<p>Good morning to all! I'm hoping to find info on where to turn to when denied a loan from sallie may and the parents plus line. I am a single mom who has worked real hard to send my son to a private HS. But seems I cannot get approved for any loans. Are there any other places to apply other then the aforementioned loans? I just lost my job but I'm guessing since I filed bankruptcy in 2009 it is going against me. It is not fair that my son may not be able to attend college, I only got 2500 in financial aid, and he won a few grand in merit scholarships. How can they say every one can go to college when in fact it is not so..Any help in the financial direction would be a great help! Thanks all..</p>
<p>Thank you starting this thread. I don’t have an answer, but we are kind of in the same boat. Our house is upside down and we had to short sale our house and I don’t have a job. I have three in college… One a senior and other two going in Aug. I applied for parent plus… Still in process. I hope we don’t get denied.</p>
<p>I suggest you post this on the Financial Aid forum in CC.</p>
<p>ok thanks, new to the site just figured post in the parents section.</p>
<p>Good luck to you, I was turned down for the parent plus. I still have my home. Just don’t get it. I see kids who have parents that don’t work getting approved, just very depressing!</p>
<p>Does anyone know when I have to apply for the parent plus loan? Where do I do it?</p>
<p>GCmom, just check with your child’s Financial Aid office. They can help you.</p>
<p>Parent Plus loans do not take income into account. You are approved for a loan as long as your credit history is clean. So you are right that it is the bankruptcy that disqualified you from the Parent Plus loan.</p>
<p>It does not mean he can’t go to college. When a parent is turned down for the parent plus loan, the child becomes eligible for an additional $4,000 in direct student loans. This means he/she is eligible for $9500 as a freshman, $10,500 as a sophomore, and $11500 the last two years. This plus some merit money may make some 4 year schools possible. If not, then starting at a 2 year school is a good option. I now several good student that have had to start of a community colleges because of financial constraints and once they graduate, no one cares where they started school…</p>
<p>Swimcat-- so if you get denied the parent loan… Who do you ask for more direct loan???</p>
<p>The school. All direct student loans are awarded through the FA department of the school the student is attending.</p>
<p>We got approved for 10K for both boys. Now just have to pay for Housing.</p>
<p>If you’ve lost your job, are struggling financially, have a house underwater, recovering from a bankruptcy, have terrible credit, borrowing money to send your kids to sleep away college is a terrible idea. Trying to get them through college, getting the best from local state options and looking at some programs and majors that have good chances for a high paying job and ready employment, and helping them keep their loan balances down will be a much better boost for their futures. Also getting your financial health back would make for a much better future for them. Don’t throw on more stress to what is already there!</p>
<p>Cp-- I am not sure what you are saying… I am not sending my kids to a sleep away school. That’s your opinion. Also everyone in America has their house upside down. Also, I was being sympathy with the lady that started the thread. I quit my job because I was not happy there. Anything else.</p>
<p>OP - Please try working with the college. You don’t need loans (not sure how you’d ever pay then back)… you need more FA. Perhaps with your updated financial situation they will improve their package. Good luck! </p>
<p>" Also everyone in America has their house upside down." - Untrue. Some families are fortunate because they bought their house many years ago and had appreciation prior to the economic downturn. But even those families often find that they can’t afford big college bills and opt for CC instead.</p>
<p>If I take out the parent plus for lets say 1 year for 12,500. Not take any the next 3 years. Pay the interest while my daughter is in college…and start paying after she graduates. I wonder what the payment would be. I have 2 college students for one year 2013/14…Im considering this as an option. Any opinions?</p>
<p>GCMom- Probably around $125 a month for 10 years. There is no penalty for early payment so once your other child is done with college, it sounds like you’d have the means to pay it off fairly quickly.</p>
<p>mom1006 - if your boys are not going to a sleep away college, why would you need to pay for housing? It is not Cpt’s opinion, I read it as such too. Not sure why such hostility. She was offering a valid advice.</p>
<p>Not an ideal solution for all families, but there are some situations where a student does not attend a 4 year school until age 24. At that point I believe that financial aid is based upon student income (not sure when you must turn 24, but I think this info is in the Fafsa instructions and I am sure other posters know exactly). If student’s income is low enough, they could qualify for Pell grants, possibly state grants, and/or a much more generous financial package. I am not encouraging students to sit out of college for this reason, but I mentioning it in case someone has an older son or daughter and might want this information. If one starts at a cc, by the time they are finished with the 2 years, they are already typically 20 years old. If they attended cc part time, and took a few years to get through, they are close enough to being 24 years old and might want to consider this when transferring to a more expensive 4 year school.</p>
<p>Thanks @2016barnardmom for that info. My first child took out the max loans/ staffords in his name for the last 3 years and will for his fourth and we paid the GAP. With 2 in college for 1 year it will be hard to do that. So maybe doing the parent plus for the 2nd childs first year is not a bad idea. Its instate college tuition for my 2nd so I am thankful. Have to think about this. My first childs new financial award doesnt come out until June so I wonder how long I have to apply for the parent plus. A call in to the financial aid office might not be a bad idea.</p>