parent plus loan

[snafkins]

I was denied for a parent plus loan. What do I need to do to get additional fed loan money since I was denied?

[Bench]

I think if you are denied you need to tell the school and they will see if your daughter/son can get more in federal loans. Call the financial aid office at the school and they will assist you.

[las_03]

I was also denied Parent Plus loans for my kids due to my BK. I was talking to a really nice lady at Sallie Mae and asking if this was the end of the road then and she asked me to hold while she checked on something. She said a student cannot cosign for their own loan, but a sibling could. So my daughter cosigned with me for her brother and he did the same for her. My daughter already had established credit, but my son had nothing. They told me all he would have to do was send in a copy of his SS card. I was very doubtful about this, but it worked like a charm. I have very mixed feelings about them cosigning for each other, but went through all the risks, etc. with them. I'm very concerned about doing the same for this next year, though. The numbers are getting very scary.

[LynnInMN]

I was also denied Parent Plus loans for my kids due to my BK. I was talking to a really nice lady at Sallie Mae and asking if this was the end of the road then and she asked me to hold while she checked on something. She said a student cannot cosign for their own loan, but a sibling could. So my daughter cosigned with me for her brother and he did the same for her. My daughter already had established credit, but my son had nothing. They told me all he would have to do was send in a copy of his SS card. I was very doubtful about this, but it worked like a charm. I have very mixed feelings about them cosigning for each other, but went through all the risks, etc. with them. I'm very concerned about doing the same for this next year, though. The numbers are getting very scary.

 

 

This is absolutely no need for a cosignor if a parent plus loan is deniedl You go back to the school and let them know....the student is now eligible for up to $4000 more in unsub loans.

[las_03]

Lynn, the $4,000 wasn't enough. However, could we have been approved for the 4,000 more and then cosign for a smaller Parent Plus? Even as I type this, that doesn't seem reasonable.

 

Maybe a better question is are there other options if the 4,000 extra is not enough?

 

Thanks so much. I don't mean to hijack...hopefully this is beneficial to OP.