Will a Security Freeze Impact My Financial Aid?
The Equifax security breach has most experts recommending you place a security freeze on your credit file at each of the major credit reporting agencies.
For the majority of students receiving financial aid or planning to apply for financial aid, a security freeze will not disrupt the aid application process or impact eligibility. You should determine what is best for you when deciding whether or not to freeze credit.
Students and parents applying for private student loans and parents applying for Federal PLUS Loans who choose to freeze their credit file will need to lift the freeze for the lender to run a credit check at time of application.
For fall 2018 loan applicants, it is recommended that you wait until summer 2018 to apply for private student loans and Federal PLUS Loans to avoid having a credit check and loan application expire before fall classes begin. Loans already processed for the 2017-18 school year will not be impacted since the credit check has already been completed.
If you have any questions, you may contact a counselor in the Office of Financial Aid, 641-269-3250.