FAFSA and improving credit score

[socalguy858]

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Hey guys I'm really clueless when it comes to financial aid and need some advice. Currently my credit score is no good because I have a LOT of credit card debt. I just did my FAFSA and I'm not expected to get a good rate at all on any loans.

The debt I had incurred came from a business venture I started a while ago. The good news is I will be making my money back and more so all the debt will be gone in a few months. I can definitely see my credit score going up by 50-100 points.

My question is would I be able to get my interest rate significantly lowered before school starts or am I stuck with the credit score I had while filing my FAFSA?? Sorry this may seem really stupid but I'm hopeless when it comes to finances.

Thanks 😀

 

[Dynomite]

Hey guys I'm really clueless when it comes to financial aid and need some advice. Currently my credit score is no good because I have a LOT of credit card debt. I just did my FAFSA and I'm not expected to get a good rate at all on any loans.

The debt I had incurred came from a business venture I started a while ago. The good news is I will be making my money back and more so all the debt will be gone in a few months. I can definitely see my credit score going up by 50-100 points.

My question is would I be able to get my interest rate significantly lowered before school starts or am I stuck with the credit score I had while filing my FAFSA?? Sorry this may seem really stupid but I'm hopeless when it comes to finances.

Thanks 😀

FAFSA doesn't even look at your credit score. They just make sure you're not in default status on any previous student loans. You'll get the student loan rate everyone gets regardless of your credit rating, currently I believe it's a 4.75% interest rate on Stafford loans. Now if you seek private loans, that's a different story.

 

[Toothinator]

yea it's around 4.7 and I heard it's going up to 6% in July 😡

 

[benson_dds]

yea it's around 4.7 and I heard it's going up to 6% in July 😡

You mean it's going to go up to 6.8%!! Almost 7% how fortune we are!!! That's a welcome to us class of 2010