Help! Direct plus loan questions

Discuss Stafford, PLUS, Direct, and other federal loan products.

Moderators: Ms. Stafford, Financial Aid Guru

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.
mark671
New
 
Posts: 2
Joined: Sun Apr 21, 2013 11:29 am

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.
Student Advocate, The Student Loan Network

Check out the Student Loan Network Official Blog for the latest in financial aid news and information!

Follow us on Twitter for helpful tips and tricks for financial aid!
Aid Whiz
Veteran of Financial Aid
 
Posts: 626
Joined: Wed Mar 30, 2011 8:25 am


Return to Federal Loans

Who is online

Users browsing this forum: Yahoo [Bot] and 1 guest

cron