Question : Is a co-signer or credit check required with a Stafford Loan?
I have qualified for both sub and unsub Stafford Loans. Are they going to check my credit or require me to have a co-signer? Someone told me it depends on the lender. Is this true?
- asked by Tony J
All Answers:
Answer #1
No, The Stafford Loan is through your college...If you go through a lender like Discover Bank, youwill have to wait longer, and it will be canceledand handed to the school anyhow...Contact yourcolleges Financial Aid Advisor and ask for theforms for the Stafford Loan. There is NO creditcheck and NO co-signer required. The Loan is worthup to 3500 dollars for your freshman year and thatamount is based on your need, I thought that whenI got mine this year for Ohio State, but I soonfound out otherwise... I will give you a link tohelp you out :)Also, your college should have awebsite, and an option to review financial aidchoices as well as things you need to do.... Oftenif you qualify for a full FAFSA paid tuition theStafford loan is sent to you by the school, butyou might have to request one. You can fill it outonline... You will need school codes and thingslike that...Hope I helped out and good luck :)
- answered by Kristin
Answer #2
No. You don't need a cosigner or a credit checkto get a Stafford loan. But you can't havedefaulted on a previous student loan to get one. Here is a Dept of Education publication aboutstudent loans.
- answered by Found-1
Answer #3
Nope, they are federal backed. The only loans thatare credit based are grad plus or parent plusloans.
- answered by klm
Answer #4
No, neither a co-signer nor credit check isrequired. Stafford loans are the most commonsource of college loan funds, and were createdspecifically because most college students havenot yet had a chance to develop a positive credithistory.If you are already approved, the financialaid office at your school should be able to helpyou apply.
- answered by Sallie Mae
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