I'm most certainly no expert on this stuff so any help provided is welcome:

So my mom's credit is one step away from bad. And as expected, she got denied from Sallie Mae for a PLUS loan. The woman I spoke to kept talking about her being denied because of an unpaid $713 on a medical bill she owed in '03. She made it seem as if if the $713 was paid off, things would be ok, but I doubt that's all they look at right? If she tries to apply again, it'll probably get turned down once more because her credit isn't all that great. Recently she's been doing very well and has been paying off her bills regularly...I dont think she currently owes anyone anything other than the $713 which she paid off to the Collection Service today.

So anyway...Can someone tell me the chances of my being accepted for the Sallie Mae PLUS loan?...Or should I just not bother anymore? Time is of the essence for me...I've got till about mid-semester until my school finds out that the HESC approved a loan that wasn't really there and I once again owe them a hefty sum of money.

Are there any other places that anyone could suggest for me? Somewhere that wont turn my mom down because of her FICO? Somewhere that is good at getting my loan status back to me relatively quickly?

And before anyone ask, I've drawn out ALL the possible funds that I could receive for my financial aid, including Perkins, Stafford, scholarships, Pell grant, and just extra cash I begged for...and I still owe......QUITE a LOT.

So please...umm...HELP?

While I don't have an answer for the exact questions you're asking, I did have a similar experience myself in the late 90's. My father was denied for a PLUS loan and because of that, I was eligible to get an additional loan in my name (I think that one was a Stafford). You should probably talk to someone in your financial aid office. Maybe they could do something similar for you. Good luck!

You're talking about the unsubsidized stafford.

Yea, I thought about that but it still isn't even HALF of what I need.

Thanks tho.

http://creditboards.com/forums/index.php?showtopic=81202&hl=

Actually, I believe the CSR you spoke with is correct. They don't typically look at FICO scores for PLUS loans, they just make sure there is nothing derogatory on their credit. So if the collections was paid, your mom would probably be eligible for the PLUS loan. Call the lender again to double check, maybe if you get a letter from the creditor stating the debt has been paid, they can do an override. A PLUS will be a much cheaper and better loan than a private loan

Wow! Thanx so much for this info!