Parent has student loan, could she qualify for a Parent Plus?

Paying for College
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<p>My mom, her dear heart would like for me to attend University of Illinois or University of Michigan. I found out she has an outstanding student loan. Could she have both a student loan and apply for a Parent Plus loan as well? She owes aproximately, my geuss about $20k, based on my parents bouts about financial aid. Gosh,, is this going on in any other households? Well any way, you read my story before, my mother is willing to borrow what ever it takes for me to attend those two schools I mention. I'm oos for UM, but not UI. UM will be well over $35k in loans per school year or close to $150k after 4 years, which my father calls insane. He says no school is worth that kind of money. I agree with him, I do not want neither myself or my parents be burden down with that kind of debt. Help please!</p>

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<p>She may be able to…depends on her credit history.</p>

<p>That said…taking on large debt to pay OOS for Umich is NOT a good idea. Especially when you have a such a good instate option.</p>

<p>Even a $100k in debt for UMich is insane…so would $70k.</p>

<p>How much would she had to borrow EACH year for you to attend instate UIUC?</p>

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<p>Since the OOS cost for UMich is $50K I would guess the OP’s family is planning to pay $15K? That would pay for 1/2 of Illinois which costs $30K in-state.</p>

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<p>Unless the mom just recently got out of college so her debt is new, I’m wondering why a parent that still has $20k in student loan debt would even consider $150k more? If $150k is manageable debt, then why does the $20k debt still exist???</p>

<p>What is your EFC?</p>

<p>Are you saying that your parents can pay $15k per year out of pocket (no matter where you go) and they must borrow the rest (about $60k for UIUC and about $150k for UMich)???</p>

<p>Well, even paying off the $60k debt will be a pain…why even consider $150k??</p>

<p>When you add $60k debt to the existing $20k debt…that could mean payments of about $900 a month!</p>

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<p>The question any student who wants a parent to take a plus loan should ask is “who will pay of the loan”. If the parent is supposed to pay it, remember she needs to save for retirement etc. If she is spending $900 for the next 10 years, it may impact a lot of things for her. Is the additional loan really worth it? I am assuming that mother does not have a large income, else she would have paid off her loans.</p>