 
  
 
|
|
You are here: Home
> Departments - Financial
Aid - Credit & Policy Statement Credit
& Policy Statement
Dear Applicant:
As you plan your finances for the upcoming
year it is important to know the status of your credit since you may have
to borrow funds through a variety of loan programs even in your first
year. These loans will require a good credit history, and will request
your credit report from credit bureaus.
The purpose of the credit check is to apprise
you of your credit history. Since privately supported loans are not guaranteed
by the federal government, applicants for loan funds through private non-Stritch
agencies must prove their credit worthiness via their credit history to
receive additional funding.
To assist you in determining
your credit status, the web addresses for the credit agencies are listed
below.
| SUGGESTION: |
If you are
aware of problems with your credit history, or anticipate difficulty
in borrowing, you should contact the Financial Aid Office Immediately
to discuss your situation. |
The importance of having and maintaining
good credit prior to and during medical school cannot be overemphasized.
Please review the Credit Policy Statement below. If you
have any questions about this or any other aspect of financial aid, please
do not hesitate to contact the Financial Aid Office at (708) 216-3227.
Our office is located in Room 210 of the Medical School.
Donna J. Sobie
Director, Loyola Stritch Financial Aid
Policy Statement
As the cost of medical
education increases, students most likely will have to borrow money from
a privately supported loan program. Loans backed by a private agency require
a good credit history. Students with a slow payment history on consumer
debt, evidence of a previous bankruptcy, or a current or past default
on an education loan, run a serious risk of being denied access to these
private loans.
In preparation for financing your medical
education, it is imperative that you are aware of your credit standing.
The importance of good credit is essential not only for financial aid
purposes, but also as a tool to assist you in reviewing your current outstanding
debts. The following key points are integral in the financial aid process.
-
Request a copy of your
credit report (See below for more information)
-
Loyola University Chicago
Stritch School of Medicine is not responsible for financial support
of students who have been denied educational loans for reasons of
credit, default, bankruptcy, or other financial problems.
-
A credit review may be
necessary on an annual basis. If loan funds are coming from a private
agency, the agency will review your credit rating each year of requested
support. Having good credit this year does not imply that you will
be eligible in following years when you submit the loan application.
You must continue to make installment payments in a timely manner,
and keep your loan deferments on prior student loan(s) up-to-date.
-
Budgeting your resources
and financial aid is critical. Students are generally not permitted
to receive financial aid in excess of the school's standard financial
aid budget. This standard budget does not include allowances for consumer
installment payments. Therefore, it is imperative that you reduce
or eliminate any consumer debt prior to entering medical school.
To assist you in assessing
your credit rating, the following are general credit requirements employed
by some private loan agencies.
| NOTE: |
These are
guidelines only. Lender requirements are
established by each agency, and the applicant can appeal to the agency
with special circumstances. |
-
You are not
delinquent on any federal debt and you have no federal liens.
-
You do not have previous
educational loan default unless the loan has been either paid in full
or satisfactory progress has been made in repaying the loan as determined
by the guarantor.
-
You do not have any bankruptcy,
foreclosures, repossessions, suits filed, wages garnished, open charge
offs, unpaid tax liens, open collection accounts, paid judgments or
open judgments reported.
-
You have no payments 90
days past due within the past 12 months.
-
You have no more than one
payment 60 days past due within the past 12 months.
-
You have no more than three
payments 30 days past due within 12 months
-
You have no more than two
accounts currently in past due status.
If you have questions about your credit
report and potential eligibility to receive money form a private agency,
please contact the Financial Aid Office at (708) 216-3227.
CREDIT REPORTING AGENCIES:
- Equifax
- www.equifax.com
- Trans
Union - www.transunion.com
- Experian
- www.experian.com
|
