How much do FICO scores matter when applying for a student loan?

[Anonymous]

How much do FICO scores matter when applying for a student loan? My undergraduate student loans have been completely paid off for 2 years, but I would like to take out more for graduate school. My FICO is 611, and should be steadily rising because I am now taking things seriously.

Thanks!

[Anonymous]

Ummmmmm ... like, totally!

[Anonymous]

How high should I go (FICO score) before applying, to have a good chance?

Thanks!

[Anonymous]

Here's a good thread with responses from someone in the know ...

http://ficoforums.myfico.com/fico/board/message?board.id=loans&thread.id=12359&jump=true

[Anonymous]

If you are planning on only using Stafford loans (which would allow you $20500 / 24 credit hours which is a "financial aid year"), you dont have to worry about your credit scores.  They dont even look at them.  If you have to borrow more money than that and want to use the PLUS loan program, that is when you will have to start worrying about your credit scores.  So I guess the answer to your question is "it depends" (i.e. how much do you need).

[Anonymous]

I was able to get both subsidized and unsubsidized student loans this past fall, when I started working on my bachelors degree at UF.  I don't think they looked at my scores, but were more concerned about our previous year's income. 

Go Gators!

Message Edited by soccermomof4 on 05-07-2008 12:37 PM