Important PLUS Update

[writestuff54]

<p>For the parents of returning students who count on PLUS loans, this could be important information: As of October 2011, there were some changes in what they consider for approval of PLUS Parent Loans. Previously, the only disqualifiers were bankruptcies, foreclosures and judgements. I have been on this forum several times talking about how easy and quick it was to get a PLUS loan. As of last October, collection accounts and charge-offs are also disqualifiers. If you have those, even from several years ago, you do have the opportunity to appeal a negative decision and explain how you have paid the accounts. Or, you can get a co-signer. BUT if you have not paid the accounts, you will probably be denied loans for this coming year. I suggest you apply ASAP to see if you need to appeal or find other funding. I was denied due to some charge-offs following a divorce in 2006. There were no new negative things on my credit report since last year when I was approved in an instant. Thankfully, we had already figured out how to significantly cut D's expenses this year and she will work to make up the difference. Whew!</p>