Parent Plus Loan Help

Paying for College
1

Hello,

I was unable to graduate from my university in 4 years and have to continue for one final 5th year because of family issues. My financial aid package just came in and I did not receive as many grants and loans as my previous 4 years. To compensate for this, I have been offered a Parent Plus Loan of $6,000 to make up for the lack of aid. I’ve seen many horror stories regarding parent plus loans, but as of right now it is my only option to pay for my tuition. I would need a cosigner for it as my mom is likely to not pass the credit check, but we are able to make monthly payments to have it paid off in 4 years(or less). I have never taken out a parent plus loan before and my question is if taking out this 6,000 parent loan would be bad and if their are better options for loans. Thank you all for your time!

2

The Parent Plus loan is a loan to your parent, not to you. Your mother must apply and it is not that difficult to qualify (no bankruptcy in the last 3 years, no major payment more than 90 days past due, no default on other government loans). If she is not approved, you’d be approved for an additional $5000 unsubsidized Stafford loan.

Have your mother fill out the application and see what happens.