<p>I took a year off of from school in order to build up my credit history, as I was unable to obtain a loan the year prior. I have a really good credit score, but that isn't doing me any good. I have received all of the federal aid that I am going to get, but still need around $7,000. Unfortunately, I am still being denied for a loan. My parents do not have the best credit score and are unable to cosign and there is no one else willing to cosign for me due to the economic state we are in. If anyone has any ideas as to what to do, please help! My only other option is a payment plan, but that would be $609 a month while I am in school. With books fees and all other added expenses, I do not know if that would even be a possibility. Any help is greatly appreciated! Thanks!</p>
<p>Did a parent apply for a PLUS (parent loan) and get denied? They can apply on line in the privacy of their home and get an instant answer. If denied, that’s another $4K for you that you can borrow in the Staffords. It will be unsubsidized with an interest rate of nearly 7% accruing immediately upon the release of funds. It will be released half in the fall and half in the spring if your school is on a semester calender, so you can go on the payment plan and put in some money as you go along if yo uget a job this summer and start saving, and work during the school year.</p>
<p>Yes, We applied for the parent PLUS through each of their names and were denied each time. I have received the extra $4,000 which was a blessing, even though the interest accrues immediately as you have stated. I am working right now and plan to get a job either on campus or close by during school to help as much as possible with the costs.</p>
<p>The interest will accrue right away on all of the unsubsidized parts of your Staffords, not just aht $4K. For freshman year, that is $2K as well. Interest rate is at close to 7% a year.</p>