My Financial Aid Package (HELP!)

Paying for College
1

<p>Hey all,</p>

<p>I just got my financial aid package and I was wondering if you guys could take a look.</p>

<p>DL Federal Parent Plus Loan - $14,420
DL Subsidized Stafford Loan - $3,430
DL Unsubsidized Staff Loan - $2,070
TAP Estimate - $ 500</p>

<p>Cost of college: $17,000
Total offer: $20,420</p>

<p>Here's the problem. While my parents have a relatively good income (~100,000 combined), but they both still owe a lot in student loans, and we're actually in a tough financial situation. My family is filing for bankruptcy, and it's unlikely that they'll pass the credit check required to get the DL Federal Parent Plus loan. So that puts me down $15,000. I was wondering a few things:
1) Will the financial package change when they file for bankruptcy
2) Assuming they don't pass the credit check, how do I get that money back.</p>

<p>Thanks!</p>

2

<p>No, a bankruptcy will not change your aid.</p>

<p>Even parents who are currently in bankruptcy are getting approved for PLUS loans this year. However, it is possible your parents might not be approved. If that is the case, you would be eligible to borrow an additional $4000 in unsubsidized loans. That would make your package: $500 TAP and $9500 Stafford loans (sub=3430, unsub=6070). Your family would have to come up with the difference between the $10,000 in aid and the actual bill. And don’t forget books and miscellaneous expenses.</p>