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Story time in a second, but really my main purpose for starting this thread is that I'm hoping you guys can help me clarify some of the terms in the link below:
https://studentaid.ed.gov/sa/sites/default/files/plus-adverse-credit.pdf
Story: I will be starting medical school this fall, and I have already been approved for the Grad Plus Loan for this year. However, I'm worried about my eligibility and my wife's eligibility for the next year. I'm worried because she may or may not have an adverse credit history (Pretty much, this is what I'm trying to figure out based on the above link).
Why I'm worried: We just got married a few days ago in a different state from where we go to undergrad, and where bills are sent. She was away from apartment for a few months actually, and happened to miss a medical bill (She had a few others that she was aware of and paid them, but this one was forgotten about/missed because she was gone). We got home today and the missed bill had been sent to a collection agency and now the collection agency is asking for the money. Will be calling tomorrow to see if the bill can be paid and be deleted from credit report.
However, worse case scenario, it will show up on credit report. The bill is ONLY for 13 dollars. However, from what I've read on the internet, it's not so much the cost, but the fact that it was sent to collections that affects the credit. So, now I'm worried that when my wife applies for Grad Plus Loan when she matriculates to Med School in a year (obviously assuming she gets in) I'm worried that she'll have an "adverse credit history" based on having a debt. But, if it's paid, and since it's less than $2,085, would it even be considered adverse credit? I also don't know what the term "default determination" means, other than that it was a debt that wasn't paid (so would that 13 dollar bill that went to collection count as default determination).
And then finally, my last question is how would this affect my credit and chances of being approved for a Grad Plus Loan for my second year of medical school now that we are married. I know we have separate credit scores, but we are planning on starting a joint bank account, so would that affect my credit as well? Would it be advised to have separate bank accounts so that I could get the loan. And that way, could I be here "endorser"? Or can a husband not be an endorser (similar to cosigner) to his wife? I ask this question because I do what to have a joint account, but if I can get the loans and then be the endorser on hers if we don't have the joint account, that would seem to make the most sense.
Sorry for the long winded post, and I apologize in advance for my ignorance because I feel like this might be a stupid question. But, I wanted to ask online first, before I talked with financial aid at my school, so I could get a better understanding on all of this stuff before I embarrass myself. Thanks to all who took the time to read this and any knowledge, help, and advice is much appreciated!
https://studentaid.ed.gov/sa/sites/default/files/plus-adverse-credit.pdf
Story: I will be starting medical school this fall, and I have already been approved for the Grad Plus Loan for this year. However, I'm worried about my eligibility and my wife's eligibility for the next year. I'm worried because she may or may not have an adverse credit history (Pretty much, this is what I'm trying to figure out based on the above link).
Why I'm worried: We just got married a few days ago in a different state from where we go to undergrad, and where bills are sent. She was away from apartment for a few months actually, and happened to miss a medical bill (She had a few others that she was aware of and paid them, but this one was forgotten about/missed because she was gone). We got home today and the missed bill had been sent to a collection agency and now the collection agency is asking for the money. Will be calling tomorrow to see if the bill can be paid and be deleted from credit report.
However, worse case scenario, it will show up on credit report. The bill is ONLY for 13 dollars. However, from what I've read on the internet, it's not so much the cost, but the fact that it was sent to collections that affects the credit. So, now I'm worried that when my wife applies for Grad Plus Loan when she matriculates to Med School in a year (obviously assuming she gets in) I'm worried that she'll have an "adverse credit history" based on having a debt. But, if it's paid, and since it's less than $2,085, would it even be considered adverse credit? I also don't know what the term "default determination" means, other than that it was a debt that wasn't paid (so would that 13 dollar bill that went to collection count as default determination).
And then finally, my last question is how would this affect my credit and chances of being approved for a Grad Plus Loan for my second year of medical school now that we are married. I know we have separate credit scores, but we are planning on starting a joint bank account, so would that affect my credit as well? Would it be advised to have separate bank accounts so that I could get the loan. And that way, could I be here "endorser"? Or can a husband not be an endorser (similar to cosigner) to his wife? I ask this question because I do what to have a joint account, but if I can get the loans and then be the endorser on hers if we don't have the joint account, that would seem to make the most sense.
Sorry for the long winded post, and I apologize in advance for my ignorance because I feel like this might be a stupid question. But, I wanted to ask online first, before I talked with financial aid at my school, so I could get a better understanding on all of this stuff before I embarrass myself. Thanks to all who took the time to read this and any knowledge, help, and advice is much appreciated!
