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Worried about credit and receiving loans


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I know that whichever school I go to, I will be accepting the max amount of grad plus loans and grants possible, like most students. The one thing I am worried about is my credit. Due to some absurdly expensive health bills that went to collection and went delinquent, resulting in poor credit scores (mid 500's as of now) and I have about 3 years until applying time I'm worried I won't be able to receive the financial aid. Does anyone have any insight on this? It was a situation that even if I paid it off, it didn't matter unless I paid it in full. The collection agency was persistent about this, so it left me in a tight spot, as I'm still paying it off. It's a 5 figure amount, and until I pay it completely, each month credit score will be affected. I just don't have the funds to up and pay that much. I'm doing what I can about it, but it hasn't dawned on me until now that I could seriously not get in because of this issue. Any guidance would be appreciated. I've heard about co-signers, but I'm 27, my parents are deceased, my brother has horrible credit due to his own issues, I'm single, so it's kind of not really an option at this point. 

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  • 2 weeks later...

I'm not sure that I'm 100% correct on this so bear with me.

Part of your PA school tuition will be from federal unsubsidized loans. These are not based on your credit history at all but mostly based on financial need and everyone basically takes out the max for those.

Then there is the Grad PLUS loan. These ones have higher interest rates but they do a credit check for these ones. From what I understand, the credit check is mostly for investigating prior bankruptcies or major grievances.

Obviously you will get the most correct answer by calling someone at financial aid to ask them about it. This answer could possibly be found on the studentaid.gov website.

https://studentaid.ed.gov/sa/types/loans/plus#adverse-credit 

https://studentaid.ed.gov/sa/sites/default/files/plus-adverse-credit.pdf

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