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  • Ann
    started a topic Parent Plus Loan

    Parent Plus Loan

    Been a long time since I was here but I always come back just to "check in" and ask a question or two when I have one. Well I was wondering what my chances of obtaining a parent plus loan for my child if we are just shy of 2 years being discharged. Last year I was denied and my child got additional loans as an independent student. This year the award letter has a section for me to apply for a parent loan to help. I don't understand why they do this if last year I was denied. Just wondering if this is something I have to do every year? Apply and get denied to receive additional funds? Does anyone know the answer?

  • Photomom
    replied
    I am assuming then the reason my husband got his last year was because we weren't yet discharged??

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  • tazzy20176
    replied
    If you've filed a chapter 7 in the last 5 years, you will be denied for the parent plus loan...Only chapter 13 filers will be able to get the parent plus loan.

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  • tobee43
    replied
    Originally posted by Ann View Post
    Everyone was correct! Applied, denied! Thank you for taking the time to reply! I now need to wait for the school to get the information and offer the additional funds.
    well, now they will allow your child to apply for the loans in their own name. which really, coming from someone who had two kids in college AND grad schools at the same time, it not such a bad thing for your future

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  • Ann
    replied
    Everyone was correct! Applied, denied! Thank you for taking the time to reply! I now need to wait for the school to get the information and offer the additional funds.

    Leave a comment:


  • tobee43
    replied
    Originally posted by Photomom View Post
    My husband got a parent plus loan last year, we filed in July and were discharged in October??
    lucky!!!

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  • Photomom
    replied
    My husband got a parent plus loan last year, we filed in July and were discharged in October??

    Leave a comment:


  • tobee43
    replied
    unless things have changed, unfortunately, you have to go through the denial every year and then your child can apply and get the loan. unless they have changed the criteria for you to get the loan, but as far as i know it's every year.

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  • dspii
    replied
    Unfortunately I'm in the same boat, every year they say either my wife or I have to apply and be denied before they qualify for the additional loans. I talked to the school and they said we had to apply, so we just alternate between the two of us so the inquiries on our CR are spaced a little. As Flamingo said, maybe the FA department can help.

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  • Flamingo
    replied
    The best thing to do is to make an appointment to speak with the financial aid section at your student's school - they have seen and been through it all and can guide you accordingly as to your specific situation.

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