bankruptcy/credit questions on secondary application?

[bobbybeegee]

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Hello everyone, does anyone who applied in the previous cycle know if individual schools they applied to asked about past credit history or bankruptcies?

 

[whateveryoulike]

I've heard it go both ways, some schools ask and some dont. did you try doing a search? it seems like a fairly easy question for anyone who has completed a secondary app to answer so you might find something in a search if no one responds further.

 

[bobbybeegee]

Is there no one that might have applied in the previous cycle? If you did, were you asked on your secondary application about credit related subjects? Please guys, I'm freaking out over here.

 

[tinman831]

I've never heard of a school doing a background check on an applicant before. I'd be more worried about not being able to qualify for a loan if I had bad credit.

 

[whateveryoulike]

I've never heard of a school doing a background check on an applicant before. I'd be more worried about not being able to qualify for a loan if I had bad credit.

most schools (from what I've heard) provide acceptance contingent upon successful passing of background check (not sure on credit check though). they don't conduct it until after you accept their offer for admission.

I'm starting to get curious on whether they do credit checks too, it wouldn't make sense to admit a student that would have to drop out anyway due to being unable to get financial aid. although, a cosigner with good credit would probably fix that so as long as bobbybeegee doesnt have dead parents, he may still be fine.

 

[BillytheEchidna]

...so as long as bobbybeegee doesnt have dead parents, he may still be fine.

This is a really crappy thing to casually joke about. 👎 You don't know why someone has bad credit or what some people have gone through on their journeys to dental school.

 

[whateveryoulike]

This is a really crappy thing to casually joke about. 👎 You don't know why someone has bad credit or what some people have gone through on their journeys to dental school.

I never thought of offending anyone since I never considered the possibility of his parents being associated with the bankruptcy. You are right though, I need to think a bit longer when making casual jokes. Sorry if it bothered you.

 

[Dentgirl09]

I don't think they ask> i applied this cycleand don't rem any questions like that. And I applied to over 20 schools.

But.. I also don't really tink they are allowed to ask you or let it affect their admissions decision.

But if you have bad credit/ bankruptcys you may not be able to get private loans.... so hopefully you have another menas of paying for school if you can't get loans.

To follow up on this question -- if your parents have a bad recent history (past year) due to the way things are right now--do you think it would affect the students ability to get a loan? Do we need a cosigner if we ourselves have good credit but no income?? Or can we get a loan but it will just have a higher apr?

 

[BillytheEchidna]

I never thought of offending anyone since I never considered the possibility of his parents being associated with the bankruptcy. You are right though, I need to think a bit longer when making casual jokes. Sorry if it bothered you.

Sorry, I'm too sensitive. My dad died 4 years ago, so the phrase "dead parents" struck a nerve. My implied point was that there are myriad reasons why someone might be in a financial pickle: sometimes, through no fault of their own.

Dentgirl09, if you have good credit yourself, I wouldn't think that your parents' bad credit would ruin your chances of getting a good rate since you wouldn't need them as cosigners (true, if they did have stellar credit, you would get a better rate than you could get on your own...). If it were an auto loan or a mortgage, they would look at your lack of income... But think about the nature of a student loan: you aren't going to be pulling in the big bucks, or any bucks for that matter, while you're a student. From what I have heard, professional school loans are a whole different animal. Check out Sallie Mae, just as an example of a potential lender: http://www.salliemae.com/get_student_loan/find_student_loan/grad/dentaloans/

 

[cookand]

I was never asked about credit issues when I applied (2 cycles ago). Also, there is no credit check when applying for federal student loans (stafford loan). Assuming you've not defaulted on any previous federal loans.

 

[Simiam]

No one asked about credit on Application, but many discussed it in the interview. It wasn't an acceptance contingency though... It was more along the lines of get a good credit score before you start otherwise the rates on your loans will be out of this world. Many of the basic gvmt loans do not require credit... Student loans are diff than mortgage loans. However, if gvmt loans do not cover your dental school expenses you have to get private loans, which do look at your credit school...

Basically,
Get your Score up and get in to a cheap program.

 

[xhamburgersamx]

It might be more difficult to get a loan if you have really bad credit.

There probably aren't too many students with bad credit but older applicants who had prior lives may be able to help you but those are going to be rare to find through SDN.

Best advice is to speak to a bank and ask them if they can secure federal loans for you to take out when you start school.