I live with just my mother who is currently unemployed, with no assets, but a decent credit score. Currently we have no real income, will she be approved for the Parent Plus Loan? When are you usually notified if you’ve been denied the loan?
She should be approved. See No Income? No Problem! How the Gov't Is Saddling Parents with College Loans They Can't Afford — ProPublica
See above link…
Yes, she could be approved. BUT…here is my opinion…I’d one is unemployed, one should NOT be taking out loans for anything.
Plus…she could get approved this year, but not in subsequent years. Then what?
^ This. Why would you WANT your mother to take a loan for you when she is out of work? You should be looking at schools that you can afford through merit or financial aid with your own direct loan and work.
@Erin’sDad I don’t want my mother to take out the loan. I was just asking when we should receive notification of if she’s being denied, that way I could take out the leftover 2 thousand in unsub loans needed to cover the the leftover.
I received an incredibly great deal from the university I’m planning on attending, I just need the loan to cover the leftover cost from fees and what wasn’t paid for of the room and board.
Why don’t you get a job for that amount?? You should be able to earn a couple of thousand during the summer. Or a job on campus during the year.
@Erin’sDad I was planning on using my work study for emergency money, spending money, school supplies, even paying interest on the loan, etc. My mother doesn’t want me to use it towards my tuition especially since at the moment she wouldn’t be able to provide me with those things. We figured a loan would be the best option since we possess the ability to defer it until my graduation.
I had to spend this summer finishing up classes, and jobs where I live are pretty sparse. Especially for students like me who are only able to work for around 2 months, even less so than that for me because we have to leave to visit relatives in a couple of weeks.
@ehlllo
What about babysitting, mowing lawns, pet sitting, house sitting, etc? One of my kids earned a good amount of spending money doing those thugs…which lots of people need in the summer, and which can be scheduled around other things like family vacations.
Note that before you hit the Parent Plus Loan, you already have maxed out the other loan amounts. Are you sure want to borrow that much money for college? Is there any cheaper alternative?
I had WS jobs in college. You may earn enough to cover one (possibly two) of your expenses, such as spending money & supplies (as long as by “supplies” you don’t mean books unless you’re saving for spring), but it will be tough to stretch WS money further than that. Is the college far away? Don’t forget to plan for travel expenses.