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Ok quick question about something I can't find scouring the forums.

I just got in off the waitlist from my number 1 school, so now I'm scouring for information. I just applied for the GradPlus loan and received a message after I finished that said my credit was approved.
HOWEVER, I have a couple of things credit-wise that make me think that decision is a bit premature. Anyone have insight on this?

Scroll down and read the "Truth about GradPLUS loans" thread. It basically states that they only consider current accounts - nothing old even if it was a chargeoff, etc. It's a good thread to read if you're concerned (which I don't know why you would be if you're already approved.)

CoriOlivia wrote:Scroll down and read the "Truth about GradPLUS loans" thread. It basically states that they only consider current accounts - nothing old even if it was a chargeoff, etc. It's a good thread to read if you're concerned (which I don't know why you would be if you're already approved.)

Thanks. I figured the "approval" was just a general pre-approval. Wasn't sure if it meant I was in the clear. I keep reading horror stories about it.

JaLeCa wrote:Thanks. I figured the "approval" was just a general pre-approval. Wasn't sure if it meant I was in the clear. I keep reading horror stories about it.

The credit check is minimal. If you have nothing 90 days or more past due, you get an automatic pass.