Grad plus credit appeal Forum

[adora]

I'm wondering if anyone has first-hand experience with appealing the grad plus credit decision (after being rejected).

Background - I have (had) a few collections issues. Stupid, <$100 crap that I should have paid years ago.

I paid them in full, but they're still on my credit report.

Question - how long did it take from the time all of your documents were in to the time your appeal was approved? I know they say 7-10 days, but I'm interested in hearing from people who have actually gone through it.

Also, how long (once approved) does it take for all of this to actually get processed? I know this is super late in the game...if my appeal is approved before the end of July (probably the absolute latest it could happen), will I be ok?

Thanks

[TaxLaw2010]

I was originally denied for the Grad Plus loan, and had some of the same issues as you. In fact, I thought I was going to need a co-signer because one of the collections issues is still on my credit report, and has not yet been settled. However, I was approved without a cosigner for the Grad Plus loan after originally being rejected and then requesting a credit appeal. I sent the supporting documents on June 21st and I was approved on July 7th. So roughly 10 business days, considering a holiday fell in between the appeal date and the response date. The Grad Plus people contacted me by phone the afternoon of July 7th, and told me I was approved. My school received the updated information regarding the approval a few days later, and then sent me a reminder to fill out the MPN for the Grad Plus, which I had not completed because I had originally been rejected. So I would say that you should be ok, as long as everything is approved, because they notify the school of the appeal decision within 48 hours. As far as the appeal, I had to request a copy of my Equifax credit report to send along with the credit appeal support documents, so make sure you send everything you are supposed to send (i.e. copies of payoff letters showing nothing is owed, refinance documents, etc), so that things don't get delayed. In this case, less is not necessarily more, SEND ANY AND EVERYTHING that you feel will help your appeal!!!!

I hope this helps. Good Luck!

[inchoate_con]

Originally denied, but upon appeal, I was approved. The denial was based on collection issues from four to five years ago and one of the credit reporting agencies was erroneously reporting a paid debt. I'm still unsure the exact reason for the denial.

If you fax your report to Direct Loans after opening a claim, provide an explanation for "why" it was not paid, and or canceled checks or bank records, you have a good chance of getting approved. I faxed 48 pages. They will provide a response within 7-10 days from the receipt of the report. Mine took two days.

Also, if the debts are related to medical reasons (e.g. bills), I'm almost certain, you'll get approved. If you had more time, you could write the reporting agencies requesting verification of information, and they have 30 days to respond. Of the 6 "bad" marks I had, four were removed because the reporting company did not respond. Although it is not evaluated, my score went up 120 points.

Call them, they are very helpful. Make sure you use Equifax. I sent Experian with all three and they still required a separate Equifax report.

On a side note, if you pay a collection agency "less" than the original debt, which is fairly common. Make sure to get, in writing, that the debt is fully satisfied. Google credit repair, I was surprised how easy it was to "fix" stuff. But there are required steps that must be followed, or you could make the situation worse.

[MoS]

http://www.top-law-schools.com/forums/v ... 5&t=118469

[SuichiKurama]

Not trying to get too into your business OP but are you sure that your collections issues where as small as you say in your first sentence? I had a few things that went to collection that were over $100 (that I did eventually pay off) and I was approved no problem for a huge Grad Plus loan.

[creamedcats]

Uh, dispute the crap out of them. Go to the websites for Experia, Transunion, and Equifax and just say you paid them, they're small, you're no longer liable, and if necessary get documentation from the payee.

[adora]

Not trying to get too into your business OP but are you sure that your collections issues where as small as you say in your first sentence? I had a few things that went to collection that were over $100 (that I did eventually pay off) and I was approved no problem for a huge Grad Plus loan.

Yep...there were two of them on my equifax report. One was around $44, one around $50. I paid both of them off. I got verification yesterday that both of them have faxed Direct Loans verification that my accounts are paid in full. I believe the appeal has been filed. Now, I just wait...I hate waiting for things like this!

On the plus side, I called my school and they said it's no big deal. They said that they'll disburse it whenever it's processed, that it doesn't have to be done by a specific deadline to get funding for fall. I think some schools do that differently.

