Financial Aid & Student Loans

  1. Anyone out there receiving financial aid/student loans with a less than stellar credit score?

    My husband and I had a business for a few years, and it brought us into the financial toilet. I have an academic scholarship loan that covers my books/tuition, but we could use a few more $$$ to help cover other expenses since I'm not working.

    I'm concerned that although our income would qualify me for a need-based grant/loan, our credit history will exclude us.

    Can anyone provide any information? I'm going to financial aid this week, but wanted to toss around the idea here first...
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  2. 7 Comments

  3. by   brwnngj
    Quote from kellyo
    Anyone out there receiving financial aid/student loans with a less than stellar credit score?

    My husband and I had a business for a few years, and it brought us into the financial toilet. I have an academic scholarship loan that covers my books/tuition, but we could use a few more $$$ to help cover other expenses since I'm not working.

    I'm concerned that although our income would qualify me for a need-based grant/loan, our credit history will exclude us.

    Can anyone provide any information? I'm going to financial aid this week, but wanted to toss around the idea here first...

    Hi i just wanted to let you know that I have extremely bad credit (working hard to clear it up) and that did not disqualify me from being approved for financial aid to include loans. I believe one thing about student loans is because they can not be filed on if one were to file bankruptcy they are not as difficult to get. Good Luck
  4. by   ItsyBitsySpider
    There is no credit qualification for financial aid or student loans, they don't even run your credit report.
  5. by   RainDreamer
    I'd start out by filling out the FAFSA and see what you qualify for, it couldn't hurt. Try submitting that before talking to financial aid, they'll probably have you fill it out anyway and the sooner you get it turned in, the better. Good luck!

    http://www.fafsa.ed.gov/
  6. by   AdobeRN
    I agree with previous poster...first step financial aid office will do is have you fill out the FASFA. This will determine if you are eligible for aid. Fill out all paperwork for a student loan...once you get approved you do not have to accept if you change your mind. Check to see if your school has some kind of general scholarship fund, fill out an application even if you dont think you can qualify for anything. I did not have the greatest GPA and I still managed to get a $250 scholarship.
  7. by   kellyo
    Thanks, everyone!
  8. by   ashemson
    I also have bad credit, and got student loans this semester, plus a grant. I qualified for the max, and I will have about 2500.00 left over to use for expenses. I think credit rating has nothing to do with it. Either the subsidized or unsubsidized loan is given based on need, I think...

    Go to http://www.fafsa.ed.gov/

    Fill out that form, it will tell you what your are expected to pay, then it will also send a report to your school, and they can tell you what you qualify for. I have done this every semester, and I don't think they EVER looked up my credit report.
  9. by   RainDreamer
    You're welcome, Kelly, hope it all works out, let us know how it goes.

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