GradPlus loan question from student with car loan default?

[Calizboosted76]

Hello everyone,
I just received my matriculation packet to my intended school. I had a question that I am unsure if anyone on here will be able to answer from their own experience with Gradplus loans.

So I am going to need Gradplus loans however when looking into Gradplus they say that anyone with adverse credit history will not qualify unless they have a cosigner. I defaulted on a car loan and have some medical bills that wound up in collections (I come from a very low income family). I decided to default on my car loan (it was actually a voluntary surrender, however that makes no difference) so that I would be able to focus more on my school work.

I have a cosigner who doesn't have any adverse credit history, however their income is not very high. Will I be able to qualify for a Gradplus loan with this cosigner? Do I have any other options?

Kinda freaking out because I fought so hard to get here and I don't want this to be what keeps me out of school. Also before someone mentions it, I would prefer not to use HSPS because I have heard horror stories of the military dictating what specialty you go into. My GPA from undergrad is too low to qualify anyways.

Any advice would be greatly appreciated!

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[nursedeezlmdo]

unless things have changed from last year, the co-signer need only have a non-adverse credit history. that's it. i was in the same boat. feel free to pm me if you'd like. i drove myself nuts needlessly.

 

[Calizboosted76]

unless things have changed from last year, the co-signer need only have a non-adverse credit history. that's it. i was in the same boat. feel free to pm me if you'd like. i drove myself nuts needlessly.

There is no option to PM you. Can you PM me?

 

[NotAProgDirector]

Just so you're clear about it, your cosigner will be 100% responsible for your loan. Should something go wrong, the loan servicer will insist they pay back also. Sometimes people think being a cosigner is a formality. It isn't -- it's a serious commitment.

 

[Calizboosted76]

Just so you're clear about it, your cosigner will be 100% responsible for your loan. Should something go wrong, the loan servicer will insist they pay back also. Sometimes people think being a cosigner is a formality. It isn't -- it's a serious commitment.

They are aware of this. Unfortunately no one in my family makes a bunch of money. So low income co-signers is what I have to work with and they are aware of the stipulations that go along with being a co-signer.