The Truth About Grad Plus Loans: a guide

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
ashleydy10
Posts: 120
Joined: Fri Dec 28, 2012 12:38 am

Re: The Truth About Grad Plus Loans: a guide

Postby ashleydy10 » Thu Mar 21, 2013 1:05 pm

I will one have one single credit card listed as "closed, charge off" on my credit when i apply for the grad plus.

Will this mean denial? or does it just hurt my chances of approval?

the CC closed charge off is a total of $1,099.00

Help!

Anyone approved for gradplus with a closed charge off?

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DocHawkeye
Posts: 640
Joined: Fri Oct 29, 2010 11:22 am

Re: The Truth About Grad Plus Loans: a guide

Postby DocHawkeye » Thu Mar 21, 2013 3:14 pm

GreatOdensRaven wrote:I have an adverse credit history and know that I will be denied for the Grad Plus loan, I will appeal their decision. I have several credit card accounts that have been charged off in the last five years, however, I have settled all of my charged off accounts for less than was actually owed. All of my accounts read, "Account paid for less than full balance, charged off account." The accounts also read "paid and closed" and also "$0 balance". Has anyone also appealed the Grad Plus denial with similar circumstances as mine. Is there any chance that my Grad Plus application will not be denied since I have settled all of my accounts?


As long as the ballance shows zero, you should be ok even if you settled for less than the full ballance. I have thre accounts like this on my credit report.

homie1515
Posts: 116
Joined: Thu Nov 01, 2012 11:08 pm

Re: The Truth About Grad Plus Loans: a guide

Postby homie1515 » Sun Mar 24, 2013 11:43 pm

does your cosigner need to have spotless credit as well to get approved if you currently are denied?

rubysoho89
Posts: 1
Joined: Wed Apr 03, 2013 4:20 pm

Re: The Truth About Grad Plus Loans: a guide

Postby rubysoho89 » Wed Apr 03, 2013 4:27 pm

Hi, I've read through this whole thread and still have a question, sorry if it's redundant but I'm sure many can understand my nerves in the situation.

I have 4 negative accounts on my credit report
2 are closed/charged off but show the balance that was due.
2 are the collection accounts from the charged off credit cards.

If I pay the collection agencies in full and get it in writing, would I then be able to qualify for the GradPlus loan?

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DocHawkeye
Posts: 640
Joined: Fri Oct 29, 2010 11:22 am

Re: The Truth About Grad Plus Loans: a guide

Postby DocHawkeye » Wed Apr 03, 2013 4:51 pm

rubysoho89 wrote:Hi, I've read through this whole thread and still have a question, sorry if it's redundant but I'm sure many can understand my nerves in the situation.

I have 4 negative accounts on my credit report
2 are closed/charged off but show the balance that was due.
2 are the collection accounts from the charged off credit cards.

If I pay the collection agencies in full and get it in writing, would I then be able to qualify for the GradPlus loan?


Yes. You might try to negotiate a settlement with the collectors and pay less than the full amount due. As long as the balance shows zero, you're good.

Nowak14083
Posts: 2
Joined: Fri Apr 12, 2013 12:34 am

The Truth About Grad Plus Loans: a guide

Postby Nowak14083 » Fri Apr 12, 2013 12:46 am

So I really need to receive a Grad Plus loan in order to attend Tulane or DU in the fall and I am freaking out about not qualifying and need to know what I should do (Whoever created this topic deserves a special place in heaven).
*I have a student loan account for my undergraduate degree that is in good standing.
*I have one credit card that just hit 90 days last week and as soon as I realized it, I made a significant payment on it and am now current.
*I have one credit card that was 30 days and made a payment on it to bring it current
*I had one card that hit 60 days and I paid it off in full immediately.
It's been a rough semester as a poor undergrad. My card debt isn't that severe compared to some others I've read (it's not even 2,000), but I'm terrified of the 90 day past due on my account. All of my accounts are now current but it's only been this past week that I made the payments on them. Will this automatically deny me even though I brought the account up to date and how do I overcome this to receive a Grad Plus loan?
Any advice/help is appreciated...God help me.

