What is the worst credit parents can have to get PLUS loans?
Thursday, September 10th, 2009 at
3:12 pm
Zac B asked:
My parents filed for bankruptcy and I am worried how I will pay for college until I learned about PLUS loans. What I am wondering is if anyone is in a similar situation and could their parents get any loans for them without a co signer. thanks a lot
My parents filed for bankruptcy and I am worried how I will pay for college until I learned about PLUS loans. What I am wondering is if anyone is in a similar situation and could their parents get any loans for them without a co signer. thanks a lot
Tagged with: Co Signer • Loans • Parents
Filed under: Student Loans
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your parents might be able to get the parent plus loan if and only if they go through fafsa.ed.gov… going through the banks and other places they might get rejected… i know that federal loans going on need based status.. or you can get a stafford loan… hope that helps..
Fortunately, if your parents are rejected for a federal supplement loan, you are automatically approved for additional federal student loans without a cosigner (roughly the amount of the PLUS loan). I was able to complete college this way. Call your school’s financial aid office to start your parents approval/rejection process now, because they must receive a rejection before you are eligible for the loan without a cosign. Best of luck!
The cool thing about the Parent PLUS Loan is that it’s actually better for you if your parents are denied the PLUS Loan. A bankruptcy will help that along. If your parents are denied the PLUS loan, then the government has recognized that you really have no other ways to pay for college now, so a whole new world is opened up in Financial Aid. Talk with your financial aid advisor immediately about the PLUS loan.