Credit Information

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 education, it is imperative that you are aware of your credit standing. Obtaining a credit report is important not only for financial aid purposes, but also as a tool to assist you in reviewing your outstanding debts.

The following key points are integral in the financial aid process:

• Request and review a copy of your credit history.
  
  Consumers have the opportunity to receive free credit reports once a year from the Annual Credit Report Request Service. This is the only centralized credit reporting service authorized by Equifax, Experian and TransUnion to provide free credit reports.  Don’t confuse this program with the many paid services available to consumers to monitor your credit, or the now antiquated services that provide you with credit reports from all three agencies at one “low price.” 

You can go online to request, view, and print all three free credit reports at www.annualcreditreport.com.

You may also request your free credit reports by calling 877-322-8228.

• The University is not responsible for financial support of students who have been denied educational loans for reasons of credit, default, bankruptcy, or other financial problems.
• There are no advances or emergency loans at The University.
• 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 on a timely basis, and keep your loan deferments on student loans 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 debt prior to entering The University.

To assist in assessing your credit rating, the following are general credit requirements employed by some private loan companies. These are guidelines only. Lender requirements are established by each agency, and the applicant can appeal to the agency with special circumstances.

1. You are not delinquent on any federal debt and you have no federal liens.
2. You do not have previous educational loan defaults unless that loan had either been paid in full or satisfactory progress has been made in repaying the loan as determined by the guarantor.
3. 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.
4. You have no payments 90 days past due within the last 12 months.
5. You have no more than one payment 60 days past due within the last 12 months.
6. You have no more than three payments 30 days past due within the last 12 months.
7. You have no more than two accounts currently in past due status.

If you have any questions about your credit report and potential eligibility to receive money from a private agency, please contact the Financial Aid Office immediately at (847) 578-3217.

You will be asked to sign a copy of this statement yearly to verify your adherence to this policy.

Contact the Financial Aid Office:  financial.aid@rosalindfranklin.edu     (847) 578-3217