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Author Topic: Expecting waitlist responses, having to apply for loans  (Read 2376 times)

Last King of Edinburgh

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Re: Expecting waitlist responses, having to apply for loans
« Reply #10 on: June 26, 2007, 08:43:06 PM »
Depending on your credit situation, it could be a walk in the park or a root canal. If your credit is good, applying and getting approved can take about an hour, the only thing you would be waiting on is for your school to certify the loan (in other words telling the lender the exact amount that you are entitled to, so you dont borrow more than you're allowed to). The certification process depends on the school. Some are really good, 2-3 days, some are snails, 7-14 days. After that, you can sleep tight, your money will be arriving at school and you'll probably get it the first week of classes.

If you have any blemish on your credit, you either have to reapply with a co-signer or prove that the dark spot on your credit has been corrected by providing documentation( I had to do that) and my loan approval took about a week to go through. Now thats a root canal considering that you've spent all this time applying to schools, getting rejected/accepted and you're now faced with this new hurdle. I didnt need a co-signer though, thank God!

That's pretty much for private loans, unless it's a major blemish, Grad PLUS won't require a cosigner.

Anything in collections/judgements/default that is over $500 bucks and past due 90 days or more is considered major blemish for GradPlus unless you can prove its paid or you reapply with a creditworthy cosigner.
Washington University School of Law 2010

Quail!

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Re: Expecting waitlist responses, having to apply for loans
« Reply #11 on: June 26, 2007, 11:59:20 PM »
Depending on your credit situation, it could be a walk in the park or a root canal. If your credit is good, applying and getting approved can take about an hour, the only thing you would be waiting on is for your school to certify the loan (in other words telling the lender the exact amount that you are entitled to, so you dont borrow more than you're allowed to). The certification process depends on the school. Some are really good, 2-3 days, some are snails, 7-14 days. After that, you can sleep tight, your money will be arriving at school and you'll probably get it the first week of classes.

If you have any blemish on your credit, you either have to reapply with a co-signer or prove that the dark spot on your credit has been corrected by providing documentation( I had to do that) and my loan approval took about a week to go through. Now thats a root canal considering that you've spent all this time applying to schools, getting rejected/accepted and you're now faced with this new hurdle. I didnt need a co-signer though, thank God!

That's pretty much for private loans, unless it's a major blemish, Grad PLUS won't require a cosigner.

Anything in collections/judgements/default that is over $500 bucks and past due 90 days or more is considered major blemish for GradPlus unless you can prove its paid or you reapply with a creditworthy cosigner.

I guess I'd count that as major myself so I wasn't assuming it was the case.
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Frizzy

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Re: Expecting waitlist responses, having to apply for loans
« Reply #12 on: June 27, 2007, 06:29:26 PM »
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