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.
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homerless
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Re: The Truth About Grad Plus Loans: a guide

Postby homerless » Thu Jul 21, 2011 11:03 pm

That's stupendous news!

That being the case, do you think I should appeal first or talk to my creditors first?

Thanks!

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DocHawkeye
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Re: The Truth About Grad Plus Loans: a guide

Postby DocHawkeye » Thu Jul 21, 2011 11:06 pm

homerless wrote:That's stupendous news!

That being the case, do you think I should appeal first or talk to my creditors first?

Thanks!


I'd talk to the creditors first, just to get things in order then file the appeal.

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homerless
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Re: The Truth About Grad Plus Loans: a guide

Postby homerless » Tue Aug 02, 2011 7:45 pm

Crap.

I disputed everything negative, and one account actually did get pulled off. For the rest, they weren't showing in OPEN or COLLECTIONS section of my Equifax credit report, but they were still under NEGATIVES with the note "collection account" (or something similar). I decided to call them and try to set up payment plans.

First creditor I talked to said I could pay $100 a month on a $5368 debt (which was originally 3923), but the only proof they could provide of a plan was a letter that would be issued before the next payment was due. I agreed and provided account details.

Called second creditor, and he said same thing, and that I could only get a letter specifying the payment plan if I made a 50% downpayment. Getting kind of suspicious now, I called the Loan Origination people to verify if this was indeed viable proof.

Loan Origination lady says no, that is not good enough.

So my question to any of you who have gone through this is: If I show the letters for the payment due + a copy of my bank statement showing payments have been sent, is that indeed enough?

2nd question: If I find out that the account I gave payment information for is actually not valid, will I be unofficially validating it by paying it, or even having agreed to pay it?

Pleaaaaaaaaaaaaaaase advise.

Thanks all

My big concern is that I may end up promising all these creditors all kinds of money that I will not have if the loan does not go through...it's kind of sucky but I will be in effect paying about $6000 a year for $12000 in loans. If I don't even have the loan, there is no way I can pay that $6,000.

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aaaaaah
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Re: The Truth About Grad Plus Loans: a guide

Postby aaaaaah » Tue Aug 02, 2011 8:05 pm

homerless wrote:
So my question to any of you who have gone through this is: If I show the letters for the payment due + a copy of my bank statement showing payments have been sent, is that indeed enough?


This worked for me. If you set up monthly payments by check, they have to send you a notice stating when your check will be cashed. A collection agency I was dealing with refused to send me any documentation, so I changed my monthly payments from debit to check, got a notice in the mail a few days before the check was due, then sent that with copies of my bank statement showing that a few payments had been made. This was enough to get me approved.

rcweedman
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Re: The Truth About Grad Plus Loans: a guide

Postby rcweedman » Tue Aug 02, 2011 9:01 pm

Anybody know when they check your credit for grad-plus loans?
Last edited by rcweedman on Tue Aug 16, 2011 6:48 am, edited 1 time in total.

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homerless
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Re: The Truth About Grad Plus Loans: a guide

Postby homerless » Tue Aug 02, 2011 9:09 pm

Thanks Aaaaaah!

As for credit check, I am almost positive it is a 1 time thing per year.

mltnla
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Re: The Truth About Grad Plus Loans: a guide

Postby mltnla » Fri Aug 26, 2011 2:25 am

I just wanted to thank you for this information. I have been admitted to a school in the UK but do not have the best credit for loans outside of the grad plus loans and financial aid.

I originally applied and was denied like many here. After reading this forum, I took to heart the instructions here and sent by the COD. They gave me three items that were showing negatively on my report. I am actually not sure what they are and if one is correct it is over ten years old.

I disputed all three as suggested here, pulled my Equifax report where they obtained the information from and my credit appeal was approved where it had originally been denied.

It happened so fast, that I was shocked and still am. Thank you for the suggestion. Now how do I get back to 750 credit score?!?!?

firecracker10
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Re: The Truth About Grad Plus Loans: a guide

Postby firecracker10 » Sat Aug 27, 2011 8:38 pm

My credit score is rated as excellent and I will be taking my LSAT this fall and will be applying soon after...should I start to apply for Grad Plus Loans yet?

student2011student
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Re: The Truth About Grad Plus Loans: a guide

Postby student2011student » Wed Oct 05, 2011 9:55 pm

Wow! This is a very good thread.

If you have bk, collection, or 90 days late payments and the accounts are not current, but you have a co-signer. Would they approve you?

iowalum
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Re: The Truth About Grad Plus Loans: a guide

Postby iowalum » Wed Oct 05, 2011 9:59 pm

Derekj032 wrote:The Truth About Grad Plus Loans


Step 1) Obtain a copy of your credit report from --LinkRemoved-- Dispute EVERTHING negative on your report. For collection accounts that I disputed I wrote “ I have no contractual or legal obligation to this creditor” I’m not sure if the aforementioned is true, but it did get nearly all collection agency’s removed from my report.



