<p>Hi,</p>
<p>I'm struggling to understand something as all these are brand new, hope you can help...Applied for and qualified for 2013-2014 Stafford loan of $7500 couple weeks ago. At the same time, also applied for and qualified for 2012-2013 loan of $7500, which is before the advertised deadline of June 30 2013. </p>
<p>The tuition for 2012-2013 has been paid already, but we're hoping the extra $7500 can be applied to the new school year so less needs to be paid out of pocket.</p>
<p>However, the college in question is saying the deadline is passed, hence they can't accept the 2012-2013 loan amount. Do colleges have the right to set their own deadline? Or is it impossible to apply past year loan to current year tuition? </p>
<p>Please help me generate some ideas to reduce the out of pocket amount for parents with terrible credit (likely to be declined for any loan). Thanks much!</p>
<p>Yes, you can get the $7500 for last year, have the school send it to you if your bill is paid there, and you keep it and use it to pay for next year. Tell the school that you need the money since you paid for the past year with funds that have made you short and ask them to send it over to you if at all possible. Unfortunately, yes, schools can set their own internal deadlines. But do remind them that the Direct Loan has a 6/30 deadline and that they said you can do this, and if there is any way they can help you out. They may refuse to apply last year’s loan amount to next year’s tuition, but may send you the money via check and you can then apply it to next year’s tuition. Just let them know that the paying of the school bills has left you in dire straits so, anything they can do to help would be much appreciated.</p>
<p>I am a bit confused because the max of $7500 is for senior year. You have two senior years here? The other thing is that if you are not maxed out, if your parents are turned down for PLUS (takes minutes to find out online) you automatically get more in Direct loans, about $4-5K more.</p>
<p>Hi Cpt, </p>
<p>Thanks for the quick response, I’ll try talking to the school. I was posting on behalf of a friend who doesn’t speak English well. I helped apply for FAFSA for them after some research, but having no kids myself, was new to all this.</p>
<p>Her daughter is in her senior year, last year was junior, and was granted 7500x2 in all. I hope the school doesn’t use the internal deadline against them.</p>
<p>Also, if you help your friend apply for PLUS (parent direct loan) and he is immediately denied (all done online and the denial or acceptance is immediate) the student can borrow an additional $5K in Direct Loans for each year, if the school does permit the prior year’s loan to go through. If not, at least that is $12500 for next year. Either parent, not both can try PLUS. Possible that one parent might be accepted when the other is not.</p>