Typically, students will receive financial aid based on their enrollment status; however, there are some forms of aid that are based on credit.

Credit-based (alternative) loans are always a last resort for financing your education; however, they may be necessary if the amount of aid you have been awarded does not meet your cost of attendance.

Alternative loans require that a student have a good credit record.  Students with poor credit may not be able to secure the loans necessary to finance their education. Obtain a copy of your credit report by contacting one of the three major credit-reporting agencies: Equifax, Experian, or Trans Union.

Things to look for on your credit report are:

1. Too many accounts (or too many accounts with balances) – Cancel these credit cards if you do not use them. Do not simply cut up the card, but cancel the account as well.
2. Inaccuracies – Clear up any inaccuracies that may appear on your credit report.
3. Delinquent accounts – Pay on time. It will take 18-24 months of paying on time to restore your credit history.