<p>Our financial circumstances have changed dramatically in the last two weeks. I spoke to my child's school and they have been wonderful and want to try to put together a new package for my d once I supply them with the requested info. However, I still want to apply for a direct plus parent loan because I do not know what the school will be able to do for us. I am confused about the process. Do I have to go through the college to apply? If so will that hurt my chances of receiving additional aid from the college if we are approved say for a 40,000 loan, will they be less inclined to offer us additional aid? I want to start the process of applying for a loan, but hope not to have to use it all. Any advice is greatly appreciated.</p>
<p>You don’t need to do this now. Wait. if the time comes that you’ll need to borrow, it can be done rather quickly. Plus loans don’t take long to process from what I understand. Maybe takes a few weeks at most.</p>
<p>I was thinking of doing that, but my concern is that if I apply now we would qualify - my husband is self employed & has good credit & a good income. However, he is possibly on his way to being declared disabled & I am afraid if I wait that would affect his qualifying for a loan.</p>
<p>I actually wanted to call someone who could answer this question for me, but I could not find any numbers on the direct plus website. I don’t know if it is advisable for me to ask the school, since it seems like I might have to apply through them (is this even correct?) and if they are aware of this would that hurt our chances of qualifying?</p>
<p>Qualifying for a Plus loan is very simple as long as you don’t have bad credit now. This is from finaid.org:</p>
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<p>However, I would think very long and hard about finding a new school for my D if they ever expected us to take a $40K loan…yikes! Is this your child’s last year of college?</p>
<p>^^^</p>
<p>Very good point! </p>
<p>What year is your D in school?</p>
<p>edited to add…I see that your D is at Wash U. Will she be a senior next year?</p>
<p>If you were to have to borrow $40k, and your H was declared disabled, would you be able to afford to pay it back?</p>
<p>yes, it is her last year. The disability is hopefully not going to be permanent, and then we will have to struggle but will hopefully get back on track. I am planning on selling our house this year also</p>
<p>Best of luck to you! And, I hope your H’s disability is not permanent.</p>