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GradPlus Loan/Finicial Aid Questions

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robnon

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Hello,
I had a few questions about GradPlus loans. Now that I have been stressing about getting into med school, I got an accectance and I now I am worrying about paying for it. I know I will need more then the Stanford limits, so my next best option is GradPlus. I fount this requirement listed:

“You can get a PLUS loan even if you have a bad credit score, so long as you don't have an adverse credit history (i.e., no more than 90 days late on any debt and no defaults, bankruptcies or other adverse action on any Title IV debt).”

I already checked to see if I would qualify for a GradPlus loan at the www.acessgroup.com website and was told I was denied. According to my credit report, there is nothing that is currently 90 days but a few things that are charged off. Do you think if I pay these debts I will be approved later? Also if I use my parents as a co-signer would I get approved? My parents are going to check to their credit report, but they don't believe they are late on anything. If my parents are denied, however, is it possible to use another co-signer?

Also, these loans are year-by-year, correct? See even if I didn't get approved for my 1st year of medical school, I could apply going into my second year and get arroved? Obviously I wouldnt be able to make any money during med school, but I could work to pay some things off between now and the start of classes in August. And if my parents have negative items on their account they could work to fix it as well during my first year.

Finally, when I fill out my FAFSA form in 2009, do I apply for the GradPlus loan there or do I apply through a different means, such as this accessgroup website?

Thanks so much!
 

alwaysaangel

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Hello,
I had a few questions about GradPlus loans. Now that I have been stressing about getting into med school, I got an accectance and I now I am worrying about paying for it. I know I will need more then the Stanford limits, so my next best option is GradPlus. I fount this requirement listed:

“You can get a PLUS loan even if you have a bad credit score, so long as you don't have an adverse credit history (i.e., no more than 90 days late on any debt and no defaults, bankruptcies or other adverse action on any Title IV debt).”

I already checked to see if I would qualify for a GradPlus loan at the www.acessgroup.com website and was told I was denied. According to my credit report, there is nothing that is currently 90 days but a few things that are charged off. Do you think if I pay these debts I will be approved later? Also if I use my parents as a co-signer would I get approved? My parents are going to check to their credit report, but they don't believe they are late on anything. If my parents are denied, however, is it possible to use another co-signer?

Also, these loans are year-by-year, correct? See even if I didn't get approved for my 1st year of medical school, I could apply going into my second year and get arroved? Obviously I wouldnt be able to make any money during med school, but I could work to pay some things off between now and the start of classes in August. And if my parents have negative items on their account they could work to fix it as well during my first year.

Finally, when I fill out my FAFSA form in 2009, do I apply for the GradPlus loan there or do I apply through a different means, such as this accessgroup website?

Thanks so much!

All of this depends on the med school you will be attending.

Call the financial aid office. Basically you will submit a FAFSA then you will get a financial aid package. It will tell you exactly how much grants, stafford and GradPlus loans you need. Then they school will tell you how to apply. Some schools have a single bank they always use, some give you a few options, some will let you pick whatever you want. But you do apply separately, but its not a hard application and I don't know anyone thats been rejected. I never even was told I was accepted for my GradPluses - they just happened.

Call the financial aid office, ask them what you need to do and how to clear up the Grad Plus qualification thing.
 
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