jeejeejiji

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I'm planning to get some goverment loans for my third and fourth year
after I get into dental school
For undergrad I didn't need to get any loans so I haven't used any loans up to
now But I wasn't sure if I would need good credit to get the stafford loan?
Because I don't have bad credit but I really don't have much of a credit at all :oops:
 

DREDAY

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I dont think the credit affects the amount of stafford loan you get, but rather the interest you get that loan at. So the higher the credit rating the lower the interest you have on that loan. I have a 750 credit, so hopefully my loans will have 4% or lower interest :-D
 
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jeejeejiji

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So does that mean that everybody 'can' get the stafford loan?
Would I have to call the fafsa for this information?
thanks!!!


DREDAY said:
I dont think the credit affects the amount of stafford loan you get, but rather the interest you get that loan at. So the higher the credit rating the lower the interest you have on that loan. I have a 750 credit, so hopefully my loans will have 4% or lower interest :-D
 

DREDAY

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you had to have applied by march 2 with fafsa to be considered for next year's stafford loans.
 
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the interest amount is the same for everyone since it's set by the federal govt. I believe now it is 2.77 according to the my last loan form.

And you can file fafsa later than march 2nd, it just has to go through the school later than usual and you're not eligible for perkins loans.
 

DREDAY

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CJWolf said:
the interest amount is the same for everyone since it's set by the federal govt. I believe now it is 2.77 according to the my last loan form.

And you can file fafsa later than march 2nd, it just has to go through the school later than usual and you're not eligible for perkins loans.
oooops. then i guess your credit rating is important for getting loans from private institutions. You will get loans for private institutions, if you need more money than what the gov can give you right?
 

bouncy_ball

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DREDAY said:
you had to have applied by march 2 with fafsa to be considered for next year's stafford loans.
This is somewhat off topic, but how long does it usually take after filing fafsa to get specific info regarding loans? I filled in early feb and got my efc number, but haven't heard anything else. Also, were there other forms that I needed to file to be considered stafford loans (other than the basic fafsa)?

Thanks for your help. :)
 
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bouncy_ball said:
This is somewhat off topic, but how long does it usually take after filing fafsa to get specific info regarding loans? I filled in early feb and got my efc number, but haven't heard anything else. Also, were there other forms that I needed to file to be considered stafford loans (other than the basic fafsa)?

Thanks for your help. :)
Once you fill out the FAFSA your school will send you your award letter letting you know how much you'll get, probably 38,500 ... then you pick your lender and sign the letter and they'll take care of the rest. Look for letters from your school.
 

DMD_hopeful

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jeejeejiji said:
I'm planning to get some goverment loans for my third and fourth year
after I get into dental school
For undergrad I didn't need to get any loans so I haven't used any loans up to
now But I wasn't sure if I would need good credit to get the stafford loan?
Because I don't have bad credit but I really don't have much of a credit at all :oops:
The worse case scenario is that you may need a co-signer for the loan.
 

bouncy_ball

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CJWolf said:
Once you fill out the FAFSA your school will send you your award letter letting you know how much you'll get, probably 38,500 ... then you pick your lender and sign the letter and they'll take care of the rest. Look for letters from your school.
Thanks , CJWolf!