<p>Hello,
I am first time parent of a soon to be college student. It looks like it is going to be loans all the way for us. I wish we had the money that FAFSA thinks we have. LOL. My daughter has a 4.4 GPA and works part time and is involved in several school activites. However, she does not do well on standardized tests and her ACT and SAT scores are average so she has not gotten any merit scholarships. And believe me, the girl has tried. She has written essays and went on interviews galore but nothing has been awarded to her.<br>
It looks like we are going to need to apply for a Parent Plus loan. Our credit scores are good so I am, I guess, hoping that we are approved. According to her Financial Aid package, we are eligible for $21,347 in a Parent Plus loan. I am going to apply for $10,000. She is eligible for $3500 Sub loan and $2000 Unsub loan. Which she is applying for. I am hoping that the $10,000 is the only loan that we will need to get her through. She is going to be working through college and I am going to get a second job that is going to be totally put into savings for college for next year.
My question is when we did the FAFSA, I used both mine and my husband's information but the FAFSA Pin in my name. When I go to log in to fill out the MPN, it is just asking for my information based on the FAFSA pin and I need to be able to put my husband's information in. Do I need to fill out a separate FAFSA pin in his name or for the MPN can I use his information if the FAFSA pin has my information? Sorry if this is a stupid question, but I really am clueless. LOL</p>
<p>My understanding is that the PIN needs to be matched to the name on the loan.</p>
<p>My husband and I each have our own PINs for FAFSA purposes…but his is on the loan and therefore on the MPN.</p>
<p>Just remember that if the loan is in his name, you (personally) will be unable to speak to anyone about issues with the loan. He must be the one to handle it.</p>
<p>Also remember that if you and your D get a job, it may increase your EFC because you will be reporting more income. Your financial aid my be effected depending on the income gained.</p>
<p>Uskoolfish, my daughter works part time now so that was included with this years FAFSA, I have thought about whether my working more was going to help us or hurt us. I just am kicking myself for not being more prepared for this. I really am clueless and thought that with her grades that she would get some kind of scholarship. I didn’t expect a full ride but something. Definitely did not expect nothing.</p>
<p>I am going to have my husband fill out for a FAFSA pin in his name, if I do the parent plus loan in my name, with my income, I know I would be denied.</p>
<p>*Also remember that if you and your D get a job, it may increase your EFC because you will be reporting more income. Your financial aid my be effected depending on the income gained. *</p>
<p>Since they only qualify for loans, I don’t think a higher EFC is going to matter. Once you don’t qualify for any free grants/aid, an increased EFC doesn’t negatively affect much. T</p>
<p>She already said that they have to take out loans for all costs, so earning more means less loans for future…that is a good thing. They certainly would not be better off by earning the same or just a little more and still having to take out more loans.</p>