How would I apply for this loan? If my parents have a slightly bad credit score and no co signer,would i still be able to take out the loans?
Also, ive read online that i should fill out a MPN form but i havent decided on a school yet. How would i know if i am eligible?
sorry i’m not that knowledgeable about financial aid.Thank you for your help in advance!
https://studentaid.ed.gov/types/loans/plus
If you are an undergraduate, this is a loan that your parents take out, not you.
Your parents would have to qualify AND pay back those Plus loans…those are THEIR loans, not yours.
How much are you wanting to borrow each year?
Is this for an OOS public (like UWashington)? If so, that is a bad reason to borrow a lot. It’s not worth it…not at all.
@mom2collegekids
I’m most likely not going to attend an OOS public,but I still would like to know my options so I wanted to see if i am eligible to take out the Federal Plus Loan. In order for me to know if i am eligible,it says that I would have to fill out the MPN form.But if i’m still not sure what school I plan on attending,should i still fill out the MPN form anyways to see if i qualify?Does it matter what university I enter on the MPN form and could i change the school later?
Thank you
If your parents have bad credit, they likely won’t qualify for a PLUS loan. You can only take out the federal student loans ($5500 as a freshman, $6500 as a soph, and $7500 each year as a jr and senior). If your family income is low enough, you may qualify for a Pell grant (up to ~$5k/year). Some colleges give merit awards if your stats are high enough.
Run the net price calculators on some of the school websites to see what your estimated cost would be.