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Hello,

When applying for financial aid, how big of an impact does one's credit score have?

I have never missed a credit card deadline and I always make the full payment, but a few during times during my undergraduate career, I have had to deal with a credit collection agency due to a misunderstanding with a few hospital invoices.

Will this have a significant impact on my ability to acquire federal and private financial aid?

Thank you so much

bman41488 wrote:Hello,

When applying for financial aid, how big of an impact does one's credit score have?

I have never missed a credit card deadline and I always make the full payment, but a few during times during my undergraduate career, I have had to deal with a credit collection agency due to a misunderstanding with a few hospital invoices.

Will this have a significant impact on my ability to acquire federal and private financial aid?

Thank you so much

For grants, it does not matter. For federal loans, credit only matters for PLUS. You cannot have an adverse credit history, which is defined 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 federal student loan debt during the five years preceding the date of the credit report. They do not check your credit score.

Thank you for your help/info! Since I reimbursed the collection agency within 30 days, I don't think that these mistakes will have any impact then (or so I hope haha)