Help! Direct plus loan questions

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Help! Direct plus loan questions

Postby mark671 » Sun Apr 21, 2013 11:33 am

Does anyone know if you previously had medical bill collection accounts on your credit report, but they are now paid off, will you still likely be denied a parent plus loan? Also, can another parent be a co-signer or endorser? I hope someone has some recent experience with this. Thanks.
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Re: Help! Direct plus loan questions

Postby Aid Whiz » Fri Apr 26, 2013 7:21 am

If the account is paid off, you should be fine. PLUS Loan credit checks mostly look for default on any student loan debt and don't take credit scores into account. Should your PLUS application be denied for credit reasons, your student would become eligible for an increased amount of Stafford loans.

PLUS Loans are only in the name of the parent. If you'd rather cosign a loan that's in the student's name, you should look into private student loan options.
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