How hard is it to be turned down for a parent plus loan?
How do they decide? Scores? Baddies?
I really need to know fast!
Full Version: parent plus loans
IMHO it depends on the school. I know that doesn't make sense but bear with me.
Our oldest son went to a private smaller college 3 years ago. We were turned down for the PLUS loan. Understand that you HAVE to apply and be turned down so that your student will be eligible for the unsub loans.
Fast forward 3 years, our next oldest goes to WVU which is a large public school. We applied and to my surprise actually got it. Now you also need to know that we just had filed for BK7 in July of this year! Who knows? Maybe that helped!!!
In any case make sure you fill out thr FAFSA. If not your child won't be able to even qualify for any govt loans at all. Good luck, its a real learning experience.
BTW, high school guidance counselors are awesome sources of info and help!!!
Our oldest son went to a private smaller college 3 years ago. We were turned down for the PLUS loan. Understand that you HAVE to apply and be turned down so that your student will be eligible for the unsub loans.
Fast forward 3 years, our next oldest goes to WVU which is a large public school. We applied and to my surprise actually got it. Now you also need to know that we just had filed for BK7 in July of this year! Who knows? Maybe that helped!!!
In any case make sure you fill out thr FAFSA. If not your child won't be able to even qualify for any govt loans at all. Good luck, its a real learning experience.
BTW, high school guidance counselors are awesome sources of info and help!!!
The Plus Loan decision to grant or not is NOT up to the school...it is up to the guaranty agency. They are the ones insuring the loans and they decide what is an acceptable risk.
My credit sucks, and I CANNOT afford a loan. We were told that I must apply for the loan, and if I am denied, he can get more money on his own. I wasn't denied totally, tho they want a creditworthy co-signer. Is that denial enough, or do I HAVE to find a co-signer?
HELP!
HELP!
QUOTE(poorme @ Dec 17 2005, 05:30 PM)
My credit sucks, and I CANNOT afford a loan. We were told that I must apply for the loan, and if I am denied, he can get more money on his own. I wasn't denied totally, tho they want a creditworthy co-signer. Is that denial enough, or do I HAVE to find a co-signer?
HELP!
HELP!
If you are denied the Parent Plus loan, he can automatically be granted up to another $4k in unsub loans. I have never heard of comaker on a parent plus loan...it is designed to be taken out by the parent ONLY.
I had originally asked for enough to cover his next 2 years. The school made me reapply. I was approved.
Once you've been approved for a PLUS, even on the second app, the school most likely will use your approval and not allow the student the additional unsub. PLUS loans do not use scoring or dti, etc.
You can have a PLUS co-signor (such as grandparents, etc) along with the parent when trying to get approved. A parent can also ask for re-consideration after an initial denial. I had an old c/p and faxed the info to SallieMae and was approved.
PLUS loans are not approved by the school, but by the guarrantor and each guarrantor can pull from a different cra. That may explain denial by one school, then approval by another. BK's should be at least 3 yrs old and c/o's need to be at least 5yrs old.
You can have a PLUS co-signor (such as grandparents, etc) along with the parent when trying to get approved. A parent can also ask for re-consideration after an initial denial. I had an old c/p and faxed the info to SallieMae and was approved.
PLUS loans are not approved by the school, but by the guarrantor and each guarrantor can pull from a different cra. That may explain denial by one school, then approval by another. BK's should be at least 3 yrs old and c/o's need to be at least 5yrs old.
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