I am currently a freshman at the University of Tampa, and I am looking to transfer next semester. I was wondering if my parent plus loan will transfer with me, or how all of that works. I understand for FAFSA all I have to do is change the school code, but I’m confused about the parent plus loans. Thank you for any help! I’ve asked a dozen people, but can’t seem to get a straight forward answer.
If your parents took out a loan for this first semester, it is a finite deal; the amount they have borrowed is what they owe on that loan. They will need to apply for a Plus loan at the next school for an amount up to COA after all your FA is subtracted from the COA.
If they took out loans for the whole year, would the loans not used fir the next semester at my original school, be transferable to the next semester? I’m hoping that makes sense
If they took out loans for the whole year, would the loans not used fir the next semester at my original school, be transferable to the next school?
If the loan was for the entire year, it still would only be disbursed for one semester at a time. If student doesn’t return to that school, there is nothing owed to that school for the spring semester so nothing more can be borrowed. My daughter is doing an internship in the spring and even though her student loans were approved for both semesters, she can’t take the spring amounts since she won’t be in school, can’t get her Pell money, etc. (maybe for the summer if she goes back).
It is not a big deal. They just do the same process, submit the application and qualify with the new school. The COA at the second school is going to be different than at the first, the loan amounts, the FA.
I’m sorry to keep prying, but would my parents have to reapply? Because that’s my parents concern because they think they won’t be approved this time around.
Call the second school and ask, but in my opinion, they will have to reapply. New school, new loan. They are approved for the Plus loan at the first school. If you don’t go to that school, no more disbursements on that original loan.
I thought students have to apply for the PLUS loan every year even if they stay at the same school. If your parents won’t be approved next year and you can’t pay for your current college without it, it sounds like you need a less expensive school, not one where you’d need another PLUS loan to pay the bill.
A PLUS loan is a parent loan. It is the parent that must apply and be approved. If the parent is not approved the student may borrow an additional $4000 as an unsubsidized loan.
I agree with austinmshauri, that you and your parents are moving from on unaffordable situation to another. If your parents are concerned that they will not be eligible for a plus loan in the future, perhaps you are going to the wrong school. Maybe you need to transfer a school that is commutable distance or transfer to a community college that can be paid without loans so when you complete school you will have less debt.
So for their sake, if would be affordable for me to go to a community college for a semester, and then take out my own loans next next fall?
We don’t know what your best options are. Why will your parents suddenly not be approved for a Plus loan? Did they file bankruptcy in the last 4 months? Let all their bills go delinquent? The standards for a Plus loan are the same at any school.
You will be eligible for $6500 in Stafford loans as a sophomore, and if your parents aren’t approved for a Plus loan, an additional $4000. You may be happier at a community college for 2 years if that’s what your family can afford. Hopping around from college to college is not fun or cheap.
I’m not positive on the reasoning, but the school I wish to transfer to would be cheaper than the school I attend now. So if they reapply the loans would be smaller, so I wouldn’t see why they would be denied if they were originally approved
Parent plus loans are not approved based on the amount they are borrowing, just on whether they meet the requirements of not having a bankruptcy in the last 5 years, being current (90 days) on debts, and not being in default on any government obligations (prior defaulted student loans, FHA loans, etc).
Unless things have changed, if they qualified before and things haven’t changed, they should qualify again.
Thank you for your help! I’m just really miserable at my current school and am looking for a way to transfer out next semester, and I fear I may have to go to my local community college for a semester.
There is nothing wrong with attending community college if that is what your parents can afford.
Often transfers don’t get the aid that freshmen get. Are you getting any aid from your school?
You haven’t been at school long enough to settle in and make friends and build your community. Why do you think the next one will be better. What is the problem?