So I have excellent credit, etc..., and I applied for...

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
GermX
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So I have excellent credit, etc..., and I applied for...

Postby GermX » Tue May 25, 2010 1:39 am

The maximum I can get. Basically grad plus, unsbsidized and subsidized direct loans, etc...

My question is, any chance I won't be getting the maximum which is basically the cost of attendance? Do people usually get loans up to the cost of attendance or is the loan significantly smaller usually?

TexasDemocrat
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Re: So I have excellent credit, etc..., and I applied for...

Postby TexasDemocrat » Tue May 25, 2010 1:47 am

GermX wrote:The maximum I can get. Basically grad plus, unsbsidized and subsidized direct loans, etc...

My question is, any chance I won't be getting the maximum which is basically the cost of attendance? Do people usually get loans up to the cost of attendance or is the loan significantly smaller usually?


Nobody here can tell you that. Everything isn't always dependent on your score alone. It depends on your credit limits, how much of your credit you're using, how much total debt you have, etc.

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SamSeaborn2016
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Re: So I have excellent credit, etc..., and I applied for...

Postby SamSeaborn2016 » Tue May 25, 2010 2:28 am

GermX wrote:The maximum I can get. Basically grad plus, unsbsidized and subsidized direct loans, etc...

My question is, any chance I won't be getting the maximum which is basically the cost of attendance? Do people usually get loans up to the cost of attendance or is the loan significantly smaller usually?



As long as you haven't done anything too derogatory on your credit and you will have no trouble borrowing the full cost of attendance via subsidized/unsubsidized and PLUS loans.

okay.... I suppose there is probably some people out there who can't because they have already borrowed the lifetime aggregate limits for those loans but that would be pretty freaking crazy.

GermX
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Re: So I have excellent credit, etc..., and I applied for...

Postby GermX » Tue May 25, 2010 12:40 pm

Well my credit should be pretty awesome--let's see, I started out with a mere $1,000 credit line with my visa card, I now have two credit cards, Visa and Am Exp, each of which has $10,000 in credit (total $20,000 credit line). I have never missed a payment, and have paid my balance in full on nearly every month. Probably only two or three months in 3 years I've left about $500-$1,000 worth of debt that I repaid the next month. I do have a balance of $2,000 that I haven't paid off (I paid $3,000 on my cards, but couldn't pay off that this month) but that isn't a big deal in light of a $20,000 credit limit, right? I'll pay it off this month anyways.

Also, I own a car (fully paid off), fully paid off my school fees, etc...

In general, do you think someone with this kind of record would have trouble securing a full loan? My total cost of attendance at GW Law is $70,000 (according to them). So would I be able to secure that loan (as a combination of all the loans)?

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SamSeaborn2016
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Re: So I have excellent credit, etc..., and I applied for...

Postby SamSeaborn2016 » Tue May 25, 2010 12:49 pm

There are about eleventy billion threads on here about student loans and the new repayment programs so I'm not going to go into a ton of detail. Basically, since the Stafford and PLUS products are government loans, and thus non-dischargeable debt, you simply have to NOT have derogatory credit. All the info you gave with amounts and whatnot doesn't really matter.


Here is some information on the loans



https://studentaid.ed.gov/students/atta ... oansQA.pdf

GermX
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Re: So I have excellent credit, etc..., and I applied for...

Postby GermX » Tue May 25, 2010 12:51 pm

I checked my credit report just now. Don't know what the score is, but every account I have, including car etc... accounts, are in good standing, and there isn't anything on their that I should worry about. Assuming there isn't any unpaid bill that would show up later or something (I doubt it, always pay my bills), are the odds in my favor for getting a big loan?

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electricfeel
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Re: So I have excellent credit, etc..., and I applied for...

Postby electricfeel » Tue May 25, 2010 12:56 pm

Go to creditkarma.com. They will give you a report for free.

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traehekat
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Re: So I have excellent credit, etc..., and I applied for...

Postby traehekat » Tue May 25, 2010 12:58 pm

A qualified Graduate PLUS Loan borrower does not have an adverse credit history (defined in regulations as being 90 days or more delinquent on any debt, or having a credit report that shows default, discharge, foreclosure, repossession, tax lien, wage garnishment or write-off of a Title IV debt during the five years preceding the date of the credit report).


