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Is a credit check required for Stafford Loans? |
I applied for financial aid to go to college and received back an "Award" letter telling me what loans I qualify for and how much I can get. I assumed that the info I gave on the FAFSA was how they determined my eligibility. Now I need to sign a Master Promissory Note and am wondering if the lender I choose will do a credit check, or if that has been taken care of? I am not SO worried that I will be denied, as I dont have very good credit. When i sign the MPN for a Stafford Loan, will the lender I choose check my credit? If so, what do I do if i am turned down?? I was counting on going to school this fall!! The government backs the Stafford loans so your credit doesn't affect it. The lender isn't going to turn you down. No they do not check your credit, the loan is guaranteed by a third party backer. I have terrible credit and got both student loans without any problem. It based on financial need Federal Stafford loans are not credit based. |
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