Multiple Parent PLUS Loans?

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Multiple Parent PLUS Loans?

Postby musser004 » Mon Aug 16, 2010 4:37 pm

Hi,

Recently, I have become the proud recipient of a parent PLUS loan. Though we got it a bit screwed up. My old man signed up for the loan and it has already disbursed for the fall semester, but we expected the full amount and it was half of the loan amount. The loan is split evenly between both semesters of the school year. Didn't get that memo. Is there any way that we can apply for additional plus loan for this school year to cover the other costs? Private loans are not an option at this point. Thanks for the help
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Re: Multiple Parent PLUS Loans?

Postby ejacobs » Tue Aug 17, 2010 7:35 am

Nope, 1 PLUS loan per academic year. Try contacting your financial aid office and see if the funds can be reallocated to this semester. If you don't have any luck with them, the Direct Loan Center's phone number is (800) 848-0979
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Re: Multiple Parent PLUS Loans?

Postby musser004 » Wed Aug 18, 2010 6:28 am

Sounds like a game plan, thanks for the help
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Re: Multiple Parent PLUS Loans?

Postby musser004 » Thu Aug 19, 2010 7:39 am

I just got an email back from the student loans government website. If you messed up the loan amount for a PLUS loan, you have two options, both of which involve calling the financial aid office at your school

1.) Make the second disbursement of the loan come in the fall semester instead of the spring.

2.) Change the entire loan amount so you have adequate funds for both semesters.

I did the latter, doubling the loan amount so I actually get $3,250 a semester. Literally took a 2 minute phone call, I was amazed at how quickly you can do this
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