Scholarships have nothing to do with credit, nor should they.
I agree with you. The only reason I mentioned scholarships was because you said "if you can't afford it - thats what scholarships are for." I was pointing out a very important difference between two types of people who can't afford it, and who should get he scholarships. Even if the person with bad credit can't get the loans and can't afford it otherwise, doesn't mean they deserve scholarships over someone who is genuinely poor but has a better credit report. So saying "if you can't afford it - thats what scholarships are for" REALLY doesn't help.
Most students are going to have minimal to no credit if they are coming out of college.
See I still disagree with this, by the time I graduated I knew very few people who didn't have at least one credit card that they were paying off monthly to establish credit.
I can see why schools like NYMC would want to make sure you can afford the school, but why is that their issue? They should have you work with a third-party NOT related to the school, such as a private lender, when you get your acceptance. A school has NO RIGHT to violate your privacy in that way of reviewing credit reports. I could go on why forever.
If any of you had to do this, I would ask your schools why they require it.
FCRA protects citizens and honestly this upsets me that some students have to submit to a school looking at your credit history which they have no right to feasibly do. If it were me I would be extremely pissed that I was forced to have to have someone look at my credit history. Apparently not all schools require it either so that is something else that throws up red flags ...
People look at your credit report all the time. Hell, to rent an apartment you have to submit a credit report most of the time. That really doesn't make sense to me because whether or not I have credit really doesn't affect whether I'll pay my rent - they should be talking to my boss about my salary instead.
But, regardless, I guess I just don't see it as something super personal like you do. NYMC wants to know that the people that start matriculating will be able to pay tuition all four years. They want to know you can get the appropriate loans. Some people who have horrendous credit might not be able to get the loans they need, PERIOD, without a cosigner. I think its reasonable that NYMC wants to know if you're one of those people. Because thats a concern.
Getting halfway through medical school and suddenly not being able to pay for it isn't good for anyone. You will have 120k of debt with no degree, and they'll have an empty place in their class.
Having a third party look at the credit report doesn't help them check for this problem, unless they actually pay the third party to report back to them. And then you're doing the same thing.
Other than that you think your credit report is some super private sacred thing, I haven't seen any good reason that a school shouldn't request this. With all the other things in life that require credit checks it really shouldn't be surprising or offensive. I mean do you get offended when potential credit cards, future landlords, etc check your credit?