Eligibility for the Federal PLUS Loan, including both the Grad PLUS and Parent PLUS loans, is dependent upon the debtor lacking a negative credit rating. Determining whether a debtor has a bad credit rating is determined by a current credit check.
Concept of a undesirable credit score
A debtor comes with a undesirable credit rating whenever certain negative occasions show up on the borrowerвЂ™s credit history. These occasions consist of:
- The debtor has an ongoing delinquency of 90 or even more times (a delinquency no credit check payday loans online in saskatchewan that is serious on significantly more than $2,085 as a whole debt
- The borrower has more than $2,085 in total debt in collections or charged off (written off within the last two years
- The borrower has had a bankruptcy discharge, foreclosure, repossession, tax lien, default determination or wage garnishment on any debt, or a write-off of a Title IV federal education loan within the last five years