Transunion.

I hate TransUnion. I once signed up for a free 3-bureau credit monitoring service because it was free for a year, and EVERY MONTH the company called to say TransUnion was blocking the report. I called TransUnion a few times, waited on hold for hours, only to be told there was nothing wrong and they weren't holding it.

Called back up the monitoring agency, they said yes TransUnion was holding it, and that they were able to find out the reason... TransUnion had the credit report of someone ELSE who had bad credit... and at one time had lived in my apartment. Because my address and their addresses matched apparently that meant we're the same person because no one ever changes apartments. And, thus, TransUnion wouldn't do anything.

I can't believe these companies control every (or any) aspect of borrowing.

[sharky]

tag

[Booyakasha2]

tag....also

When choosing lenders for stafford subsidized and unsubsidized loans, its seems as if all their terms are all the same since they all follow the same guidelines.  So is there any real diff in choosing b/w these diff lenders?

[letylyf]

why no love for the access group? does anyone know anything bad about them, or are others terms (the, whatever) just better?

[togbra]

tag....also

When choosing lenders for stafford subsidized and unsubsidized loans, its seems as if all their terms are all the same since they all follow the same guidelines.  So is there any real diff in choosing b/w these diff lenders?

yes, you can see the differences on finaid.org (the actual difference in "benefits" and the difference in how many actually get them).  Also, I think T.H.E. has a calculator comparing the different deals you get.  Basically (this is my opinion, not meant to state as fact), *in general* you are better off with the non-profit companies then the private companies in terms of deals, but more importantly the ability to receive those benefits (in one of the finaid articles, a large majority lose their benefits at one of the private companies because of the rules vs someone like T.H.E. or other non-profits, where someone loses benefits can regain them).  Also, schools have preferred lenders that give special rates so you should look at those first.  Another big one is although unsub stafford is required by law for lenders to charge an origination fee, some of the non-profits credit it back to you while the privates do not.  Do some research and find the one that best fits you.

Note: I posted links on page 4 of this thread.