Grad Plus Loan Eligibility?

[aznboi89x]

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I know it is credit-based loan but I have no credit history due to not having a credit card. I am not defaulted on anything since I never borrowed anything. I called Boston University's financial aid office and they said "They rather give the loan to a person with no credit history than someone with bad credit (such has defaults or bankruptcy)."

problem is: this person didn't seem sure about it.


for record: I just applied for a credit card for the first time and I hope it will give me some credit history to get the Grad plus loan.

Anyone know if you can get Grad plus loan W/O Credit history?

 

[AlbinoPolarBear]

I didn't have a credit history and I got the Grad Plus.

 

[flatcamelbak]

I found this on Google for a different program. It has a few details about the PLUS loan. You're fine. Towards the bottom of the first page:

"An applicant cannot be rejected for a PLUS loan because he or she has no credit history."

https://www.csusm.edu/finaid/finaid.../1112GradPLUSFactSheet.pdf

 

[aznboi89x]

thanks guys! i was worried for a bit there. whew

 

[mtinamer]

thanks guys! i was worried for a bit there. whew

How do you go about to apply for this loan?

 

[mid]

How do you go about to apply for this loan?

Pretty sure it will be part of you loan package from submitting your FAFSA.

 

[aznboi89x]

Pretty sure it will be part of you loan package from submitting your FAFSA.

when u do your FAFSA, u need to enter your school code number and thats it i guess

 

[dentalWorks]

I know it is credit-based loan but I have no credit history due to not having a credit card. I am not defaulted on anything since I never borrowed anything. I called Boston University's financial aid office and they said "They rather give the loan to a person with no credit history than someone with bad credit (such has defaults or bankruptcy)."

problem is: this person didn't seem sure about it.


for record: I just applied for a credit card for the first time and I hope it will give me some credit history to get the Grad plus loan.

Anyone know if you can get Grad plus loan W/O Credit history?

pretty much most sub 20 year old DS1 students are like you... either they have no credit, 1 credit card with 20 dollar limit, or even some have never worked a day in their life.

pretty much everyone gets graduate plus (and no co-signer needed). The one time you might be in trouble is if you have a HORRIBLE credit score (Im talking below 450).

 

[timmytim]

as long as you don't have any payments 90 days past due you are fine.