Do the federal student loans get approved based on your credit rating? mine is shot over 800$ because I got a credit card at 18 and was ridiculously stupid with payments.
I live in Canada btw.
When you apply for student loans, they will do a credit check on you. if you fail the credit check, then the only way you can get federal (or provincial) loans is to appeal, which is a pain in the butt.
But you may not fail the credit check. These are the criteria:
you must have at least 3 accounts that have a combined value of over $1000 that are more than 90 days in arrears in the last 3 years.
So if you just have 1 delinquent credit card, you are okay. if you have a credit card, and an overdue cell phone and something in the collection agency but the combined value is under $1000 then you are okay. you have to meet ALL of the criteria to fail the credit check.
I know Sallie Mae checks credit for student loans but I've heard that other federal programs don't. I'm trying to figure the same thing out and upon the research I've done, most don't. I would try and apply for all grants and federal loans, I mean all they can say to us is no!
Stafford loans do not do a credit check. I don't think you will be eligible though unless you are an American citizen. To apply, you have to fill out the FAFSA at fafsa.ed.gov
Source: http://www.financetalkinghub.com/federal-student-loans-based-on-credit-rating.html
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