Reply
Highlighted
Established Member
Posts: 12
Registered: ‎10-25-2007
0

Applying for Graduate Plus Loan

Hello Fico Community,

 

Can anyone shed any light on applying for Grad Plus Loans?  Are they based on score alone or presence of Lates?  My EQ is 667 TU? EX?   I have 120+ days Lates from BOA short sale from 7/2012 - The short sale is now settled.  I have no other derogatory info on my credit.   Im just wondering if it is even worth it to apply, I don't want to be turned down if GradPlus loans are based on presence of derogatory info such as lates.  My school loan admin says is based on the lender, your score and whatever they feel is credit worthiness.  I know this forum has a wealth of knowledge, so can anyone help?

 

Please and Thank you!

Established Contributor
Posts: 736
Registered: ‎08-25-2008
0

Re: Applying for Graduate Plus Loan

Here’s a quick overview of Direct PLUS Loans:

  • The U.S. Department of Education is the lender.
  • The borrower must not have an adverse credit history.
  • Loans have a fixed interest rate of 7.9%.
  • The maximum loan amount is the student’s cost of attendance (determined by the school) minus any other financial aid received.
Established Member
Posts: 12
Registered: ‎10-25-2007
0

Re: Applying for Graduate Plus Loan

Thank you for that information.  Looks like I'll be writing and mailing out good will letters, that's my only hope.  Please wish me luck.

 

Thanks!

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.