<p>For the past two years I have put a line through the PLUS loan to decline, then sent the Finaid doc to my son to sign-off and turn in. There is so much volatility economically these days, I'm wondering if need be, can a PLUS loan be added anytime in the process if you initially decline it utilizing one of the colleges preferred lenders? Does the answer vary from school to school? Or once you decline are you thrown into the commercial loans?</p>
<p>For my son’s school, Plus loans weren’t placed on the financial aid letter. On there website, they listed Plus loans as an option for parents to cover their portion, so I think you can add one at need. We’ve done that for our other kids, sometimes adding a loan for spring semester expenses. I’d call the college just to make sure though.</p>
<p>If you decline any loan you were offered, you can always go back later & request it. You’ll just have to fill out a form … we require a loan revision request form for Staffords & we require a PLUS loan request form for PLUS. PLUS is a bit different from Stafford in that it requires an actual signature (as opposed to just an electronic one) in order to authorize the necessary credit check. When you fill out the application & give it to your school, that is what will allow them to reinstate the loan you declined.</p>
<p>Thanks. It’s been a rough year (lost my job). We’re doing OK, but I drew that line through the Plus and didn’t give it a thought. Later after I dropped into the mail to son to review and sign I realized I shouldn’t have done that so quickly as it’s a nice option to have in the hip pocket. I was hoping for this type of answer. I don’t have the closer personal freiendship with my son’s Finaid office that I have with the very smart parents on CC! Kelsmom, this has got to be a crazy insane year for you. I know my world got rocked. I was able to “choose” a separation rather than be separated, but wow, just wow.</p>
<p>We haven’t released our special circumstances form yet, and I think our managers are going to be shocked when they see the number of requests they are going to have to review when they finally put it out. We are in Michigan … everyone seems to have lost their jobs. Income adjustment requests will be coming in droves.</p>
<p>I hope that you will be able to find another job soon. It sure is rough.</p>
<p>Yup, I’m in Michigan…Fortunately by taking a voluntary-if you can call it that-separation I’m ahead of the curve I think. Unfortunately I don’t think we’ve hit bottom yet in this state. I really feel for the kids and families that are here. I have so many friends who are leaving (because they get offers from companies in other states). Four homes for sale on our block this summer from families leaving because of job loss here and finding a job somewhere else. Unless you are part of the auto industry you have absolutely no idea what the ramifications of what is happening really is…and is yet to come. Tier one suppliers, Tier 2 supliers, Tier 3 suppliers…and the dealerships are just beginning. It’s far, far worse than the 70s when the bumper stickers here said “Last person to leave Michigan turn out the lights.” Far worse because now it’s going to impact many states other than Michigan. It’s so much more than about the unions so much more. Off topic, but dear to my heart. I’ve lived a bunch of places but this is my “home state” that I returned to as an adult.</p>
<p>You can ask for the loan any time – but it MIGHT be a good idea to do an application to get a credit check run, IF there is any possible concern that you might run into problems there. In other words – get pre-approval of your credit now. Obviously if you know that you have excellent credit, you wouldn’t need to do this – my comment is really meant for OTHER’s who might read this thread. If you haven’t applied for credit recently, its a good idea to get a credit check in any case.</p>
<p>My husband works for an automaker, so I know where you are coming from. I worry about him, because I can tell he is always on pins & needles … he could lose his job any day … if they decide to eliminate his department, he is gone. 33 years down the drain. </p>
<p>It is true that those outside our state do not truly understand what is happening here, nor do they realize the ripple effect this is going to have on the rest of the country. We knew that the recession was on its way because we have been in one for several years … and we know that the extraordinary number of jobs that are being cut here will impact the rest of the country down the road in a way that few outside our state are willing to consider. Every time I hear that “the end is in sight,” I want to smack the people who trumpet such nonsense upside the head. Our country has a long way to go before the economic correction is done.</p>
<p>I know … off topic … but near & dear to my heart, as well.</p>
<p>LOL, well most people outside of Michigan think the car companies actually make the entire car just like Henry Ford LOL. If they only knew. Now back to the topic at hand. The sudden desire to add a plus loan could strike anyone this year! I’ve never looked into one, but as long as they don’t ask you where you work, we’ll be fine if I get more financially nervous later this year than I already am LOL. I really hope your husband will be OK. I was seriously afraid to leave the money on the table and take my chances. Hug your husband…it’s very stressful to be in the industry right now at every, single level of the company. I know all too well.</p>