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Author Topic: GRAD PLUS Questions and Answers 2007  (Read 18220 times)

ThePendulum

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Re: GRAD PLUS Questions and Answers 2007
« Reply #90 on: May 06, 2007, 06:19:26 PM »
So, my school's GradPlus offer comes with a 4% Origination fee. That's highway robbery, IMO.

Anyone know of anyone offering GradPlus with Origination fees of less than 3%?

togbra

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Re: GRAD PLUS Questions and Answers 2007
« Reply #91 on: May 06, 2007, 06:26:02 PM »
So, my school's GradPlus offer comes with a 4% Origination fee. That's highway robbery, IMO.

Anyone know of anyone offering GradPlus with Origination fees of less than 3%?

I believe the 3% is the required origination fee (cite: http://en.wikipedia.org/wiki/Grad_PLUS).  Again you can get that back from a few places, generally when start repayment (cite: http://www.finaid.org/loans/plusloandiscounts.phtml).

knicksfan0323

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Re: GRAD PLUS Questions and Answers 2007
« Reply #92 on: May 07, 2007, 11:19:27 AM »
Just an FYI, I just applied today for a GRADPlus loan.

I initially started out on my schools website for GRADplus loans...I went through the whole process, picked a lender from their list (the one with the best rates) and was DENIED. I was really upset about this because I have average credit, with absolutely no delinquences over 90 days ever and none those things that would cause me to be denied. The only reason my credit score isn't higher is because I have a fairly high revolving credit balance. They said they would send me a letter in the mail stating their reason for denial.

So I decided to try another lender, seperate from the online portal from my school and went to the student loan discount page on finaid.com, and slected one of the lenders with better terms, AFC Student loans http://www.academicfinancing.com/ and filled out there application. It turns out that this is same firm that holds my loans for UG and I was preapproved!

So if you don't have any luck witht he first place you try, try another. Its very strange, because I was under the impression that GradPlus loans didn't really take many credit factors in account.

dcforlife

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Re: GRAD PLUS Questions and Answers 2007
« Reply #93 on: May 07, 2007, 01:33:34 PM »
Have you pulled your credit report? A high revolving balance isn't a criterion for denial... there may be something wrong you should investigate.

When you're denied credit, you can get a free full credit report from the credit bureau which provided the information to your lender.

knicksfan0323

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Re: GRAD PLUS Questions and Answers 2007
« Reply #94 on: May 07, 2007, 05:14:12 PM »
Have you pulled your credit report? A high revolving balance isn't a criterion for denial... there may be something wrong you should investigate.

When you're denied credit, you can get a free full credit report from the credit bureau which provided the information to your lender.

Yes, I got all three of my credit reports in March. I was thinking it could be two things....I am currently in forbearance for the UG consolidation loans because of financial hardship (they were never paid late though) or a collection for $69 on my credit report from an old electric company account that I never knew about (paid in 2005 the minute I found out about it). Other than that, ther is nothing on credit report. Not even something paid 30 days late.

They said they would send me a letter explaining why...If that seems off, then I'll go from there

SoupySales

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Re: GRAD PLUS Questions and Answers 2007
« Reply #95 on: May 11, 2007, 12:18:36 AM »
tag
LSU '10

wallstreet1986

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Re: GRAD PLUS Questions and Answers 2007
« Reply #96 on: May 18, 2007, 12:50:12 AM »
When do we need to start applying for these loans?  I am going to school in the fall and want to clear things up


I have about 1300 dollars in cc debt which I am paying off with a decent job I got for the summer making about 3000 dollars.  I am going to aggressively and quickly pay it off and try to get rapid rescoring to improve my credit score.  I had a stupid medical bill that went to collections while I was abroad in France which brought down my score to a 580 from a 670.  I am hoping to get my score back up to around 670 or higher like it was before.  The collections debt payoff should alone jump the score up 40, 50 points.  Why does it have to take so damn long to process?   >:(

Applying for the loans sounds nervewracking and makes me nervous about it.  Is applying in mid July too late?  I doubt I will have my ccs paid off in full til the first of July and my credit report would not reflect it likely without rapid rescoring.  The rest of my summer money is going to pay rapid rescoring fees and work with lenders to get approved.  I'm sure I'll do it but when do I need to initiate the process?

dcforlife

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Re: GRAD PLUS Questions and Answers 2007
« Reply #97 on: May 18, 2007, 09:09:20 AM »
Before you pay money for "rapid rescoring" remember to check what's required for loans. Credit score doesn't matter for anything but private loans - not Stafford, not GradPLUS.

knicksfan0323

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Re: GRAD PLUS Questions and Answers 2007
« Reply #98 on: May 18, 2007, 09:32:26 AM »
When do we need to start applying for these loans?  I am going to school in the fall and want to clear things up


I have about 1300 dollars in cc debt which I am paying off with a decent job I got for the summer making about 3000 dollars.  I am going to aggressively and quickly pay it off and try to get rapid rescoring to improve my credit score.  I had a stupid medical bill that went to collections while I was abroad in France which brought down my score to a 580 from a 670.  I am hoping to get my score back up to around 670 or higher like it was before.  The collections debt payoff should alone jump the score up 40, 50 points.  Why does it have to take so damn long to process?   >:(

Applying for the loans sounds nervewracking and makes me nervous about it.  Is applying in mid July too late?  I doubt I will have my ccs paid off in full til the first of July and my credit report would not reflect it likely without rapid rescoring.  The rest of my summer money is going to pay rapid rescoring fees and work with lenders to get approved.  I'm sure I'll do it but when do I need to initiate the process?

Sorry to burst your bubble but a collection does not get removed off your credit report once you pay it. I have a $59 collection from the energy company that somehow fell through the cracks when I moved out of a house in 2002 and it somehow didn't get transferred to my new electric bill. I first found out about this in 2005 when it was in collection and paid it immediately. Now its still on my credit report and will be for seven years.

Einstein

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Re: GRAD PLUS Questions and Answers 2007
« Reply #99 on: May 18, 2007, 11:15:38 AM »
I think you can still get GRAD PLUS loans if you have past collection accounts on your credit report.. You just cannot have a current debt in collections.  As long as they are paid then you can get your loan.
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