Grad Plus Loan

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
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JaLeCa

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Grad Plus Loan

Postby JaLeCa » Fri May 27, 2011 11:43 pm

Ok quick question about something I can't find scouring the forums.

I just got in off the waitlist from my number 1 school, so now I'm scouring for information. I just applied for the GradPlus loan and received a message after I finished that said my credit was approved.
HOWEVER, I have a couple of things credit-wise that make me think that decision is a bit premature. Anyone have insight on this?

CoriOlivia

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Re: Grad Plus Loan

Postby CoriOlivia » Fri May 27, 2011 11:57 pm

Scroll down and read the "Truth about GradPLUS loans" thread. It basically states that they only consider current accounts - nothing old even if it was a chargeoff, etc. It's a good thread to read if you're concerned (which I don't know why you would be if you're already approved.)

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JaLeCa

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Re: Grad Plus Loan

Postby JaLeCa » Sat May 28, 2011 12:11 am

CoriOlivia wrote:Scroll down and read the "Truth about GradPLUS loans" thread. It basically states that they only consider current accounts - nothing old even if it was a chargeoff, etc. It's a good thread to read if you're concerned (which I don't know why you would be if you're already approved.)



Thanks. I figured the "approval" was just a general pre-approval. Wasn't sure if it meant I was in the clear. I keep reading horror stories about it.

Gideon Strumpet

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Re: Grad Plus Loan

Postby Gideon Strumpet » Sat May 28, 2011 2:17 am

JaLeCa wrote:Thanks. I figured the "approval" was just a general pre-approval. Wasn't sure if it meant I was in the clear. I keep reading horror stories about it.

The credit check is minimal. If you have nothing 90 days or more past due, you get an automatic pass.



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