Bad Credit Agency

Will bad credit hurt my chance for student loans?

To make a long story short, I have had a very, very bad six months personally and one of the worst things (besides a cancelled wedding six weeks prior to it happening) was having my car repossessed after being ONE month late. I am getting it back, and my parents are just going to pay the rest off for a graduation gift (I graduate with a B.S. on Saturday). I was planning on going to graduate school next fall, but will have to get student loans, as my little brother is entering college and my parents cant pay for both of us to go. I have never had any student loans before. Is the repo going to keep me from getting any federal loans? (I know it will hurt me if I try to go through thte private sector now). Thanks! NO ONE HAS ANSWERED THE QUESTION THAT I HAVE ANSWERED. I am not looking to go the private lonan route, I know these usually have ridiculous interest rates. My question is whether I can be denied federal loans to go to school because of my bad credit. It is a yes or no question, please, if you are only trying to solicit private lonas do not bother answering my question. Thanks.

Public Comments

1. It's impossible to answer the question without knowing your exact credit situation. The only way you will know for sure is by applying. There is no credit check for a Federal Stafford loan, but you must be independent to apply as a grad student. The Grad PLUS loan does require a credit check but has a much higher approval rate than a typical private student loan. Start by filling out your FAFSA. (fafsa.ed.gov). You should also contact the financial aid office of the school you're planning to attend. They can guide you on how to pay for your school. Good luck!
2. No, I do not believe that you will get denied a loan based on one month late of a car. Especially if your parents pay it off, that will look great for you. Really you won't know for sure until you apply. Best Wishes, Alicia

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