Child ID theft and student loan

[Anonymous]

My DD was just accepted into a State University and I found out today there is charged off accounts on her credit report from years ago (possibly by a family member). I will call the CB's tomorrow and get that end going but when she is filling out her fasfa do they check her credit. She won't be 18 for a few months. I have zero knowledge of the student loan world. Is it credit driven? Do parents need to be on it? Do they only check parents credit? Thanks so much 

[Mookey67]

There is no credit check for fafsa which determines whether eligible for federal loans. It is based on need.  By your child more than likely being a dependent student, the parents income will have to be entered although there isn't credit check either.  I think there may be questions on there regarding credit tho.  If the federal loans are not enough to cover everything then the student may need to apply for a private loan or the parents a loan for the student in which a credit check will at that time be done for both. Therefore, I strongly advise you get that taken care of as soon as possible just in case.  Hope this helps 

[Anonymous]

Is she currently employed? Will she be living on her own when she goes away to university? 

If the answer to those questions is yes, I think there is a way to have her be viewed as independent and have it as her applying for student loans vs. a Parent plus loan. Don't quote me on it, but that's exactly what I did. It also takes out the factors of a) it being based on Parental income b) pulling the parents credit c) increases the repayment options and reduces possible  for the parental responsibility for the loan after graduation usually due to unforeseen circumstances (including lower income than expected on the student's end).