Med School LOANS....

[MzzMisty]

---

Members do not see this ad.

Are medical school loans based on FICA score or are they different? I haven't been able to find anything stating if they are or not.. please let me know because if they are Im in trouble... When I was a youngin' I got myself into a hole and well the hole wont go away 😳 and my FICA score is not what you would call fabulous.. or good ...or semi ok.. Well you get the point.. some help here... Thanks so much ... 😀

 

[DrB]

Yes, I think your Med Loans are based on FICA. I just applied for my loans this year and I called the lender to ask about credit scores. The lenders usually have tiers of rates based on your credit. I asked the lender what kind of credit I needed to have in order to get the best rate. She told me you need a FICA of at least 760 (access group). Lower FICA scores will give you an extra percent or two or six. Good luck to you!

 

[mendel121]

Are medical school loans based on FICA score or are they different? I haven't been able to find anything stating if they are or not.. please let me know because if they are Im in trouble... When I was a youngin' I got myself into a hole and well the hole wont go away 😳 and my FICA score is not what you would call fabulous.. or good ...or semi ok.. Well you get the point.. some help here... Thanks so much ... 😀

The federal loans (Stafford/Perkins/etc) are not based at all on credit score, I think that max stafford per year is $38,500 or there about, which at least in my case will cover me when combined with school aid (I won't even use quite that much). You only have to worry about the FICO score if you need to go above and beyond the federal/school based aid to the alternative loan programs.

 

[TSD77]

It is my understanding that loan rates have nothing to do with credit scores for federal loans, but I am not sure about private loans. Federal stafford loan rates are based on the Treasury bill rates plus a percentage (add 1.7% for in school/deferment or add 2.3% for repayment). The T bill rate as of the end of May is 2.99% compared with 1.1% for last year, which explains why stafford loans (in-school status) were 2.77% and will be 4.70% in July.