<p>Im a junior college transer. I will be attending a 4 year institute for my last 2 years. I was recently denied a parent plus loan because of bad credit and pending loans from my moms College days so I went to get a cosigner. My cosigner was also denied and it said it was do to adverse credit(borrower) and not endorser. Now I was told at my junior college that if your denied for a plus loan you get the money back onto your award letter. If it says endorser was denied adverse credit (borrower) will I get approved by the school and get my money back on my award letter? Were talking 18,000 in plus loans for a 32,000 tuition. I submitted the endorser addendum today and the school hasn't seen it yet. Do you think I'll get all 18,000 back?</p>
<p>If you are a dependent student for financial aid, and your parent is denied a Plus loan, YOU (the student) can an increased Direct Loan…but it is NOT in the amount of $18,000.</p>
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You expect response in a day? The school doesn’t work this fast.</p>
<p>Plus…today is Saturday. Most financial aid offices are closed on Saturday and Sunday.</p>
<p>4kidsdad & thumper - </p>
<p>Nowhere did the OP state she expected to get a response from the school in a day! She stated quite clearly that she’d just submitted the paperwork, and the school hasn’t seen it yet. That’s why she came here, to find out what we think the school might award her, once it’s had a chance to review the paperwork.</p>
<p>The problem, anonymous, is that the answer isn’t what you’d been hoping to hear. Yes, you’ll be eligible for an additional $4,00 or $5,000 in unsubsidized student loans . . . but that’s it. Unfortunately, you won’t be able to get enough to cover that $18,000 gap. Unless the school itself os going to cover the difference, you’ve got a problem. (And if the school were willing to do it, they wouldn’t have sent out looking or a PLUS loan in the first place!)</p>
<p>I hate to say it, but this school just may not be affordable for you. Isn’t there a more affordable in-state public you could attend?</p>
<p>And I answered her question too. Agreed…she won’t get $18,000 additional loans just because her parents and cosigners were denied Plus loans.</p>
<p>If your parent is denied a PLUS loan, you are eligible for the independent level of direct loans. For a Junior, that would be $12,500. That is an additional $5000 over the dependent loan level of $7500 that you would already have been eligible for.</p>
<p>You may want to have the endorser find out why his/her credit was not approved and if necessary, appeal the decision. I have had several students who have successfully appealed credit denials for Grad PLUS, as well as two endorsers who have done so, recently.</p>
<p>No, you won’t get $18k in loans. At most, you’ll get $4k more in loans. You won’t be given grants to make up for the bad credit. That wouldn’t make sense. </p>
<p>You may not be able to afford this school. </p>
<p>Is this a private school or an OOS school? </p>
<p>Do you have a univ that you can commute to?</p>
<p>^Sorry, I did not read OP’s post that closely.
No, OP will not have additional $18,000 financial aid or loans. I don’t think the 4-year school promised OP that.
Assuming OP is a dependent student, OP will be eligible for additional (up to $5000) Federal Unsubsidized Direct Loans. Depending on the school’s financial aid office, the process may take 4-6 weeks or longer during May-Sept. See <a href=“https://asksooner.custhelp.com/app/answers/detail/a_id/1191/~/what-happens-if-my-parent-plus-loan-is-denied%3F[/url]”>https://asksooner.custhelp.com/app/answers/detail/a_id/1191/~/what-happens-if-my-parent-plus-loan-is-denied%3F</a></p>
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$5000 for Junior or Senior level</p>