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I'm assuming these are just basic "don't be delinquent/in default on past loans" requirements, right? I have good credit, but like a lot of people applying for these, I haven't been out of undergrad very long, and my parents have poor credit. I won't need to have existing income/a parent to co-sign, will I?

My understanding is that as long as you don't have defaults/delinquencies, foreclosures, bankruptcies, judgements, collection accounts or charge offs on your credit you should not need a cosigner.

sidhesadie wrote:My understanding is that as long as you don't have defaults/delinquencies, foreclosures, bankruptcies, judgements, collection accounts or charge offs on your credit you should not need a cosigner.

TITCR. I am in a similar position as the OP as none of my family members have good enough credit to cosign on a loan for me.

Grad Plus loans are not based on credit scores like private loans. Instead they are based on the federal standard, which simply means not being in default or delinquent on a loan, etc. The GWU financial aid site puts it like this:

* Fixed interest rate of 7.9%
* Same payment deferment and forbearance options as the Federal Direct Stafford Loan (e.g. hardship, unemployment, and in-school)
* Fee of 4%, rebated down to 2.5%, is charged on this loan
* Loan eligibility is based on the federal standard (no adverse credit, e.g., no past-due payments, charge-offs, collections in the past 90 days) as opposed to your credit score
* May be consolidated with other federal loans

I have a question regarding the PLUS requirements. If I've just recently paid off my collections on some past due accounts, but they are now settled, when the time comes to apply for this loan, will that have any effect? Is the 90 days in the clear thing really true?

FromtheD wrote:I have a question regarding the PLUS requirements. If I've just recently paid off my collections on some past due accounts, but they are now settled, when the time comes to apply for this loan, will that have any effect? Is the 90 days in the clear thing really true?

I think the best person to answer that is your financial aid adviser at whatever school you plan on attending. They would know more about the restrictions in practice than we would.

cowgirl_bebop wrote:

FromtheD wrote:I have a question regarding the PLUS requirements. If I've just recently paid off my collections on some past due accounts, but they are now settled, when the time comes to apply for this loan, will that have any effect? Is the 90 days in the clear thing really true?

I think the best person to answer that is your financial aid adviser at whatever school you plan on attending. They would know more about the restrictions in practice than we would.

does anyone know the answer to this question????