A foreclosure in the family is enough to make any college student nervous, whether you are returning to school as an adult or just graduating from high school. Because a foreclosure will affect your credit score, you may be wondering if your grants, loans and scholarships will take a hit. Luckily, most financial aid will remain unaffected by the foreclosure, but some loan and scholarship programs may be changed.
Federal Pell Grant
To determine whether you qualify for a federal Pell Grant, you must fill out a Free Application for Federal Student Aid (FAFSA), part of which includes determining your Expected Family Contribution (EFC). This is the amount of money that your family is expected to contribute to your college education. If you have had a foreclosure in your family, the good news is that your credit score does not come into play during the eligibility process, so foreclosure-damaged credit cannot hurt your chances of getting the Pell Grant. However, because financial need is based on your income, assets and number of students going to college, foreclosures also can't help you by lowering your EFC unless much of your income came from a rental property on which you are foreclosing.
Scholarships
From doing well in high school to writing poetry to playing sports, scholarships are available for many different kinds of students based on their achievements and life situations. Because scholarship requirements differ from one granting organization to the next, it is not possible to determine whether a foreclosure will affect your eligibility for any given scholarship.
However, it is not likely that a foreclosure would prevent you from getting a scholarship, because most scholarships are either merit- or need-based. This means they are awarded based on something you have done well, like academics or athletics, or because you can demonstrate that you need financial help. Some need-based scholarship granters may even be more likely to give you a scholarship if your family has experienced a foreclosure, because it is a sign of financial need.
Federal Loans
Although you must pay back federal loans, the government does not use your credit score when approving you for most federal aid. In fact, the government does not even consult your credit history when offering the Stafford and Perkins loans, which are loans available to college students. However, the federal PLUS loan, which is available to parents and graduate students, will not be given to someone who has a poor credit history. In most cases, a foreclosure on your credit history would keep you or your parents from getting that loan. However, students whose parents are denied the PLUS loan are given increased Stafford loan amounts, which may help them cover their college costs.
Private Loans
Banks and other lending institutions, which make private loans to college students and their parents, do look carefully at credit score and history when they are making their approval decisions. What they will approve and will not approve is completely at their discretion. However, a foreclosure is likely to adversely affect your chances for approval. Nonetheless, if you go to the bank or lending institution and describe your financial situation, especially if it has recently improved significantly, you may be able to get approved for a small amount.
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