Hello,
I am an incoming freshman to Biola University and am planning on applying for independent student status next year. I have a couple of questions:
1- My mother (who would apply for a Parent PLUS Loan for me) has no credit. We are hoping she will be denied a loan in order for the amount on my Stafford loans to go up. Would she still qualify for a PLUS loan?
2- Will her applying for a PLUS Loan affect my chances of getting a dependency override next year? If she is approved for a PLUS Loan, will it affect those same chances?
On what grounds do you think you are independent for finaid? Are you 24 or older, married, a military veteran, have a dependent you support over 50%?
Qualifying for a Plus loan doesn’t require a credit score. If your mother hasn’t declared bankruptcy in the past 5 years, isn’t overdue on payments in the last 90 days, and hasn’t defaulted on governments loans (her own student loans or some other things like mortgages insured by FHA or VA), she should be approved.
If your mother is taking out loans on your behalf, yes, it will be considered that she is providing support, so it will be difficult to get a dependency override. However, it will be hard to get an override anyway.