<p>My parents were denied the Parent Plus Loan, and we were able to get a little more from a stafford loan.. The only way to pay the rest of my tuition would do a payment plan. The amount of money my parents would have to pay would be unrealistic. My parents credit is horrible, but my brother's credit is good and he makes almost as much as my dad. I'm only asking for $10,000 for a student loan, do I have a better chance of getting it or the same chance I have at getting it than a $30,000 student loan? Is there any loans that help out students who are going to college who's parents have bad credit?</p>
<p>Since you have Stafford loan plus the $4k for denied Plus…AND you want to borrow $10k more…then you’re borrowing way too much.</p>
<p>You’re borrowing about $20k per year. You’re going to have $80k in debt by the time you graduate.</p>
<p>You are dragging your brothers credit into the picture is what you are doing. If you die, get disabled or drop out, he’s on the hook. Would your parents have been able to make payment on PLUS had they been approved? Can you find out what caused the denial? </p>
<p>Basically, your brother can cosign and guarantee the PLUS for your parents. Or he can cosign an outside loan with you if his credit is good. I don’t know where income comes into the picture for PLUS but for outside loans, they can have any stipulation they please. Usually, the less the income and credit score, the higher the interest rate is the way it works with outside loans.</p>
<p>it’s really a warning sign when a family is denied PLUS. It usually means that you should not be borrowing. tThere is that leeway of additional Stafford available, but then after that…zip.</p>
<p>Think about it…your parents’ credit is lousy because of bad decisions involving credit. You’re about to do the same thing. Stop the cycle. </p>
<p>This school isn’t affordable. Go to an affordable school. Live at home and commute to a local CC or state school.</p>