In case any of this applies to you, you can still get a cosigner. I haven't heard of too many people having issues with getting loans, or even the maximum amount.

GermX
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Re: So I have excellent credit, etc..., and I applied for...

Postby GermX » Tue May 25, 2010 1:00 pm

^ True. I'm just pretty worried. Would rather get the full cost of attendance in loans then put a burden on my father to pay (or on my credit cards).

GermX
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Re: So I have excellent credit, etc..., and I applied for...

Postby GermX » Tue May 25, 2010 1:05 pm

Ok, so my credit score is 724, credit rating=good. Is that an acceptable score or should it be higher?

Miracle
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Re: So I have excellent credit, etc..., and I applied for...

Postby Miracle » Tue May 25, 2010 1:06 pm

traehekat wrote:
A qualified Graduate PLUS Loan borrower does not have an adverse credit history (defined in regulations as being 90 days or more delinquent on any debt, or having a credit report that shows default, discharge, foreclosure, repossession, tax lien, wage garnishment or write-off of a Title IV debt during the five years preceding the date of the credit report).


In case any of this applies to you, you can still get a cosigner. I haven't heard of too many people having issues with getting loans, or even the maximum amount.


+1

sudent loans are not hard to get simply because they know we can't run away from them. :wink:

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Billy Blanks
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Re: So I have excellent credit, etc..., and I applied for...

Postby Billy Blanks » Tue May 25, 2010 1:07 pm

Ya man. You have good credit. In order to get student loans (and this is only GradPLUS we're talking about), you simply need to not have bad credit.

You will have no problem.

Miracle
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Re: So I have excellent credit, etc..., and I applied for...

Postby Miracle » Tue May 25, 2010 1:09 pm

Billy Blanks wrote:Ya man. You have good credit. In order to get student loans (and this is only GradPLUS we're talking about), you simply need to not have bad credit.

You will have no problem.


You can still get the loans. The only difference is a bad credit requires you to get a co-signer while a good credit doesn't

GermX
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Re: So I have excellent credit, etc..., and I applied for...

Postby GermX » Tue May 25, 2010 1:11 pm

Ok I have a question guys, really important. I was an authorized user on my uncle's credit card account in 2004. Don't use it anymore and really forgot about it. He borrowed $27,000 on it for his company. Now, the payments are all made on time and there is no bad credit associated with it. But do you think the financial aid offices might look at that and go "woah, he's already borrowed 27,000!" even if I'm not the primary card holder on that account?

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GATORTIM
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Re: So I have excellent credit, etc..., and I applied for...

Postby GATORTIM » Tue May 25, 2010 1:12 pm

why don't you apply for the freakin' loans and let the lender tell you

Miracle
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Re: So I have excellent credit, etc..., and I applied for...

Postby Miracle » Tue May 25, 2010 1:13 pm

GermX wrote:Ok I have a question guys, really important. I was an authorized user on my uncle's credit card account in 2004. Don't use it anymore and really forgot about it. He borrowed $27,000 on it for his company. Now, the payments are all made on time and there is no bad credit associated with it. But do you think the financial aid offices might look at that and go "woah, he's already borrowed 27,000!" even if I'm not the primary card holder on that account?


What does financial aid office have to do with your card? They are not going to look at your credit score

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Billy Blanks
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Re: So I have excellent credit, etc..., and I applied for...

Postby Billy Blanks » Tue May 25, 2010 1:14 pm

Miracle wrote:
Billy Blanks wrote:Ya man. You have good credit. In order to get student loans (and this is only GradPLUS we're talking about), you simply need to not have bad credit.

You will have no problem.


You can still get the loans. The only difference is a bad credit requires you to get a co-signer while a good credit doesn't


You're right. However, while that's good information for others, it has no bearing on OP's concerns.

At this point in the thread. GATORTIM is TCR.

GermX
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Re: So I have excellent credit, etc..., and I applied for...

Postby GermX » Tue May 25, 2010 1:17 pm

I did apply for all the loans, just waiting to see what I get. How long does it usually take to get an answer anyways?




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