DukeCity
Posts: 1
Joined: Wed Jul 10, 2013 7:14 pm

Re: The Truth About Grad Plus Loans: a guide

Postby DukeCity » Wed Jul 10, 2013 7:27 pm

Ugh. I started reading the initial post and got more and more excited until I saw that regulations changed!

I have multiple charge-offs and collections due to a life event that happened around 2009. Almost ALL of these charge-offs and collections currently have a zero balance, including an auto repossession. Also, all have transfer/sold as the activity designator. Can I just pay off my outstanding collections and be OK? Or will I have to contact all these companies, find out where my account has been sold/transferred to, and make payment arrangements? Am I screwed because all this activity happened within the past 5 years?

Any help will be greatly appreciated. If you have had success or failure with an example like mine, I would love to hear from you.

southernbrunette
Posts: 4
Joined: Thu Jun 06, 2013 2:13 pm

Re: The Truth About Grad Plus Loans: a guide

Postby southernbrunette » Wed Jul 24, 2013 4:08 am

I have a similar question. I've been going through a rough patch these last few months (can't find a job for the life of me after graduation) so I've been paying accounts about a month late every month. I checked my credit and everything is current for the last 3 months. My only question is that I had a repossession for about a week on my car, but I immediately got it back and my account is current once again. The report has this notation on the comments line. Does this mean I won't be eligible, because it says repossession within the last 5 years. Any help would be great.

snookums157
Posts: 2
Joined: Thu Jul 18, 2013 11:44 am

Re: The Truth About Grad Plus Loans: a guide

Postby snookums157 » Thu Aug 01, 2013 5:09 pm

I had a question does anyone know if the Endorser needs to have a job? I dont have parents but my little sister who is 18 will be my Endorser but she does not have a job will that be a problem?


Thanks

daparham86
Posts: 1
Joined: Fri Jan 24, 2014 9:08 pm

Re: The Truth About Grad Plus Loans: a guide

Postby daparham86 » Fri Jan 24, 2014 9:17 pm

Here's the deal with both present and future questions/problem relating to what is allowed and not allowed on credit report. I have a charge off, but from 2 years ago for $377. At one point I also had a collections on my account for $818. The appeals rep stated that they will overlook those because they are small. Also when initiating an appeal you will be told that it takes up to 3 days for an appeals rep to be assigned. What you need to do is call and ask to speak with the appeals department. Explain to them that you know the process takes 3 days but you had a general question that only the appeals department could answer. Once you are transferred, that appeals rep would take your case immediately and tell you what is allowable on your credit report and what is not.

Vvandenn
Posts: 1
Joined: Mon Jul 28, 2014 1:48 pm

Re: The Truth About Grad Plus Loans: a guide

Postby Vvandenn » Mon Jul 28, 2014 2:08 pm

Hi guys, recently started browsing this forum. In a year or two I would like to go to professional school but I have a few questions. First off, I will not have a cosigner (family has bad credit) and I cannot find anyone to take on that burden. On my credit report I have a credit card that was closed in April 2010 and charged off March 2012, totalling $1900. Also have another credit card for $1100 that was closed in July 2012, but it does not list it as being charged off. Both are in collections and i am working to pay them completely off. On my credit report, the collection agencies handling these two debts say they will "continue on record" until 2018 for the first card, and 2017 for the second. By the time i apply for the grad plus loan, it will not have been 5 years since these closed/charged off credit cards occured. Even if I paid them off through the proper channels and have documentation of doing so etc etc, will I still need to wait until basically 2017 to be able to get this loan? Do I go off the date they were closed or charged off to make the 5 year determination? Or do I go off of when the collection agencies will take them off? I am sick to my stomach at this point and am looking for any advice possible. All I want to do is go to school within the next couple years.

lawschoolnews2me
Posts: 2
Joined: Mon Sep 22, 2014 8:28 pm

Re: The Truth About Grad Plus Loans: a guide

Postby lawschoolnews2me » Tue Sep 23, 2014 11:53 am

Hi everyone,

I have one collections account and two charge off accounts. I am in the process of calling the agencies to set up a payment arrangement and then appealing the grad plus decision... However, I will NOT be able to show 6 months of consecutive payment before I apply for the loan---- will this stop me from getting approved? Will the grad plus people just turn me down?




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