<p>"I'm looking for ways to pay for next semester, Spring 2015 (Financial Aid does not cover everything) and neither my parents or myself qualify for a private student loan, which is one of the few options I had left. I was told to look into a Parent PLUS Loan. My parents; however, will not qualify because they have "adverse credit" (Unpaid collection accounts/they have a number of existing debt already in their name/high debt-to income ratio) my mother just recently had to go to court for debt she was not able to pay for Walmart credit and taking out a loan for my college education would further damage their credit. I was informed that if parents do not qualify or have certain exceptional circumstances, college financial aid administrators may allow a dependent undergraduate student to borrow at the higher Federal Stafford loan limits available to independent students without requiring the parent to obtain a denial of a Federal Parent PLUS loan. Would financial aid administrators be able to assist me with getting additional Stafford loans to cover the rest of my costs?"</p>
<p>This is an email I sent to my Financial Aid Office regarding getting more Stafford loans. I was just informed that if parents have bad credit or get denied Parent Plus, Schools can grant you more Stafford Loans. I had no idea.
Has anyone (student/parent) had any luck with this process of receiving more Stafford Loans?
Thanks </p>
<p>Call the school…you can get $4k more in loans…that is all. So will that be enough?</p>
<p>Contact your school. The school may require the separate application for additional Federal Direct Unsubsidized Loan.</p>
<p>Yes @mom2collegekids I might be short a few hundred but I can pay for that out of pocket with a payment plan
And what separate application @4kidsdad </p>
<p>I think you would be asking for a dependency override. To be honest, it’s faster and easier for your parent to apply for and get denied for the Plus Loan. </p>
<p>Oh yeah, I have the one for my school already @4kidsdad</p>
<p>^Then you just have to wait for their approval</p>
<p>Have your parents apply for Plus, get denied, then contact the school and ask what else is needed.</p>
<p>@thumper1 @mom2collegekids each time you apply for a loan (including Parent Plus) it is noted on your credit report and my parents can’t really afford any more inquiries on their credit report that’s why I am trying to skip all that </p>
<p>If you have the form for your school, fill it out ASAP, and ask them when you will hear.</p>
<p>@thumper1 there is no form for a Stafford Loan/dependency override. The school is closed till Monday, I’ll call when they’re back open. </p>
<p>@mom2collegekids I am a junior and I can get up to 5000 at my school</p>
<p>ok…didn’t know that you were a junior.</p>
<p>
The school need to verify the adverse credit history of your parent.</p>
<p>If your parents’ credit score is low enough for them to get denied on the Parent Plus loan, another inquiry isn’t going to hurt it. Usually an inquiry only drops it 5-10 points. Just have them do it.</p>
<p>^^^</p>
<p>Twoinanddone is right. At this point, any tiny drop would be insignificant and temporary. It’s not as if they are NOW qualifying for a home/car, but if it drops 5 points then they won’t. It already is too low.</p>
<p>
</p>
<p>What would be the basis for a dependency overrride? Nothing that Op has mentioned would qualify her for a dependency overrride as it is not unusual for a family not to be able to afford a school. Having adverse credit is not a reason for an override.</p>
<p>I agree Sybbie. What I meant…it sounds like the student wants a dependency override. Otherwise, how would they get that extra Direct Loan money if the parents refuse to apply for a Plus and get denied.</p>
<p>Do schools really grant the extra Direct Loan with just some form? If so…I stand corrected.</p>
<p>I agree with Twoinanddone. The adverse “ping” on one parent’s account is going to be small, and is the price they have to pay for you to get the additional $5K. </p>