Stupid question - did you send your dispute to the credit report agency or to the gov with your loan app?

student2011student
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Re: The Truth About Grad Plus Loans: a guide

Postby student2011student » Thu Oct 06, 2011 11:15 am

No, not yet. Those are recent adverse activities, 3 months ago. Any advice? Thanks.



did you send your dispute to the credit report agency or to the gov with your loan app?

student2011student
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Re: The Truth About Grad Plus Loans: a guide

Postby student2011student » Thu Oct 06, 2011 11:41 am

NCtoDC wrote:
amorfati wrote:
How have you not heard back about your loan app? I got an instant response....I was denied. I subsequently added my husband as a cosigner and got an instant response to that...accepted. All within a 10 min. window.



How bad was your credit? any bk, collection, or 90-days late?

It would be best to consolidate all your Grad Plus loans when you are done with school, so that your co-signer would be off the hook.

jobrazda
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Re: The Truth About Grad Plus Loans: a guide

Postby jobrazda » Fri Oct 21, 2011 11:45 am

Three years ago my financial world melted. I returned to school and have been living under the radar without credit. The collection agencies have not been able to find me and I have only three years to go before the bad debt starts dropping off my report.I am now interested in a gradplus but have three charge offs. Before I make myself vulnerable to the collection agencies on my other accounts and start payment plans, is it true charge offs aren't deal killers?

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941law
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Re: The Truth About Grad Plus Loans: a guide

Postby 941law » Sun Jan 15, 2012 3:29 pm

bump for class of 15'

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vpintz
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Re: The Truth About Grad Plus Loans: a guide

Postby vpintz » Mon Jan 30, 2012 10:13 am

I know this has been said before, but this thread is amazingly helpful--OP, thank you so much for posting it!

Everyday Loans
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Re: The Truth About Grad Plus Loans: a guide

Postby Everyday Loans » Wed Feb 15, 2012 8:33 pm

.

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vpintz
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Re: The Truth About Grad Plus Loans: a guide

Postby vpintz » Wed Feb 15, 2012 8:39 pm

Everyday Loans wrote:What you said is true, i actually go into these stuff myself on my blog. You have alot of options when it comes to student loans. But loans in general shouldnt just be taken without research.

Image
(sorry, had to.)

student2011student
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Re: The Truth About Grad Plus Loans: a guide

Postby student2011student » Sat Mar 24, 2012 9:24 pm

Graduate Plus Loan pulls CSC Credit Services.

"CSC Credit Services is an Equifax affiliate and is considered the largest independent consumer reporting agency in the United States. CSC Credit Services owns credit files in 15 mid-western and central states and they are reported through the Equifax credit reporting system."

student2011student
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Re: The Truth About Grad Plus Loans: a guide

Postby student2011student » Sat Mar 24, 2012 9:27 pm

jobrazda wrote:Three years ago my financial world melted. I returned to school and have been living under the radar without credit. The collection agencies have not been able to find me and I have only three years to go before the bad debt starts dropping off my report.I am now interested in a gradplus but have three charge offs. Before I make myself vulnerable to the collection agencies on my other accounts and start payment plans, is it true charge offs aren't deal killers?



if you can wait 3 more years, then your credit would be clean. therefore, there would be no problem with graduate plus loan.

riposn87
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Re: The Truth About Grad Plus Loans: a guide

Postby riposn87 » Thu Apr 12, 2012 8:51 am

recently denied for a plus loan, looking at the option to 'document extenuating circumstances'. can you make arrangements and give proof of one payment? or does it have to be six. All of the options on the website say this
Proof that six months of voluntary, consecutive, on-time, full monthly payments have been made.

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lrslayer
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Re: The Truth About Grad Plus Loans: a guide

Postby lrslayer » Thu Apr 12, 2012 11:50 am

recently got denied. i looked at my equifax and found 3 cases of re-aged debt (for those that don't know, this is when unscrupulous debt buying companies put a more recent date on your date in order to keep it from falling off of your credit). i have contested these with equifax and places an appeal with .gov so i can explain the whole situation to them. i hope this works!

lubeang
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Re: The Truth About Grad Plus Loans: a guide

Postby lubeang » Mon May 07, 2012 5:09 pm

This blog has helped me, now I want to help others. I was very desperate after I got turned down for a parent plus loan and thanks to this blog I knew exactly what I had to do. I had a charge off with a credit card a couple of years back, I contacted them and I made a cash settlement with them. After sending the documentation to student loans showing that I settled with this creditor my appeal was approved within 24 hours.
I hope this information will help you also.

riposn87
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Re: The Truth About Grad Plus Loans: a guide

Postby riposn87 » Mon May 07, 2012 7:39 pm

i've seen a few situations where people settle their debt and then are approved, does anyone know if this works the same for cosigners? like, if you're rejected with a cosigner, and the cosigner settles whatever was negative on the report, will you then be approved?

alkapp04
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Re: The Truth About Grad Plus Loans: a guide

Postby alkapp04 » Mon May 07, 2012 8:55 pm

Can anyone tell me more about "charge offs"? Do they affect Direct Loans or not? From personal experience only please since I've read the rest of the thread. Thanks.

lubeang
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Re: The Truth About Grad Plus Loans: a guide

Postby lubeang » Wed May 09, 2012 5:13 pm

riposn87 wrote:i've seen a few situations where people settle their debt and then are approved, does anyone know if this works the same for cosigners? like, if you're rejected with a cosigner, and the cosigner settles whatever was negative on the report, will you then be approved?

Rip I was the cosignor and was approved after I settled for less than the amount owed.




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