11.10.09 | Can a Lender Decline me for the Stafford Loan?
A FFEL lender is prohibited from discriminating against an applicant on the basis of race, national origin, religion, sex, marital status, age, or disability. However, a lender may decline to make loans to students who do not meet the lender’s credit standards, to students at a particular school because of the school’s default rate, or to students enrolled in a particular program of study. A lender may also decline to make FFELs for less than a specified amount, for example, $500.
The good news is that there’s more than one FFEL lender available to disburse funds for students. If one lender turns you down you should complete a MPN with a new one. Check with your school for a list of lenders they work with.
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I have done all that and still got denied so what gives
November 10th, 2009 | #