<p>Can pretty much any parent get approved for a PLUS loan?</p>
<p>My financial situation is very strange and my mother is terrified that she will not be approved because of her credit (which originates from our circumstance). Any stories on the criteria?</p>
<p>It is possible to get turned down for a PLUS loan if the credit rating is bad enough. If your Mom applies for a PLUS loan and is turned down you will be eligible for an additional $4000 in unsubsidized Stafford loans on top of the $5500 you are usually eligible for as a freshman.</p>
<p>Do you know how ‘bad’ the credit rating has to be?</p>
<p>Unlike private loans, PLUS loans do NOT depend on credit scores. But an adverse credit history would affect her chances for approval.</p>
<p>From [Parent</a> PLUS Loan - Parent Credit Report](<a href=“Parent Student Loans Hub - Articles, FAQ, and Applications | Edvisors”>Parent Student Loans Hub - Articles, FAQ, and Applications | Edvisors)</p>
<p>Eligibility for the PLUS Loan depends on a modest credit check that determines whether the parent as an adverse credit history. An adverse credit history is defined as being more than 90 days late on any debt or having any Title IV debt (including a debt due to grant overpayment) within the past five years subjected to default determination, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment, or write-off.</p>