<p>My father said no to the plus loan but said my mother can apply for it and my mom told me that she would do it. They are married. If my mom does get approved and takes out the loan in what ways would it impact my father? Would the loan be attached to him in any way? Would effect his taxes or credit? He doesn't want the loan to affect him in any kind of way. Also are you able to defer plus loans while in school? </p>
<p>Unrelated question: I transferred from community college to a university and according to the school and my advisor 60 of my credits transferred. That means I am a junior right? So how come my financial aid office awarded me 5,500 in stafford loans? Isn't that the freshman amount? Also my status says freshman. How can I go about them upgrading me to the correct class level and giving me the junior 7,500 stafford loan? Would this be something that the registration office would handle?</p>
<p>I don’t think the loan would show up on his credit report, but in many/most states, debt of one spouse is debt to the other spouse if they were ever to divorce. </p>
<p>If your dad is just concerned about his own credit score, I don’t think his would be affected. However, if your mom is paying back the Plus loan then it would seem that the family finances would be affected by that as she would have less money going towards the household while she’s paying back that loan.</p>
<p>My mother is not working and all finances are handled by my father. It would be in her name but my responsibility. I will be paying it through my job or defer while in school. We just want to make sure that my fathers name won’t be attached on any way or that they try to make him pay anything back.</p>
<p>If your mother is solely applying for this loan, and she has NO income (I don’t believe she can use your dad’s income if she is the sole applicant), how does she think she will qualify for a loan?</p>
<p>I looked at the application and didn’t see that it needed income information?</p>
<p>I just looked at the application for a Parent Plus Loan. It requires the submission of the FAFSA. The FAFSA does have your parent income on it. If your mom is applying solely, and her income is zero on that FAFSA, I can’t imagine how she would qualify for the loan. </p>
<p>BUT maybe I’m missing something!</p>
<p>Direct Loans for students do not have any income requirement but they are also very limited in amount.</p>
<p>Plus Loans can be taken up to the cost of attendance IF you qualify (not suggesting you do that…).</p>
<p>I will say, the requirements for qualifying for a Plus are less stringent than for other loans.</p>
<p>I’m hoping someone with experience applying for a PLUS will see this thread.</p>
<p>Your mother OR your father can apply for PLUS and it would be based on the individual’s credit report and would not affect the other anymore than a department store or bank credit card would if your mother took one of those out. But,yes, if your mother should default, they would come after her and any joint properties, joint tax refunds, joint accounts could be garnished according to whatever law there is about those things. There are limits and specifics, but the bottom line, is yes, it can come to that. Also if your parents apply jointly to something like a second mortgage or car loan, her credit would be checked and it would be taken into consideration. Do note, that iIf there are any outstanding bills on your mother’s credit report, I can’t remember if it’s 60 or 90 days overdue, she will be denied. If that happens, you can get an additional $4k in unsubsidized Staffords.</p>
<p>For PLUS, the application online does ask if a person is employed and the place of employment. For a home maker, self employed and the home address is one way to answer it. Don’t know if someone would be denied if the answer is a flat “no” for employment. Be aware that the loan cranks up interest at close to 8% which is no small amount. Yes, you can defer it but you sure are paying for that deferral.</p>
<p>You need to talk to the university financial aid officer and let them know your situation. As a new student, your status could have automatically been relegated as freshman standing, your credits may not yet be vetted and been made official yet. You can take out $6500 of Staffords as a junior vs $5500 as a freshman.</p>
<p>Does your mom have a credit history in her own name, or is everything held jointly or exclusively by the dad?</p>
<p>Cptofthehouse has good info for you. </p>
<p>Are your parents contributing to your college costs? How much of a PLUS do you need? </p>
<p>Does your dad have an option for you in terms of paying for college in lieu of taking out a loan?</p>
<p>It would be in her name but my responsibility</p>
<p>You’ll have about $27k in Stafford loans when you graduate.</p>
<p>How much will you be borrowing each year with Plus?</p>
<p>What is your likely career?</p>
<p>How much will your total loan payments be when you graduate?</p>
<p>How much will you likely be earning upon graduation?</p>
<p>About the stafford loan amount - talk with the Fin Aid Office. Often the initial award is at the Freshman level, and then is adjusted upward once your class status is determined after arrival. You will get the money, but it might take a bit.</p>
<p>Do talk with the Registrar as well. You may need to have your junior status verified so that you can enroll in the correct classes this fall.</p>
<p>Thanks for all the help.</p>
<p>Im at an instate school going for accounting but If all goes well I would like to eventually get a masters in accounting or an accounting and marketing degree.</p>
<p>I believe my moms name is on the house but nothing else and she hasnt had any bills in her name for atleast 10 years. Honestly we are hoping to get denied and just get the additional stafford loan. My father wants us to reject it if she gets approved and only get the additional stafford loan but my mom wants me to go ahead with the loan if approved but I dont want them to argue over this so Im just going to hope to get denied and get the additional stafford loan and not worry about the plus loan.</p>
<p>Right now Im about $1,600 short for both the fall and spring semester. (For direct cost not expenses). So if they change my status to junior (I have 60 credits) then I should be ok hopefully…but I already registered for fall classes and they haven’t changed my class level yet so I guess I will just go the registration office.</p>
<p>If your state is a community property state, both parents are equally responsible for the loan. Even if other state (common law), if loan is for education, both parents are responsible.
[Debt</a> and Marriage: When Do I Owe My Spouse’s Debts? | Nolo.com](<a href=“http://www.nolo.com/legal-encyclopedia/debt-marriage-owe-spouse-debts-29572.html]Debt”>When Do I Owe My Spouse's Debts in Community Property States | Nolo)</p>
<p>I really think your Dad is just going along with the ride, asking your mom to be the sole loan applicant 
Truthfully, once you are married, most of it is joint obligations.</p>