Denial of Medachiever loan b/c of credit problem

[dc2md]

Has anyone else run into credit problems while applying for their private loans? I had a 90-day delinquency (late pay) on one account I forgot about. Does anyone have any firsthand experience dealing with the US Department of Education or Equifax credit agency? Please help. :? :shock:

[RWL23(formerly RWL22)]

Medachiever is anal as he!!. I had an account that I forgotn about late 90+ days and they rejected me as well. I finally just closed the account so now maybe they will reconsider. Although I believe one of the guidlines is that you can never of had a late payment even if you've closed the account. How anal is that? I'm now trying to get a TERI loan with a coborrower. Hopefully since I just closed this account my FICO score will improve. Go to equifax.com and get a copy of your report. They have a number their you can call.

[ajcarrol]

This was a major stress issue for me. I was initially denied for the MedAchiever loans due to a collection account that showed up on my credit record. (I didn't know about the collection account because the agency had typed in my address incorrectly and been sending my bills and notices to someone else.) As soon as I found out about the account, I paid it off and I sent a letter to MedAchiever from the creditor showing the account was paid in full. Finally, my loan was approved a few weeks ago. I have written a letter to Equifax about removing the record of the collection account from my credit record, but I'm still waiting to hear back.

My advice, if you were denied for MedAchiever, contact Equifax and get the free copy of your credit report. Make sure everything is correct on the report. Take care of any collection accounts, etc. and report any inaccuracies to Equifax. Call MedAchiever and ask what you need to do in order to get your loan approved. For the most part, the people I spoke with were very helpful. I have bad credit, I was still approved, don't give up hope!

[Ferrarijp]

Ok... I have questionable credit, and I will do my best to improve it before applying for a loan, but I still forsee problems if I apply alone. Does using a creditworthy cosigner ensure approval?

Secondly, SABA writes that Medachiever allows one to "borrow annually up to the total cost of education," but is this really enough? I have several estimates stating the estimated cost of attending SABA per semester, but it would be helpful to know how much Medachiever loans out. I do not plan on having any other income and have undergraduate loans to pay, so I need to know if it will be enough. Can anyone tell me the maximum amount Medachiever loans out to single students?

[ajcarrol]

It's probably better to apply by yourself first, and then try applying with a cosigner if you are denied (and are told you can't do anything to get approved.) You can get approved even with "questionable" credit.

Sorry, I don't know the loan amounts for single students. Call the Gardner office and they can give you the exact figures for each semester. From what I've heard, the loans will cover all of your living expenses while on the island.