Plus loan

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Plus loan

Postby Dar » Wed Mar 13, 2013 4:30 pm

Hello new here and have a question.
My husband and I are non custodial parents to his son. My husband is ordered by decree to pay for 1/2 of college.
We are trying to figure out how to pay these bills.
We are contemplating plus loans. Can we apply if mom already has? Do we need sons fafsa or do we fill out our own? And while checking at his college looks like son has to sign a per approved app for plus loans. Not sure that will happen since they don't speak. Suggestions?
Dar
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Re: Plus loan

Postby Aid Whiz » Fri Mar 15, 2013 9:10 am

Both your husband and the child's mother can take out PLUS loans at the same time on behalf of their child. To do you, they would both apply through the school's financial aid office, where the student can also sign any necessary paperwork. Your husband does not need to fill out the FAFSA in order to take out a PLUS loan, this should only be done by the custodial parent.

I'd suggest contacting the school's financial aid office as they may have seen similar circumstances before.
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Re: Plus loan

Postby Dar » Fri Mar 15, 2013 9:25 am

We did contact the financial aid office. We were told at the time of faxing in the "pre" approval form the child's signature needs to be on that form. Unfortunately as I said, the child does not speak to his father, so not sure we will be able to get this form signed. We asked if it was possible for us to send it in unsigned by said child and have him sign it there and the answer was no.

So while we are to pay for 1/2 of tuition we are at a loss as to how to pay.

Am I understanding correctly that only ONE FAFSA needs to be filled out, and that needs to be filled out by the child/custodial parent. Do we need this information to file for a Plus loan? OR does the college take care of that?

We are new to this as up until now we have paid for his other 2 colleges in cash unfortunately the well has run dry and now we will need to take out loans to finish paying for his hopefully last college.

Not sure what other options are out there for us... I have two children in college but they have taken out student loans/grants and are working to get themselves through school... basically no help from their father or I and it is teaching them an awesome lesson... unfortunately on my husband's side of things there are no loans/grants that this child has been made to apply for.. by order of the court system.. yeah sucks huh?
Dar
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