natureboy

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When do credit scores come into play as far as filling out the FAFSA and taking out loans are concerned? I've been putting off opening accounts (credit/bank) because I didn't want to have any negative changes in my FICO score, even though it might be short-lived. Since I already filled out my FAFSA, am I safe to start opening different accounts, or should I hold off until I actually get the awards? I'm just confused about when the score comes into play.

Unless a miracle happens, I'm set on where I'll be going to school this fall. That school already pulled my credit history. Are they going to do it again when it comes time to hand out awards and stuff like that?
 

TMP-SMX

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Unless you need private loans your credit score plays no role. You should avoid them if you can because they have variable rates. Grad plus loans above the normal stafford loans are a better option if you need more. The rate is fixed at 8.5 for grad plus loans and the credit requirement is minimal.
 

ranmyaku

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If you have a crappy credit score then a co-signer may be needed for the GradPlus loans.

The sub and unsub- staffords you get regardless of your credit score.

This happened to me in the middle of med school. I had an erroneous collections report go to my credit report and was suprised when my financial aid office called and said I couldn't get my gradplus loan. So I got a co-signer and all was good.
 
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GeraldMonroe

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Actually, it has nothing to do with your "credit score"

The only part of your credit report they look at is your payment history. If you didn't pay something, they can deny your Grad Plus.
 

TMP-SMX

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For more clarification from the horse's mouth:

"2. What is considered to be an adverse credit history?
You are considered to have an adverse credit history if you are 90 or more
days delinquent on any debt or if, within 5 years of the date of the credit
report, you have been the subject of a default determination, bankruptcy
discharge, foreclosure, repossession, tax lien, wage garnishment, or writeoff
of a Federal Student Aid debt (for example, a Direct Loan or Federal
Stafford Loan).
3. What are my options if I have an adverse credit history?
You may still receive a Direct PLUS Loan if you obtain an endorser who
does not have an adverse credit history. An endorser is someone who
agrees to repay the loan if you do not repay it."
 
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