No credit = no law school? Forum

[AngelAuthor]

I just now came to the realization that the maximum the Federal government gives out in Stafford loans is around $20K. Well as a head of family, I'm certainly going to need much more than that, at least my first year, when I cannot work in order to pay for law schools. Being an URM and poorer than dirt, I've gotten through undergrad school on grants galore with only a small bit of subsidized loans.

For the amounts needed for law school the other loans that are available, I have just recently learned, are also credit-score based.

Well what if one has not so great credit? Does that pretty much mean law school is out?

[swc65]

I just now came to the realization that the maximum the Federal government gives out in Stafford loans is around $20K. Well as a head of family, I'm certainly going to need much more than that, at least my first year, when I cannot work in order to pay for law schools. Being an URM and poorer than dirt, I've gotten through undergrad school on grants galore with only a small bit of subsidized loans.

For the amounts needed for law school the other loans that are available, I have just recently learned, are also credit-score based.

Well what if one has not so great credit? Does that pretty much mean law school is out?

It depends on what you mean by not so great.

2. What is considered to be an adverse credit history?
You are considered to have an adverse credit history if you are 90 or more days delinquent on any debt or if, within 5 years of the date of the credit report, you have been the subject of a default determination, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment, or write-off of a Federal Student Aid debt (for example, a Direct Loan or Federal Stafford Loan).
3. What are my options if I have an adverse credit history?
You may still receive a Direct PLUS Loan if you obtain an endorser who does not have an adverse credit history. An endorser is someone who agrees to repay the loan if you do not repay it.

http://studentaid.ed.gov/students/attac ... oansQA.pdf

[nahgems]

You can always do a PT program and work during law school.

[AsylumPB]

You may end up having to find someone to co-sign for you if your credit is really bad. A lot of financial companies look at student loans as a solid investment since they are extremely hard to include in a bankruptcy. So either you graduate law school and make enough to pay them back, or they garnish your wages for the rest of your life.

[MTal]

You just passed up the "opportunity" to financially ruin yourself and your family for the rest of your life. Congratulations.

[AngelAuthor]

You just passed up the "opportunity" to financially ruin yourself and your family for the rest of your life. Congratulations.

That's one way of looking at it...

[09042014]

I just now came to the realization that the maximum the Federal government gives out in Stafford loans is around $20K. Well as a head of family, I'm certainly going to need much more than that, at least my first year, when I cannot work in order to pay for law schools. Being an URM and poorer than dirt, I've gotten through undergrad school on grants galore with only a small bit of subsidized loans.

For the amounts needed for law school the other loans that are available, I have just recently learned, are also credit-score based.

Well what if one has not so great credit? Does that pretty much mean law school is out?

GradPlus federal loans cover the rest. As long as you haven't gone bankrupt, or defaulted on student loans you are good.

[TheLuckyOne]

You just passed up the "opportunity" to financially ruin yourself and your family for the rest of your life. Congratulations.

That's one way of looking at it...

MTal is a law school bitter drop out, never mind him

[phoenix323]

I just now came to the realization that the maximum the Federal government gives out in Stafford loans is around $20K. Well as a head of family, I'm certainly going to need much more than that, at least my first year, when I cannot work in order to pay for law schools. Being an URM and poorer than dirt, I've gotten through undergrad school on grants galore with only a small bit of subsidized loans.

For the amounts needed for law school the other loans that are available, I have just recently learned, are also credit-score based.

Well what if one has not so great credit? Does that pretty much mean law school is out?

GradPlus federal loans cover the rest. As long as you haven't gone bankrupt, or defaulted on student loans you are good.

What about charge-offs? I had a credit card company charge off my account a few years ago. Will I need a co-signor?

[sawwaverunner]

You just passed up the "opportunity" to financially ruin yourself and your family for the rest of your life. Congratulations.

That's one way of looking at it...

MTal is a law school bitter drop out, never mind him

Yes, and honestly, it's unfortunate MTal has to be bitter. What prospective law students need is someone reasonable to inform them about the realities of law school. Nevertheless, his attitude is off-putting.

Seriously, I'm wasting two minutes writing this because I think it's lame not that MTal wishes to express his (well-founded) belief that law school is not a smart choice for many, but that he cannot do so without ruining any chance for people to listen to him because of his demeanor. How about reasoned disapproval rather than sarcastic and conclusory judgments?

[AngelAuthor]

Thanks for the replies, all. I just ran and did a Wells Fargo app (denied) and at this point, think that if I can't get some really impressive schollys put together with my offers still to come, then I'll probably just either seek a new career choice, or retake the LSAT in June and hope for a much more stellar score and try again next year.

