Will my Grad PLUS loan get approved with good credit but limited credit history?

You should be fine! Grad PLUS loans don't require an extensive credit history - they're mainly looking for the absence of negative items. The Department of Education checks for things like accounts 90+ days delinquent, defaults, bankruptcies, foreclosures, etc. within the past 5 years. Since you don't have any of those, you're in good shape. Keep in mind though that they won't consider your on-time payment history as a positive factor - they're only checking for the absence of adverse credit events.

lol dont worry so much. i got approved last yr for my grad program and my credit was WAY worse than yours. had a 60 day late payment on a store card but somehow still got thru. its not like private loans where they check ur credit score, its more about not having major bad stuff.

I had the EXACT same worry last year when I applied for my Grad PLUS loan. I obsessively checked my credit reports beforehand and was convinced they'd find some issue. The whole process was actually super fast - got approved in like 3 days. The federal student aid website didn't really make it clear what they were looking for, which just made my anxiety worse. Just make sure you've completed your FAFSA correctly and listed your school. One thing that tripped me up was I didn't realize my school had to certify the loan amount after approval.

I want to add something important that others haven't mentioned. While Grad PLUS loans typically have less strict credit requirements than private loans, some people still get denied. If that happens, don't panic! You have options: 1. Appeal the decision if there were extenuating circumstances for any negative items 2. Get an endorser (similar to a co-signer) 3. Complete credit counseling and reapply I've worked in financial aid for years, and I've seen plenty of students successfully get approved through these alternatives. But based on what you've described, you're very likely to be approved on the first try.

Anyone else notice that the FSA website has been glitchy lately when checking loan status? I applied for my Grad PLUS two weeks ago and the status is still showing as "processing" even though I got an email saying I was approved. Called the Federal Student Aid number but got stuck on hold for 45 minutes before giving up. So frustrating!

Just want to caution you - even with good credit, Grad PLUS interest rates are CRAZY high right now (around 8.05%). Make sure you really need the full amount you're borrowing. I wish someone had told me this before I took out the maximum. Now I'm graduating with wayyy more debt than I expected because of the interest that accrued during my program.

Quick update on timing expectations: The Department of Education is currently experiencing some delays in processing Grad PLUS applications. While it typically takes 3-5 business days, many students are reporting 7-10 day waits right now. This is likely due to the high volume of applications as we approach the fall semester. So don't worry if it takes a bit longer than expected!

Hey Asher! I just went through this exact same process a few months ago and totally understand your anxiety. Based on what you've described, you're actually in a really good position for approval. The fact that you've never missed payments on your undergrad loans and have kept your credit cards current is exactly what they're looking for. One thing that helped calm my nerves was understanding that Grad PLUS loans are designed to be accessible - they're not trying to exclude students with shorter credit histories. The Department of Education knows that many grad students are relatively young and haven't had decades to build extensive credit. Since you submitted yesterday, you should hear back within the next week or so (maybe longer given the current delays mentioned above). In the meantime, I'd suggest reaching out to your school's financial aid office to give them a heads up that you're expecting a Grad PLUS loan so they can be ready to certify it quickly once you get approved. Good luck!

Hey Asher! I totally get the anxiety - I was in the exact same boat last year when applying for my Grad PLUS loan for my MBA program. Like you, I had good payment history but a relatively short credit history (about 4 years). I was approved within 5 days with no issues at all. One thing that really helped me was reading the official eligibility criteria on studentaid.gov. They're specifically looking for adverse credit history like defaults, bankruptcies, foreclosures, or accounts 90+ days past due within the last 5 years. Since you don't have any of those red flags, you're in great shape! Also, pro tip: once you get approved, make sure to accept the loan promptly in your student portal. I delayed accepting mine by a few days and it caused a slight delay in disbursement. With your August start date, you should have plenty of time, but it's one less thing to worry about. You've got this!

Hey Asher! I can totally relate to your anxiety about this - I went through the same worry spiral when I applied for my Grad PLUS loan last fall. Based on everything you've described, you're actually in an excellent position for approval. The fact that you've maintained perfect payment history on your undergrad loans and credit cards is exactly what they want to see. I had an even shorter credit history than you (only about 2 years) and was approved within 4 days. The key thing to remember is that Grad PLUS loans use what's called "adverse credit history" screening rather than traditional credit scoring. They're literally just checking a box list of bad things - and you don't have any of them! One thing that might help while you wait: log into your FSA account periodically to check your loan status, but don't stress if it doesn't update immediately. Sometimes the system is slow to reflect changes. Also, definitely reach out to your school's financial aid office now to let them know you're expecting this loan - it'll speed up the certification process once you're approved. You're going to be fine! Try to focus on getting excited about your master's program instead of worrying about the loan. Good luck!