<p>Do you need a 800 credit score (FICA) to get a Parent Plus Loan?</p>
<p>No. All they look for is adverse credit- 90 days late on any debt, bankruptcy, foreclosure, repo, tx lien, wage garnishments or write-offs. Check the college’s website- they may even have a link to “pre-approval” for the PLUS loan.</p>
<p>Adverse credit… So if I got a VISA bill due two days from the date I received it I won’t have to worry. Good</p>
<p>For our state student loan office, I’ve heard they require a FICO score of 630 to qualify in addition to what was mentioned.</p>
<p>I’d double check that info, akck. Federal regulations define what an “adverse credit history” is for purposes of the PLUS loan. I pulled this directly from the Chase website: </p>
<p>What are the credit requirements to apply?
Once eligibility has been established, borrowers need to meet basic credit criteria. Specifically, a PLUS loan applicant is not eligible for a PLUS loan if he or she is determined to have an adverse credit history according to criteria in federal regulations. At the lender’s option, a prospective PLUS borrower may obtain a creditworthy endorser if the borrower is otherwise unable to establish creditworthiness.</p>
<p>A PLUS loan applicant is considered to have adverse credit if any of the following conditions apply: </p>
<p>The applicant is 90 days or more delinquent on the repayment of any debt
The applicant has had any debt discharged in bankruptcy during the five-year period before the date of the credit report
The applicant has been the subject of a default determination on any debt, a foreclosure, a tax lien, a repossession, a wage garnishment or a write-off of a Title IV debt during the five-year period before the date of the credit report. </p>
<p>Also look at this link. </p>
<p>[FinAid</a> | Loans | Credit Scores](<a href=“Your Guide for College Financial Aid - Finaid”>Your Guide for College Financial Aid - Finaid)</p>
<p>I know they have an automated process, which I can’t conceive would be able to check what you listed. It’s likely that they use the FICO score as a step in the application process and that those lower that 630 are flagged for further review. </p>
<p>I know they used to treat a no credit score as good credit, but now it means you need to get a co-signer.</p>
<p>I’m not an expert and I’m not here to argue but I suspect the FICO score measures and quantifies many of the same criteria that make up an adverse credit history. The bottom line is people shouldn’t be afraid to ask for a loan because of what they don’t know for certain. If you’re worried about your credit score, get a credit report before you ask for a loan. Clear up any incorrect information. If you’re denied a PLUS loan, your student is eligible for additional loan funds. </p>
<p>Whether that’s different in Alaska, I don’t know. I just know what I’ve been told at two different Virginia universities, one public and one private. For what it’s worth.</p>