Good credit is going to determine if you are eligible to borrow under the Federal Grad Plus Loan Program. Federal legislation mandates that an individual may obtain a free credit report every 12 months from each of the major credit reporting agencies. Free credit reports can only be obtained on the web at the following website:

www.annualcreditreport.com

Credit Reporting Agency Information:

Credit criteria used to review/approve Grad Plus Loans can include the following:

• absence of negative credit
• no bankruptcies, foreclosures, repossessions, charge-offs or open judgments
• no prior educational loan defaults unless paid in full
• absence of excessive past due accounts, i.e.. no 30, -60, -90 day delinquent consumer loans or revolving charge accounts

The three reporting agencies all have basically the same information; therefore, we do not recommend that you check all three agencies at the same time. Check one, then check another in three or four months, then check the third three or four months later. Continue checking them at intervals of three or four months so that you always know what is on your credit report.

Pat Peace, Director of Financial Services
LMU-DCOM Financial Services Office
6965 Cumberland Gap Parkway
Harrogate, TN 37752
Email: pat.peace@lmunet.edu
Office: 423.869.7107; 800.325.0900, ext. 7107
Fax: 423.869.7172