[too old for this sh*]

Thanks for the replies, all. I just ran and did a Wells Fargo app (denied) and at this point, think that if I can't get some really impressive schollys put together with my offers still to come, then I'll probably just either seek a new career choice, or retake the LSAT in June and hope for a much more stellar score and try again next year.

just out of curiosity, which of the bureaus did they pull and what derogatory items were present on the report?

There are methods that can be used to repair one's credit reports...doesn't happen overnight, but might even be something that was possible to have done before the summer was out (if you were looking to enroll for this fall and already had an acceptance in hand).

[swc65]

Thanks for the replies, all. I just ran and did a Wells Fargo app (denied) and at this point, think that if I can't get some really impressive schollys put together with my offers still to come, then I'll probably just either seek a new career choice, or retake the LSAT in June and hope for a much more stellar score and try again next year.

GRADPlus and Wells Fargo may have different credit requirements. Banks have been especially tight lately too. Check GRADPlus first!

[AngelAuthor]

just out of curiosity, which of the bureaus did they pull and what derogatory items were present on the report?

No idea. They will be sending me all that good information via formal letter in a couple of weeks.

[MMLAW]

Just for the sake of clarification. Anyone who can add to my point should feel free to opine. Credit card companies look at credit lending differently than Grad Plus does. Grad Plus has narrow paramaters for who they will consider a good credit bet. For example, if you have been 90 days or more past due on a credit account in the last 5 years, or if you have defaulted on outstanding student loans, you are considered a credit risk and will need a co-signor.

What Grad Plus does not do is look at your credit score (FICO) to determine your credit worthiness.

Although your FICO can be influenced by the afformentioned, it is also the result of debt capacity, number and age of accounts, etc.

This distinction is important.

[evilxs]

Thanks for the replies, all. I just ran and did a Wells Fargo app (denied) and at this point, think that if I can't get some really impressive schollys put together with my offers still to come, then I'll probably just either seek a new career choice, or retake the LSAT in June and hope for a much more stellar score and try again next year.

After you get rejected for the grad plus loans they automatically send you paperwork for a cosigner. Get it cosigned and you'll be fine. You can appeal denial for the grad plus and typically get it with a good cosigner. Even with bankruptcy and defaults.

[kwais]

bump!

Does anyone have any knowledge pertaining to the following situation?
I had some 90+ day delinquency issues on 2 credit cards about 4 years ago. Then I paid them all at once. Smallish balances (~2000). Since then, perfect record. I even have paid 3 education loans for 4 years with a perfect record. I have good/very good credit scores. Does GRADPLUS take a holistic view or is the 5-year credit delinquency rule without exception?
thanks

[HOPEFORCHANGE]

Go to studentaid.gov and apply for GradPlus. You do not need to be admitted yet to do so. Just pick a school. It will run your credit and tell you if your credit qualifies.

[kwais]

thanks!

[HOPEFORCHANGE]

No prob - btw, of the three schools I have applied to and tried to put as my school selections, only one let me list them for some reason. So, just keep trying if it happens to you. It is just a computer thing or something.

[MrFalcon]

No prob - btw, of the three schools I have applied to and tried to put as my school selections, only one let me list them for some reason. So, just keep trying if it happens to you. It is just a computer thing or something.

I noticed this today too. It had a note next to the selected school that said they didn't "participate in the Direct PLUS Loan request process". WTF does that mean? Is there another way of requesting the loan?

[Drake014]

You just passed up the "opportunity" to financially ruin yourself and your family for the rest of your life. Congratulations.

That's one way of looking at it...

MTal is a law school bitter drop out, never mind him

You know, I've kinda always wondered what his deal was... not enough to ask, but vaguely wondered.

[orangefanta]

No prob - btw, of the three schools I have applied to and tried to put as my school selections, only one let me list them for some reason. So, just keep trying if it happens to you. It is just a computer thing or something.

I noticed this today too. It had a note next to the selected school that said they didn't "participate in the Direct PLUS Loan request process". WTF does that mean? Is there another way of requesting the loan?

Bump, my school is listed but the college of law isn't. Anyone got a guess?

[seriously????]

so ive never really owned a credit card, except a gap card, where I owed 200 bills for a few years, which I paid off last summer. Also owed the electric company money for a few months which I paid off over a year ago as well. A weird company is listed as inquiring about my credit, so I might owe some bs that I assume is very low in cost if anything (100bills or less). I'm guessing my credit score is very low,and I was denied a bestbuy credit card. Am I still qualified for private loans, and if so, will they charge me higher interest? Thank you in advance for all of you financial savvy and mature individuals.