Does anyone know if admissions boards consider the applicants credit score. Mine is a bit low because of a bankrupcy a few years ago, but it’s getting back up there. I’m a little concerned that they might use it as a means to judge character, although I can’t blaim them if they do.
When I was applying, very few programs requested this info & it was generally a component/supplement to applying for institution-based financial aid. However, I have heard - that nastry rumor mill - that requesting this info has become more commonplace. How that info is used, for FA vs. admissions or both, I have no idea.
The only school that mentioned credit status when I was applying was Georgetown. According to what they stated, with the cost of living in the DC area, you would need private loans to cover part of your expenses, thus requiring a good credit score.
MCW requires a credit report after your acceptance and your admission is contingent on satisfactory credit. Again, it’s because many students need to supplement with private loans to finish off the full educational experience.
Obviously this could’ve changed since I interviewed in 1999, but what Denise describes for MCW is exactly what Georgetown did: your credit score was NOT part of the application process, and your creditworthiness was not factored into your acceptance, but it was factored into the actual admission. In other words I guess they could’ve accepted you and then withdrawn the acceptance if you didn’t pass credit muster. That would SUCK!
Mary
Wow - this is the first I’ve heard of that. As if the application process isn’t already stressful enough! I have several loans from undergrad that are in default… I’m working on getting them consolidated, but truth be told I’m waiting to see who’s getting elected in to office first, on the fat chance that interest rates might drop! Ha - wishful thinking I guess. 
Under the FCRA guidelines which governs (IMHO) the credit score use and reporting, it would be difficult for any entity to seek your credit score for anything else but extending credit/unsecured loans or determining your credit worthiness (and never for admission determination!). In addition, every time someone uses your credit score they must seek written permission from you and explain what the score is going to be used for(outside of FAIR ISSAC commercial customers like credit card companies). I don’t see a legal way outside of the financial aid process when your bankruptcy or credit score can be invoked during decision making.
When I applied two years ago I went through the same process as Mary and Denise described; I got asked for my credit report after I got accepted, so it didn’t influence their decision making.
Kasia
Defaulted loans will get you an automatic rejection from many schools.
Is there a way to verify this? i.e. which schools… this is the first I’ve heard! 
no, credit scores and defaulted student loans will NOT get you rejected from any school. The above mentioned is incorrect.
Don
- Chrystie Said:
Is there a way to verify this? i.e. which schools... this is the first I've heard!
The DIRECTOR of financial aid at a medical school told me DIRECTLY that bad credit can make an acceptance to medical school be rescinded just as not passing a background investigation. Speaking IN PERSON to the individual in charge of financial aid at a school is how you verify info.
The question is are we going to spilt hairs here over the getting an acceptance rescinded due to bad credit versus bad credit causing a person not to be accepted to medical school, is perhaps best left for the anal retentives of the world. Either way, the bottom line is no med school.
NO YOU ARE WRONG AGAIN
Your credit score has NOTHING to do with your acceptance into medical school. The only thing that the credit score is relevant to is applying for private student loans. I have already spoke with 6 medical schools in regards to this as well as several current med students with bad credit. Your information is incorrect and it doesn’t have anything to do with the background check. The background check is there to simply check for felonies, misdemeanors and citations.
P.S…I am a lawyer so if ANYONE gets rejected from medical school based on their credit score please contact me. I would LOVE to sue them for you!
- OnceUponATime Said:
I am a lawyer so if ANYONE gets rejected from medical school based on their credit score please contact me. I would LOVE to sue them for you!
Isn't just like a lawyer to twist words around??? Please reread my most recent post espeically the part about being anal retentive, lol!! A RESCINDED acceptance is not the same as getting rejected outright based on credit.I know what I heard and I trust the info and the source. You and everyone else can do what you want with the info.
And be sure to mention to the adcoms your desire to sue them for THEIR policies. I'm sure they'll be fawning all over you application.
As for defaulted loans, I heard 3rd hand about a student getting rejected from a DO school I believe. And that DOES make sense since the feds don't give additonal loans to folks who have a defaulted loan(s). IMHO defaulted loans somewhat reflect character.
Credit scores mean nothing when it comes to admissions. Yes, it is true that if you defaulted on FEDERAL student loans you cannot get any additional aid. But even then if you work out a payment plan with the Feds you would get your eligibility back. Furthermore, credit ratings are NOT a good judgment of character. They simply separate the “haves” from the “have nots”. I bet most of the CEO’s who run corporate America have good credit…yet many are in jail for fraud or have ran their companies into the ground as we see from the current bailouts. Pathdr, keep your lawyer comments to yourself. Some doctors can thank god they have had good lawyers to defend them in court or they would be working in McDonald’s right now.
- OnceUponATime Said:
But even then if you work out a payment plan with the Feds you would get your eligibility back.
You're making a HUGE assumption one that I can speak on from experience. When you default on a loan, not every creditor is willing to let you rehabilitate the loan. And no loans = no med school for most folks.
And yes, as a former loan defaultor (that was paid off a long time ago), I STILL believe that issues like these somewhat speak to a person's character and I have no problem owning up to my crap, however old it is.
- OnceUponATime Said:
Pathdr, keep your lawyer comments to yourself. Some doctors can thank god they have had good lawyers to defend them in court or they would be working in McDonald's right now.
LOL written in a post is assumed by most to add a humerous element to a post. So lighten up, grab some metamucil and get back later if you still don't get it(no lol here).
- OnceUponATime Said:
Some doctors can thank god they have had good lawyers to defend them in court or they would be working in McDonald's right now.
The Mickey D's comment is interesting coming from a lawyer, given that one of the reasons why the medical professions is so jacked up is due to the litigious society we live in. PS- No lol here either!
MCW does a credit check after admission, and if your credit is not good they will withdraw admission unless you can demonstrate that you have the funds to pay for your tuition and living expenses for all four years. If I recall correctly, these have to be funds ON HAND, not just “my spouse is working and will put me through school,” but I won’t swear to that part.
You DO NOT need good credit to get federal student loans. Medical School tuition can be covered COMPLETELY by federal student loans at MOST state schools. Besides, there are plenty of other ways to receive aid for medical school rather than getting private student loans. Wisconsin is a backwards state so your situation is not the norm…and I will say again…NO ONE IS DENIED ACCEPTANCE INTO MEDICAL SCHOOL BECAUSE OF THEIR CREDIT SCORE…STOP TRYING TO SCARE APPLICANTS ON THIS WEBSITE WITH FEARS THAT ARE NOT FACTUAL
And the only time you have to show funds “ON HAND” is if you are an INTERNATIONAL STUDENT…You two have no idea what you are talking about