Do I have a good credit for federal loans and private loans for school? I am applying for financial aid to pay for school, but I may need loans to help more subsidies. Do I need good credit for me to get any type of loan to help pay for school?
There are no credit checks for federal Stafford loans - after all, was created precisely because the typical student has not had the chance to establish a credit history. There is a credit check for a Parent PLUS federal loan, but it still has a relatively high approval rate.
private student loans because they are not guaranteed by the governments, are based on credits. Your interest rate will be determined by your credit rating. If you have a co-signer with good credit who can help.
In general, you want to maximize your federal loans (start by applying for the FAFSA) because they usually have the best interest rates and generous repayment terms. Then get private loans to cover the rest.
As always, be conservative and borrow only what you need.
Here is more info if you need it:
Stafford loans http://www.salliemae.com/get_student_loa ...
Private loans http://www.salliemae.com/get_student_loa ...
FAFSA www.fafsa.ed.gov
Only one of the above is entirely correct. I am disappointed that some would respond if they do not really know.
No, I have been subsidized federal Stafford loans and subsized each year. Once you apply for the FAFSA, you must complete an entrance interview for loans if you choose loans. Your school will find a lender. I've never had a problem. When I started going to college My score was not good. It is now after a few years. Go to your desktop Finaid and talk to a counselor, they can reassure you.
Yes, you need good credit, progress toward a diploma and an average above 2.5.
You can not have failed in other loans or grants from the federal government ... But in my mind good credit rating is not a requirement for these types of loans. Good question!
No, I'm ready for students to pay for all of my studies and I have terrible credit.
Credit is always good to have. The best thing to do is go talk to ur financial aid office and see if they can help you find ways to win money for free and without u having to apply for a loan. But if u must try for a loan ... I think u do need good credit, credit is what people are looking to see if u have a good history of being able to pay for their money. I am sure they are companies out there who understands that ur a student who needs money to pay for college. If u approve a loan ... make sure it has a low interest rate GREAT!
Posted on February 2, 2010.
