<p>I've tried to figure this out by looking at several websites and I am finding contradictory information...here's our story:</p>
<p>EFC=15000
Annual Cost-UNCG=10200
Dependent student with mediocre GPA & SAT
Plus Loan - do not expect to be approved (husband laid off most of 2009, credit has suffered as result</p>
<p>Will daughter be able to borrow 6000 or 9500 in stafford loans (understanding all will be unsubsidized)? Or...I am completely lost and neither applies?</p>
<p>Thank you in advance for all responses.</p>
<p>I believe if you are NOT approved for a PLUS Loan, your daughter will be able to borrow that amount.</p>
<p>The maximum Stafford for a freshman is $5500. If the parents apply for a PLUS and are denied then the student is eligible for an additional $4000 in unsubsidized Stafford loans.</p>
<p>Check with the school before applying for a PLUS loan…if you don’t believe you’ll meet the qualifications, they can likely certify her for the extra amount without you having to actually go through the PLUS application process (and risk being accepted)! I am increasingly seeing this advice given on college websites as the minimum qualifications for PLUS seem to allow some people to be approved who should not/can not take Plus loans!</p>
<p>Sk8ermom … you have seen this on college websites!!! If you know of any off-hand, please let me know. I would like to see this advice … which is NOT good.</p>
<p>It is true that parents who are in bankruptcy can give a school documentation from the court if their bankruptcy terms include not being able to take on additional debt — that will serve as a means of bypassing the credit check. Other than that, though, I can’t think of anything that would allow a school to award additional unsub WITHOUT applying for the PLUS & actually being denied via the credit check.</p>
<p>Look under Eligibility on this page…finaid.org is usually really reliable and the regs they’re citing seem to indicate that other types of documentation can be given. Idk anything more than what I read though, yes, I’ve seen this type of notice (to discuss with the school prior to applying if there is doubt of approval). It was on at least 2 school sites I’ve looked at in the past few months…they may be SUNY schools. I’ll post or pm them to you when I find them again!</p>
<p>I see the wording … I wonder how many schools actually do this. I guess it’s good to check with the school first, but don’t get upset if a school tells you that they won’t deviate from the credit check. The fact that parents DO get approved when they are in these situations is precisely why I can’t imagine many schools making the decision themselves that the parent won’t get the loan. Again, though, asking first is good.</p>