C&F: Debts (Admissions and Bar Questions) Forum

[JohnV]

edit

[North]

I've read that a significant adverse credit history might cause problems even when applying for Grad PLUS loans. So, you might have to worry about this even before you get to the Bar.

ELIGIBILITY

1. What are the eligibility requirements?

You must be enrolled at least half-time in a graduate or professional
program (for example, a program that leads to a Master’s Degree or to a law
or medical degree) at a school that participates in the William D. Ford
Federal Direct Loan (Direct Loan) Program, and must meet all of the other
general eligibility requirements for the Federal Student Aid programs. In
addition, you must not have an adverse credit history (a credit check will be
done).

2. What is considered to be an adverse credit history?

You are considered to have an adverse credit history if you are 90 or more
days delinquent on any debt or if, within 5 years of the date of the credit
report, you have been the subject of a default determination, bankruptcy
discharge, foreclosure, repossession, tax lien, wage garnishment, or writeoff
of a Federal Student Aid debt (for example, a Direct Loan or Federal
Stafford Loan).

[JohnV]

I talked to a financial aid advisor about that and that seems to be the case but I think I was potentially able to get a co signer for it if necessary. Necessary being that I couldn't come up with the money by the time I apply. I'm curious whether it will come back to me even if I pay though or before I apply it loans but after applying.

[cinephile]

I talked to a financial aid advisor about that and that seems to be the case but I think I was potentially able to get a co signer for it if necessary. Necessary being that I couldn't come up with the money by the time I apply. I'm curious whether it will come back to me even if I pay though or before I apply it loans but after applying.

NEVER EVER EVER EVER EVER get a co-signer for a law school loan.

[JohnV]

I talked to a financial aid advisor about that and that seems to be the case but I think I was potentially able to get a co signer for it if necessary. Necessary being that I couldn't come up with the money by the time I apply. I'm curious whether it will come back to me even if I pay though or before I apply it loans but after applying.

NEVER EVER EVER EVER EVER get a co-signer for a law school loan.

Why not, besides the obvious reasons not to get a co signer for something so large?

[cinephile]

I talked to a financial aid advisor about that and that seems to be the case but I think I was potentially able to get a co signer for it if necessary. Necessary being that I couldn't come up with the money by the time I apply. I'm curious whether it will come back to me even if I pay though or before I apply it loans but after applying.

NEVER EVER EVER EVER EVER get a co-signer for a law school loan.

Why not, besides the obvious reasons not to get a co signer for something so large?

Because odds are more likely than not that law school will not be worth the investment. It would be wrong to saddle someone else to a large debt that you will not be able to pay off. Besides, most law students will need income based repayment, and to do that you need to take out direct loans only. So if you're not eligible for GradPlus and don't have the $$$ to pay yourself, then don't go.

[North]

I think I was potentially able to get a co signer for it

It's not cool to legally bind a friend or family member to a quarter-million dollars in non-dischargeable debt that he or she can gain absolutely nothing from.

[JohnV]

edit

[bp shinners]

Say I have a considerable amount of Adverse Account history on my credit report. Does anyone have any idea what I can expect when it comes to passing C&F for admissions and/or a state bar review?

TLS is a bad place to ask for legal advice. This is something about which you really, REALLY need to get in touch with your local Bar.

[cinephile]

Well, I appreciate the concern and I have no intention of putting anyone in danger. There's a chance I get a large amount of scholarship money so it might not be the full amount. However, the amount I'm in debt for is considerably less than loans at say Ccnhys, so maybe it would be best I take care of it instead of going that route

But to be clear, so far no one thinks this will become a bar and/or admissions issue, aside from obtaining loans to pay for it? That's my main concern, I don't want to get into ls debt and find out I can't pass the bar cf because its Ben sitting around for do long.

But even if you get a full ride, you still need cost of living loans. That's still a lot.

[North]

Say I have a considerable amount of Adverse Account history on my credit report. Does anyone have any idea what I can expect when it comes to passing C&F for admissions and/or a state bar review?

TLS is a bad place to ask for legal advice. This is something about which you really, REALLY need to get in touch with your local Bar.

BP is absolutely correct and this should have been said from the beginning. Call the State Bar in the states you want to practice and ask.

[JohnV]

edit

[kalvano]

On the original question, yes, it will be a problem. Texas asks you if you have any debts that are 90 or more days past due, or in collection.