Anyone recently apply for Parent Plus loan?

<p>Hello,</p>

<p>I wanted to know if anyone else got a instant approval online right after submitting for the loan. My credit is not that great but I don't have any BK or Foreclosures. I was suprised it gave an approval that fast? Anyone else experience this?</p>

<p>Yes, when I applied I was given an instant approval online as well.</p>

<p>Thanks for the reply missemily. I was suprised at my approval, let alone so quickly. Well I guess I can breath a sigh of reflief then that the remainder of the cost is covered. This is such a nerve racking process...lol.</p>

<p>From what I've heard, as long as your FICO score is good and you don't have 90 day lates and things like that, you'll be approved.</p>

<p>The approval is laxed because the debts can't be discharged in bankruptcy.</p>

<p>does anyone know what the FICO score needs to be to qualify for the PLUS loan?</p>

<p>^^^</p>

<p>I don't know the answer to that, but realize that each year you have to re-qualify. So, even if you now have a qualifying FICO score, that score will drop after you take on the first year's debt, the second year's debt, etc, so you may not qualify for years 2, 3, or 4. You mention having a lot of credit card debt in another thread, so you need to be aware of that.</p>

<p>In the past there have been posts from upset parents who qualified for the first year or two, but then the accumulated debt has pushed them to the point that they can no longer qualify for the next year's loan...and then they can't cover the school's cost.</p>

<p>thanks mom2collegekids. I will keep that in mind</p>