<p>Basically my father will not take out a parent loan nor do I want him to. I actually wanted him to apply for the loan and hope that he got denied so that I could take out an additional stafford loan. However he doesn't even want to to just see if he would get denied.</p>
<p>If a parent is not working basically has no savings would they automatically deny the parent of the plus loan? The reason I ask is because my mother doesn't work and more than likely doesn't have good credit so would she get denied for the loan? I would want her to apply so that she could get denied and I could get additional stafford loan. Would this be a good idea? Would they still look at both of my parents information since they are still married?</p>
<p>staceypa…In my opinion, this would definitely not be a good idea. Both your parents are apparently struggling financially and potentially have bad credit issues, but using that situtation to borrow an increased amount (even though the system allows for this) would only increase the chances of you falling into the same trap they find themselves in.</p>
<p>I’d recommend looking for a community college within commuting distance so your basic Stafford loans ($5500/$6500) will cover your first 2 years costs. If you’re able to balance it with your classwork, you can possibly work during the school year (and definitely over the summers) and try to save some additional money to increase your options for your last 2 years. Knock out as many of your Gen Ed requirements as you can at the CC.</p>
<p>I know this isn’t the plan you have in mind for attending college, but taking on increased debt isn’t the answer. How would you plan on paying back the loans if you cannot find a solid salary job immediately after graduation? Given your parents’ financial situation(s), they don’t seem to be in a position to help repay the loans if you’re unable to…so what’s your Plan B? The existing Stafford loan limits provide enough funding to cover tuition and books at most community colleges around the country, and top out at a 4-year aggregate amount ($27K) that is manageable for most people as long as you find some level of employment after graduation. IMO those limits exist to (in many cases) protect students from themselves, and I wouldn’t recommend anyone exceed them.</p>
<p>Wolverine has good advice there. </p>
<p>But to answer your question, only one parent has to apply for the PLUS and be denied for a student to be entitled to the $4K additional Stafford loan for freshman year. It goes up another thousand at some point, I don’t know what year. What gets you denied for a PLUS is simply having outstanding bills on your credit report. Not having a job doesn’t matter, having a bad credit score does not matter. Just having unpaid bills outstanding does. And they only look at the parent who is applying, not the other.</p>
<p>I am junior level transferring from a community college to a university but I still get what you two are saying thanks. I’m short just under 1000 for the fall semester and have had no luck finding a summer job so far so I just have to hope to get workstudy</p>
<p>Your best bet would be having mom apply - sounds like she might be denied. You would then be eligible for up to $12,500 total Stafford (sub/unsub mix) if you are classified as a junior (otherwise, it’s $11,500 until you become a junior through credits). You don’t have to take it all, of course.</p>
<p>That $1000 you are short right now, is it for tuition and fees? Or is it for the part of the total Cost of Attendance that you have some control over? Happykid transferred from her CC to her current U last fall. During this year her actual costs have been approximately $3,000 less than the estimated COA because she lived cheap, ate cheap, and got cheap books. I know that isn’t possible at all schools or for all majors, but it might be for yours.</p>
<p>Good luck!</p>