I have a question about fed student loans.?
I reveived th award package from my school. Part of it will be fed loans. Along with the award letter I recvd the federal loan application. MY question is this…I do not have good credit. Are the going to be checking my credit? I really need this money or I wont be able to go to school.
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For a stafford loan (subsidized or unsubsidized) there is no credit check — for the Perkins loan, there is.
Re-check the paper — it could be a loan acceptance form, the master promissory note. It might have the loan amount awarded on the “application” in which case, it just needs to be signed and returned.
You’ll get the loans, if they’re on your award package — AS long AS you do entrance counseling, the loan acceptance letter, and master promissory note.
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I had to take out student loans for college and Federal loans can not be denied to you based on credit. Your interest may be a bit higher, but while you’re in school, you don’t have to pay on the loans, just the interest if you choose, atleast in my state, so what I would recommend is paying up to $50 a month on the interest (or double whatever your interest is) and that way when you get out of school, you’ll have money paid towards the principle and can focus on paying off the actual loan. Beware of Sallie Mae tho for additional loans or if they get ahold of your Federal loans, they will screw you over and I just got out of a lawsuit with them where they were held accountable for over $4000 in late fees they tried to stick me with falsely starting 5 years ago, this is how long it took me to clean it up. Use someone else if you have the option. They’re rip offs.
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They will still give you student loans with bad credit because it’s a federal loan from the government, but when it’s time to pay it back make sure it gets paid on time because if you fall behind on government loans it will ruin your credit forever!
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I don’t think they check your credit because I thought the same thing. My credit is super low, in fact if there was a negative score mine would be it, and I still got my loans. Go ahead and fill it out and send it in, the worst they can say is no, and they will most likely approve it.
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Your credit has already been checked. That’s why you got the package. Your interest rates may be higher for payback but you’ve got the loan. You just need to finish the paperwork.
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Sub and unsub staffords, as well as, Perkins loans are NOT based on credit. They are based on the information you submitted on your FAFSA and your school enrollment. Private or alternative loans ARE based on your credit and/or your co-signer.
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