Grad Plus Loans and Past bad credit

[Krisss17]

Okay, I'm not proud of this , but I messed up in the past having both a bankruptcy in 2003 and unfortunately, more recently some 90+ days payment issues. I'm actually not applying for med school until next cycle (2010), with the hopes of matriculating in 2011.

How much time do I need to show a good record for in order to qualify for a Grad Plus if I needed to get one? Would two years be enough?

Thanks

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[TMP-SMX]

"Credit Eligibility Requirements
You must also meet credit eligibility requirements. You cannot:
• Have any debts that are delinquent 90 days or more, or
• Have any defaulted loans, outstanding tax liens, unpaid judgments, or any bankruptcy, foreclosure or wage garnishment within the past five years. If you cannot meet the credit check, you may still receive a Grad plus loan if you know someone who can and who is willing to endorse your loan."

You need five years since your bankruptcy, so you should be ok. Just make sure you don't have any delinquent accounts when you apply for loans. Even if something happens again you can get a cosigner.

 

[Krisss17]

"Credit Eligibility Requirements
You must also meet credit eligibility requirements. You cannot:
• Have any debts that are delinquent 90 days or more, or
• Have any defaulted loans, outstanding tax liens, unpaid judgments, or any bankruptcy, foreclosure or wage garnishment within the past five years. If you cannot meet the credit check, you may still receive a Grad plus loan if you know someone who can and who is willing to endorse your loan."

You need five years since your bankruptcy, so you should be ok. Just make sure you don't have any delinquent accounts when you apply for loans. Even if something happens again you can get a cosigner.

I actually saw this listed, but my concern is with the bolded section. Is there a starting pt...because, right now my report would show this...but I'm hoping and planning on making sure that from this time on, I'm right on time...how far do they look back?

I don't think a cosigner is in the books for me.

 

[YouAreAwesome]

Krisss17,

Spend some time at these forums and try and repair your credit:

http://www.creditboards.com/forums/

 

[TMP-SMX]

I actually saw this listed, but my concern is with the bolded section. Is there a starting pt...because, right now my report would show this...but I'm hoping and planning on making sure that from this time on, I'm right on time...how far do they look back?

I don't think a cosigner is in the books for me.

The bolded statement is regarding current delinquent accounts. If you fix them then they aren't delinquent anymore. If you haven't had any of those listed things in the past five years don't worry about it.

 

[CopToEM]

You've misunderstood what it states. This is from ed.gov

Source: http://studentaid.ed.gov/students/attachments/funding/PlusLoansQA.pdf

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).

So, the two factors that would make you ineligible are:

1) You are 90 or more days delinquent on any debt at the moment of application. I have verified this fact.

2) If, within the last 5 years at the moment of credit check, you have defaulted in the various forms shown above on a Title IV loan. That is... a federal student loan. If you went into bankruptcy over credit cards or a house it does not count. They are only interested in federal student aid loans.