GradPlus Question Forum

[shaville]

I've been browsing the financial aid forum and have seen a few folks say that in order to qualify for a loan, you can't have been 90 days late on a payment in the last five years. However, others have said that you can't currently be 90 days late making a payment. Anyone know which is the case?

[kalvano]

http://www.gradloans.com/graduate-plus-loan/

What kind of credit do I need?

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). Note that Graduate and Professional Student PLUS loans do not use any kind of a debt-to-income ratio or FICO® score, unlike private education loans.

[Renzo]

http://www.gradloans.com/graduate-plus-loan/

What kind of credit do I need?

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). Note that Graduate and Professional Student PLUS loans do not use any kind of a debt-to-income ratio or FICO® score, unlike private education loans.

More appropriate emphasis to answer the question. Cannot currently be 90 days late, cannot have a discharge, foreclosure, repo, etc. in past five years.

[chicagolaw2013]

Question in regards to this...

If you have horrendous credit (like me...was unemployed for a period of time and went into default on a bunch of accounts) can a cosigner fix the issue of qualifying? I know you can have a cosigner and all, but is there ever a point where they are like "too bad, cosigner or not, you suck"?

[Renzo]

Question in regards to this...

If you have horrendous credit (like me...was unemployed for a period of time and went into default on a bunch of accounts) can a cosigner fix the issue of qualifying? I know you can have a cosigner and all, but is there ever a point where they are like "too bad, cosigner or not, you suck"?

No, as long as your cosigner qualifies, you're good.

[chicagolaw2013]

Question in regards to this...

If you have horrendous credit (like me...was unemployed for a period of time and went into default on a bunch of accounts) can a cosigner fix the issue of qualifying? I know you can have a cosigner and all, but is there ever a point where they are like "too bad, cosigner or not, you suck"?

No, as long as your cosigner qualifies, you're good.

Thanks. I'm trying to manage my anxiety about Grad Plus...it's the only thing I'm genuinely worried about right now.