loan cosigner

[mdew87]

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Hey guys,
i had a really important question. Last year my parents lost their jobs b/c of the recession and we recently had to foreclose on our house which basically ruined their credit. I was wondering whether to get loans for medical school you need a cosigner or once you are admitted your basically guaranteed loans associated with the medical school.
thanks.

 

[Brent8927]

You only need a cosigner for private loans.

As far as I understand, you are basically guaranteed Stafford loans (subsidized and unsubsidized), which make up to about $40,000 of your financial aid packet. Grad PLUS loans, make up the rest (if your cost of attendance is above the Stafford limit), and for the PLUS loan, you do undergo a credit check. But, it's your credit that will be looked at, not your parents, so I would imagine you'd be OK, as long as you've always paid your bills, have no collections, etc.

 

[stayclassy]

You only need a cosigner for private loans.

As far as I understand, you are basically guaranteed Stafford loans (subsidized and unsubsidized), which make up to about $40,000 of your financial aid packet. Grad PLUS loans, make up the rest (if your cost of attendance is above the Stafford limit), and for the PLUS loan, you do undergo a credit check. But, it's your credit that will be looked at, not your parents, so I would imagine you'd be OK, as long as you've always paid your bills, have no collections, etc.

what do you do if you have bad credit?

 

[Bacchus]

what do you do if you have bad credit?

Contact your financial aid office.