<p>Hi im a bit confused, my husband applied for a direct loan and recieved an email saying it was denied but he could get an endorser so i applied as an endorser and recieved a email saying i was approved, he recieved one saying the same and that the school would be notified in 24 hours. Does this mean the loan was approved or just that i was approved as an endorser and it still had to go through. thanks for any replies</p>
<p>If you are approved as an endorser, it just means that the loan is now a go. You have to still fill out Master Promissory Notes and possibly other things before the funds are a go. </p>
<p>You might want to ask the school if you alone can apply for the DIrect Loan so that both of you are not on it. Since you are approved as endorser, you are likely to be approved as the borrower. </p>
<p>The reason your husband was declined, is probably because he has some unpaid balances, more than 90 days outstanding accounts on his credit record. He might want to get a copy of the report and get those cleaned up. </p>
<p>It’s better to have just one partner on the hook for a loan because in the future, you might want/need to borrow and having that on your report could be an obstacle.</p>
<p>We both filled the out Master Promissory Notes,Im just confused about the email.Its says</p>
<p>Based on the approval of >>>>>>to serve as the endorser of your Direct PLUS Loan, we have approved your request for a Direct PLUS Loan, >>>>. Both the endorser and the school have been notified.</p>
<p>If you previously completed an MPN to receive one or more prior Direct PLUS Loans and you obtain an endorser, you must complete a new MPN to receive this Direct PLUS Loan. You are encouraged to complete the MPN electronically at our secure StudentLoans.gov Web site. You will need your Federal Student Aid (FSA) PIN to sign in. If you do not have an FSA PIN, you may obtain one at [The</a> PIN Web Site - Federal Student Aid](<a href=“http://www.pin.ed.gov%5DThe”>http://www.pin.ed.gov).</p>
<p>To complete the MPN online:
From the StudentLoans.gov home page, click on the “Sign In” button located in the “Manage My Direct Loan” box. The Sign In page will appear.
Once signed in, click on the “Complete MPN” link located under the “Master Promissory Note” heading on the left menu bar. The Complete MPN page will appear.
Under “Select the type of loan you would like to receive”, choose the appropriate link.
If you are a parent borrowing a Direct PLUS Loan to pay for your dependent undergraduate student’s education, “Parent PLUS.”
If you are a graduate student borrowing a Direct PLUS Loan to pay for your own education, select “Graduate PLUS.”
Follow the instructions to complete, sign and submit your MPN.
If you would like to complete a paper MPN and need a paper copy mailed to you, Applicant Services is available to assist you from 8:00 AM to 8:00 PM, Eastern Time, Monday through Friday. We can be reached, toll-free, at 1-800-557-7394.</p>
<p>If you have questions regarding your loan, when the loan will be disbursed (paid out), or no longer wish to receive the loan, contact the school’s financial aid office.</p>
<p>After the first disbursement of your loan has been made, your loan will be assigned to a loan servicer and you will be provided with the servicer’s name, address and contact information. Your servicer will service, answer questions about, and process payments on your loan after you enter repayment.</p>
<p>Sincerely,</p>
<p>U.S. Department of Education
Federal Student Aid
William D. Ford Federal Direct Loan Program</p>
<p>Do not reply directly to this email. If you wish to contact us, email <a href="mailto:StudentLoanSupport@ed.gov">StudentLoanSupport@ed.gov</a>.</p>
<p>Does this mean it went through. Im sorry, Im just a nervouse wreck.</p>
<p>It appears that your husband has to fill out another MPN after getting an endorser (you). Do call the school and see where they are with this. Is this for the next school year starting in September, or the one just ended/ing?</p>
<p>It is for the coming school year. My husband and i both filled out a MPN. Does that mean everything is done? And thank you for the reply, It is very stressful, no loan means no school. When I got the email i was relieved it said approved, but now Im stressing over if Im understanding it right.</p>
<p>“If you previously completed an MPN to receive one or more prior Direct PLUS Loans and you obtain an endorser, you must complete a new MPN to receive this Direct PLUS Loan”</p>
<p>The above phrase leads me to believe your DH might have to complete an new MPN even if he already did when he first applied and was turned down. But yes, he has now been approved. </p>
<p>Really, you should see if you can be approved on your own. Your credit score or income is not an issue in these loans. Just if you have past due accounts on your file. You are putting both of you on the line on one loan. I’m pretty sure you can be approved on your own. Can you apply and see if that is the case? PM Kelsmom and ask her what would happen if you apply for a PLUS Parent loan after being approved as an endorser after your DH was turned down.</p>
<p>I would have but Last year it we did it the same way with me as the endorser, i just couldnt remember how it worked as finding out if we were approved. Just that i had to endorse it. Honestly, after getting the email saying it was not approved and he could get an endorser, I just went into panic trying to remember how it worked. And even after the letter above i started thinking Does approved mean “loan approved” or approved to be even considered. Yes I look at the glass as half empty. I think I read the above email about 12 times just trying to make sure i was understanding it. I really appreciat your help. I have been stressing for months to get this over with.</p>
<p>Next time YOU apply. When HE applies and YOU endorse, you are both on the line. If you qualify as an endorser, you likely will likely qualify as an applicant. You are tying the two of you together on the same loan the way you are doing this as it shows up on BOTH credit records. If your DH gets behind, it shows up on your record as well, and it could hurt you in future situations. You want to avoid having an endorser when possible. In the case of married couples, it’s better just one of you is on the loan.</p>
<p>Yes, we chose to have only me apply for a parent loan. More simple that way.</p>