[adora]

Found out last night that my appeal was approved! Woo! I think it took 11 business days...

[learnthelaw2014]

ok, here's a question.

I applied for a gradplus in august and denied, and then totally forgot about it (I live at home and don't need very much money, just some expenses). I finally remembered to appeal, and I gathered all of the information I needed. When I reviewed my Equifax report (and transunion and experian, just to make sure), there were two items listed in the "Negative history" section. My parents paid off one of the overdue amounts, and the other overdue amount was incorrect and has since been put into in-school deferment.

With those negative history items taken care of, will my appeal be successful? I submitted all of my appeal decisions on October 14, 2010 (a Thursday) and have yet to hear. I'm a little anxious because I don't know what my next step would be, but I've read on here that it takes 7-10 business days. Today is day 8...

Would any of you venture to guess whether I'll be successful in my attempt? Just curious here.

Thanks!

[adora]

ok, here's a question.

I applied for a gradplus in august and denied, and then totally forgot about it (I live at home and don't need very much money, just some expenses). I finally remembered to appeal, and I gathered all of the information I needed. When I reviewed my Equifax report (and transunion and experian, just to make sure), there were two items listed in the "Negative history" section. My parents paid off one of the overdue amounts, and the other overdue amount was incorrect and has since been put into in-school deferment.

With those negative history items taken care of, will my appeal be successful? I submitted all of my appeal decisions on October 14, 2010 (a Thursday) and have yet to hear. I'm a little anxious because I don't know what my next step would be, but I've read on here that it takes 7-10 business days. Today is day 8...

Would any of you venture to guess whether I'll be successful in my attempt? Just curious here.

Thanks!

If everything is paid, you should be good. But you need to make sure that the grad plus people have letters from the collectors (or whoever) that reported the negative history. It's pretty simple...they just need to say that you've paid up. So...I'd (1) run your credit report again (just to check), (2) call any places that are reporting negative info and have them fax letters to the gradplus people. You'll need to get their fax number...and make sure you work with one person & have the collection agencies put "attn:xxx" and your appeal number on the faxes. If you do that, you should be fine.

[AmiraAlexandria]

When you get approved for a grad plus loan, how soon do you get the money?

[student2011student]

any luck with grad plus credit appeal with a co-signer?

[adora]

any luck with grad plus credit appeal with a co-signer?

I didn't use a co-signer, but I'm pretty sure you'll be fine if you get a co-signer.

[pastudent]

Can anyone offer help with my situation? Here it is: I need to take out a few more loans to get through school, I have self funded the first year and a half, but will need help the next 12 months. I have been as strategic as possible and knew I was taking a risk: In 2006 I foreclosed on a home. It had a large 2nd mortgage (100k plus). I found out the hard way that a second mortgage does not go away in a foreclosure and it can be collected within six years in my state. It is unclear if that timer starts the date you miss your first payment or the actual date of foreclosure. Either way, I might be clear already but worst case, the foreclosure was 6 years ago in July 2013. My lawyers advice was to do nothing......if they come after you, you must deal with them and settle, but if they dont, this may just go away at year six. I was in real estate at the time of foreclosure, so my life turned upside down. I got into medical sales, went back to school at night, and I am now in PA school. My credit is clean now outside of this large 2nd mortgage (scores in the high 600s to low 700s). I can probably prove that I can no longer be sued for the debt to FAFSA, and the long term good news is that it falls off my credit in seven years (or will fall off if I complain). Contacting my lender at this point would be really stupid (per my lawyers advice) so I cant contact them for a letter....they obviously wouldnt want to help much. But showing as a CHARGE OFF/COLLECTION will be an issue I am sure (it still shows a balance owed on my credit summary)....and when I call the FAFSA office to explain and get answers, no one understands.....they say "five years past foreclosure your fine" but they dont get that the second mortage still shows as unsettled collection although legally I am proably off the hook technically, and I am told my application will not be looked at until May. Id like to know what my chances are of getting approved......can anyone shed light on this?

[pastudent]

Oh yeah....I know I can receive 20,500k without credit, but I need about double that to get through the year. So this would apply to a grad plus loan.