<p>Hi everyone.</p>
<p>So I applied for the Parent Plus Loan for my son under my info. It instantly said congratulation you have been approved for the Parent Plus Loan. Has anyone one had this happen? I thought it was more of a process than that? I can't go back to confirm approval because there is nowhere to check it. Has anyone got approved instantly and it was that easy? And yes the school asked me to apply for it online.</p>
<p>Any feedback is appreciated. Thanks in advance.</p>
<p>I think it can be that fast if your FICO score is good.</p>
<p>Actually my credit isn’t that great that’s why I was kind os suprised.</p>
<p>Approval for a PLUS loan is not as difficult as say, applying for a car loan! </p>
<p>Indeed, some people plan on being rejected so child can get an Unsubsidized Stafford Loan ($4,000 Maximum for the year) from the government. When parent is approved they are usually disappointed!</p>
<p>The amount matters also I would think. I took 2 out over 4 years and both were quick but I don’t know if it always is.</p>
<p>Did it all work out? Did you get the loan? Same thing happened to me yesterday and I was confused as well:)</p>
<p>Same thing happened to me last year and I was shocked so I called them. Yes it was instant approval. BUT it does say pending the U’s approval…so we spent the rest of the summer wondering what that meant…actually I think it was just a verification of enrollment and eligiblity for the amount of monies approved. Congrats!</p>
<p>I’ve always had instant approval and was stunned the first year that it happened. The government is more lenient with credit history. Much easier to get approved for very large amounts of money.</p>
<p>I got approved today and I too was shocked. Although I’ve gotten my act together in the past year - prior to that I went thru a nasty divorce and my credit was horrible. Mine also says - pending univeristy approval. Anyone know how this works, what the funds can be used for, how long you have to pay it back, etc…?</p>
<p>How does this work? Do I apply directly with the University? We are short of cash for her to buy books, this will be her first year. How is the process. Because of my financial problems with child support, don’t get any, eventhough the system is looking for him, my credit is awful. I worry about this.</p>
<p>The university approval is to make sure that all your EFC plus FA, including the loan, do not exceed the cost of attendance. We worried about that final U approval all last summer until someone told us that was what it was about.</p>
<p>The college has to certify the amount that you were approved for. Just as writstuff54 stated, to make sure the amount does not exceed COA minus your scholarships, grants, etc. Once you are approved, you are APPROVED. Believe me NYU loves when you are approved. They will get their money.</p>
<p>[PLUS</a> Loans - Federal Parent PLUS Loans for Undergraduate Students](<a href=“http://www.parentplusloan.com%5DPLUS”>http://www.parentplusloan.com)</p>
<p>Apply online. It walks you through the process. Like others, We were approved instantly. The college applies 1/2 of the loan each semester. You have options as how to pay it back. Usually, it is 10 years. pretty easy process.</p>
<p>I just attempted to apply for Parent PLUS and it states, contact the school or only gives you Discover, Citi, etc as private loan options.</p>
<p>Anyone else deal with this? I’ve read private loans are stricter with credit reports, scores.</p>
<p>It is possible that SUNY does not participate in online PLUS approvals. They may require a paper application only. Contact their aid office to find out.</p>
<p>I just applied for the amount pending for both semesters, its around $5,000. for both semesters and this is what I got.
“The credit bureau could not verify your personal information.
Your application has been submitted to the schools you have selected”. </p>
<p>I don’t know how to take this. Have anyone got this message before? Because of this, does this means its denied?</p>
<p>One SUNY had automatic online approval, another SUNY was “contact the school directly”.</p>
<p>Amazing, two different SUNYs w/different methods</p>
<p>This was a response that I got for my application.
“Please contact the school’s Financial Aid Office regarding the status of the PLUS Loan Application and/or further steps you may be required to complete for the PLUS Loan Application.<br>
Sincerely,
Direct Loan Origination Center
Applicant Services”</p>
<p>So how long should I wait to contact the University? This was response I received yesterday.</p>
<p>^Call this morning! Why would you wait?</p>
<p>I recieved a message that:</p>
<p>Thank you for submitting a Direct Loan PLUS application. We will send electronic confirmation of your completed application to the following schools within 24 hours.</p>
<p>We have a good FICO score, never a late payment. Does this mean We were approved?</p>