credit restrictions for unsubsidized loans?

Speculating · Dec 28, 2003

Originally posted by apoole77
I was looking through the handbook for the school I am hoping to be accepted and it said that unsubsidized loans are available for credit-worthy independant students... I don't think I would be considered credit-worthy and I was alway under the impression that they did not check your credit for stafford loans either subsidized or unsubsidized. Does anyone know anything about this?
Thanks
Amanda

My credit wasn't great when I applied for my student loans, and I didn't have any trouble. That was a few years ago however. My last semester of nursing school they even tried to deny me a loan. I wrote my state Congressman and both my State Senators who in turn contacted the Dean of the College. Quickest loan I ever got. It also came with a plethora of apologizes as well! Oh course now that I must pay them back I kinda wish they hadn't gave them to me.

wonderbee, BSN, RN · Dec 28, 2003

That's funny. I have an application for an unsubsidized Stafford loan and nowhere does it request permission for or make reference to a credit check. All it asks for is a statement why it is needed, supporting documentation if appropriate and your monthly budget.

RNIAM, BSN, RN · Dec 28, 2003

I have a ton of loans and not once have they asked about my credit history. I have a great one but it to my knowlege has never been checked.:)

lizmatt · Dec 28, 2003

cool . Thanks. I was starting to get worried, maybe I read the handbook wrong.

Dave ARNP · Dec 28, 2003

There are totally un-sub loans which are made by private lenders. Just like going online for a mortgage or a credit card, you can get a loan for school. THESE require a good credit history. A un-sub Perkins loan would NOT check your credit (I'm PRETTY SURE, atleast. I teach a NP class and this is what they tell me at our little meetings).

To my knowledge, anyloan other than these wouldn't check your credit.

Dave

nursecompassion · Dec 28, 2003

I have received probably toooo many stafford loans since I began college, and I have never had a credit check or any issues with that area. My credit is on the bad list.

I don't see why you should have any problems, unless you owe the school money.

jules

BamaGirlRN · Dec 29, 2003

Hi, I think you are assuming 'credit' as in credit history/report, but I am pretty sure it means 'credit' as in credit hours. I have never had a credit history check for any of my loans. However, I have had a few NSG students friends be denied a loan becasue they had too many credit hours for the degree they were persueing. Just an FYI.

Good luck!

iliel · Dec 29, 2003

when checking credit, what they are looking for is if you've ever defulted on a student loans. Other than that, they take their chances. I know ppl with repo's and bankruptcy and they are able to get loans, but they have also never defulted on a student loans of any type.

I'm sure you'll be fine, I wouldn't worry too much about it. Good luck!