do federal student loans do credit checks?
Asked by whyme?How do they determine how much money you would get.. I am 19 and will be sophmore as of next semester.. And, then only would give me up to 6,00.00 a year for college.. Why is that?
Favorite Answer
Answered by caba
There are no credit checks for the federal student loan, other than to make sure you are not in default on a previous student loan. Money is determined by grade level: Freshmen get up to $3500/year, Sophomores up to $4500/year and Juniors/Seniors up to $5500/year. More information regarding the Stafford Loan program may be found at www.finaid.org/loans. You should also talk to a financial aid officer at your school for further information. Good luck!
There are no credit checks for the federal student loan, other than to make sure you are not in default on a previous student loan. Money is determined by grade level: Freshmen get up to $3500/year, Sophomores up to $4500/year and Juniors/Seniors up to $5500/year. More information regarding the Stafford Loan program may be found at www.finaid.org/loans. You should also talk to a financial aid officer at your school for further information. Good luck!
