How low of a credit score is an actual problem?

[Pacna]

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I just ordered my credit score from TransUnion and wasn't thrilled.

Does anyone have experience with running into an actual problem (having to take a year off, for instance) because of their credit score going into medical school? With the number of financial aid presentations I've sat through this year, you'd think I'd have some idea. 😕

 

[circulus vitios]

As I understand, it's based on outstanding balances, not credit score.

 

[sinombre]

As I understand, it's based on outstanding balances, not credit score.

A credit check is run for graduate PLUS loans, but not for Stafford or Perkins loans.

 

[darkjedi]

Credit score is rarely an issue for taking out loans. Unless you've absolutely wrecked your credit, by say declaring bankruptcy or such, you should still have no issues getting GradPLUS loans.

 

[Pacna]

So I talked to a financial aid officer about this. They told me:

1. A "C" credit score was actually fairly good. Tell this to someone who worked his ass off to never get a C. I mean really what did you expect? 😛

2. sinombro is right about that particular point, but there is a ~$220,000 cap on a certain type of federal loan. There is no cap on the Grad Plus.

3. darkjedi is also right. Grad Plus loans are hard to be disqualified for.

Thanks guys. 🙂

 

[deleted480308]

Besides the rate likely being higher on some....will a 4yr old bankruptcy with good history since then destroy me?

 

[Pacna]

Besides the rate likely being higher on some....will a 4yr old bankruptcy with good history since then destroy me?

Clearly I am no financial aid expert, but I sincerely doubt it.

Call a school's financial aid office. They're more than happy to answer your questions and relieve some stress! 🙂