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My husband will attend school soon for a undergraduate degree. He has the GI bill but can't get the money before the school start. We will have to get a student loan until the GI bill comes to us. My question is. Do they look at your credit history before they give you a student loan?
Yes and any bad information will likely cause the loan to be denied. I've heard of students being denied a loan because of late video fees that were turned into collections. About the only way you can get a loan is with a cosigner, but that entails a risk to the cosigner. I've heard of grandmothers cosigning for their grandchildren not realizing they became responsible when their grandchildren failed to pay.
Can your husband start his program at a community college, which is less expensive, and then switch to a four-year college once the GI bill comes through? How about scholarships? Has he talked to the Veterans Affairs Officer at his college? There may be a way for him to start without the GI bill and no additional outlay.
MissShona is correct. They will only look at your credit if you are going for a private student loan. Everyone should exhaust their government resources first.
I was previously employed in Student Services at a college for several years, so I am confident about my reply.
As the other posters suggested, if you receive a government student loan, which you would apply for through financial aid at your insitution and filing out the FAFSA, they don't look at credit. They do for private loans, which are at a very high interest rate in general.
My brother is in this exact situation currently. He spoke with someone in the business office to set up a payment plan and then took out a gov't student loan (through completion of the FAFSA, as others have already recommended). He still has to pay half his bill up-front, but it is being paid via the student loan. His funds from the GI Bill should arrive by the time the later installments are due.
My husband will attend school soon for a undergraduate degree. He has the GI bill but can't get the money before the school start. We will have to get a student loan until the GI bill comes to us. My question is. Do they look at your credit history before they give you a student loan?
My credit history is shaky at best, yet I just qualified for a subsidized student loan and an unsubsidized student loan. You can qualify easily if you qualify for a Pell Grant, which I did.
Go to fafsa.edu.gov and apply. Once you submit a FAFSA, you can find out if you qualify for federal aid and for loans.
Hurry though. If you don't get it in soon, you may not get your money in time to pay for classes.
Student loans are the easiest loans to get, and they are the most forgiving. Like the others said, go to [url=http://www.fasfa.org]www.fasfa.org with our sporting goods promotion.[/url] (or, -.com) and fill out the application. In addition, you will need to request a PIN such that you can sign the promissory note (BTW- dont ever forget your PIN- you will need it even after graduation). I forget if you receive the PIN from fasfa, or if you have to go elsewhere, for example, [url=http://www.ecsi.net]ECSI[/url]. Moreover, for ANYONE who has served in the military you must know this- YOUR STUDENT LOAN CAN BE FORGIVEN- check forgiveness criteria here: [url=http://www.ecsi.net/bwr/forms/index.html]ECSI - Borrower Forms[/url]. Either way, no credit check is required for student loans.
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