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Graduate Plus Loan borrowers are required to pass a simplified credit check, meaning that the Department of Education is not looking for a certain credit score or for an extensive credit history, but simply the absence of an adverse credit history.
The following will cause a Graduate Plus Loan to be denied:
- A current delinquency of 90 days or more; this includes unpaid collection accounts and charge-offs.
- Default in the past five years.
- Defaulted loan that has been claim paid.
- Chapter 7, 11, and 12 Bankruptcy (Chapter 13 OK) in the past five years.
- Discharge in the past five years.
- Foreclosure in the past five years.
- Foreclosure proceedings started.
- Deed in lieu of foreclosure.
- Lease or contract terminated by default.
- Repossession in the past five years.
- Tax lien (county, state, or federal) in the past five years.
- Wage garnishment in the past five years.
- Voluntary surrender in the past five years.
- Write off of Title IV debt in the past five years.
Students denied a GradPlus Loan will receive a letter from the Department of Education informing them of the denial, and UMB will be notified electronically. Denied students have two options to still get the GradPlus Loan:
- Review their credit report (which can be done for free on www.annualcreditreport.com) for possible errors and correct any others before appealing directly with the Department of Education.
- Find a credit-worthy endorser to co-sign on the loan; this endorser will then be responsible for the loan should the student default on the loan at any point during the life of the loan.