Matriculation based on your credit check?

[snowhite]

Advertisement - Members don't see this ad

The med school I was accepted to states that:

...your final matriculation depends on your ability to meet you financial obligations to the university...A stipulation of matriculation obligates an accepted applicant to provide, or authorize the university to obtain a copy of his/her current credit report. The university, as a service to each entering student, will evaluate his/her ability to provide tuition and living expense funding for the duration of the education program.
...APPLICANTS WHO HAVE ADVERSE CREDIT AND/OR INSUFFICIENT STAFFORD LOAN ELIGIBILITY WHO FAIL TO PROVIDE THE FUNDING ASSURANCES REQUIRED WILL BE INFORMED OF THEIR INELIGIBILITY TO MATRICULATE IN THE CURRENT ACADEMIC YEAR.

Does anyone know of a person who has been turned down by a professional program based on their credit report? I don't have a perfect credit score. I do have some hefty credit card debt and about $3,000 in undergrad school loans to pay back, but now I'm nervous (based on the school's letter) that I might not even get to matriculate. How bad is bad?

 

[LukeWhite]

You have to have AWFUL credit to not qualify for a Stafford--I'm not sure you can get credit that bad through normal channels. There are several disqualifying factors like defaulting on a student loan and not getting it taken care of, etc.

If you don't have any major financial disaster like that in your past, my impression is that you're guaranteed $38,500 per year. Depending on where you go to school, this may or may not be enough to live on, and additional loans are credit-based, and pretty stringent at that.

But you should be fine for matriculation; don't stress, and best of luck!

 

[mpp]

Agreed. The Stafford loan is not based on credit and only a prior default on a federal student loan, not registering for selective service (if you're a man), or being convicted on drug charge (although this has a time limit) will make you ineligible for Stafford loans.

Some schools put those clauses in their matriculation statements since they will require international students (non-U.S./Canadian citizens) to provide a guarantee via bank statements or otherwise that they have the funds to pay for tuition...for all four years...upfront.