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What are my options after FAFSA

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Anonymous
Not applicable

Re: What are my options after FAFSA

I meant besides credit score are there any other components ie like what school i'm in that they use for student loans? The reason why I ask is I don't want to apply in the slim chance that I get a loan only to be shot down and waste a hard inquiry on my credit report

Message 21 of 24
laz98
Senior Contributor

Re: What are my options after FAFSA

you mean does it specifically matter what school you are attending?  i don't think so.  i think they just look at your cost of attendance.  i don't think it matters if it's a community college or a 4-year school.  they just want to make sure it's a legitimate school, not something made up.

 

no matter what, there is ALWAYS a chance you can get denied, just like anything else.  i am not certain that a 720s score is a sure approval for all lenders, but i have never had to apply for a private student loan.  sounds like there is a very strong recommendation for a cosigner, no matter where you apply.

 

if you are serious about pursuing a loan, i would go talk to some banks in your area & see what they say, before they pull your credit.  that way you have a better idea of what you are facing, & you don't end up with a bunch of inquiries on your reports.  take copies of your credit reports so they can look at them & give you a more or less accurate answer about whether or not your credit profile will get you approved, & if so, for how much.

Message 22 of 24
haulingthescoreup
Moderator Emerita

Re: What are my options after FAFSA

I don't know if OP is coming back, but in case you do:

 

One thing that I would keep in mind is that even though you might get approved for a loan by whomever, that doesn't mean that it's the best thing for you to do. I've always qualified for way higher mortgage payments than I wanted to pay, but we stuck with our comfort levels.

 

Just because something can be done, it doesn't mean that it should be done. Just a thought.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 23 of 24
Anonymous
Not applicable

Re: What are my options after FAFSA

Thanks I will keep that In mind. My goal is to borrow but I don't want to be saddled with debt by the time I graduate from college. The plan is just to borrow when I can and pay back with any earnings I make while still in school.

Message 24 of 24
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