We just got the financial aid offer from one of the colleges my son applied to. He was loaned $5500 for the year, and that’s it. My other son, a few years back was also loaned $5500, and the rest of the loan was a parent loan. There is no mention of the parent portion anywhere on his offer. It says that is the full package. Why would this be? Nothing about our financial situation has changed. Is it just that the parent part hasn’t come thru yet? I will call first thing tomorrow but it has me very worried. Thoughts? Thanks!
Some colleges do not add the parent plus loan in automatically. You will still be able to use that or other loans to pay. For parent plus, you apply by logging into the gov loan page and put the school and if you want a set amount or the balance up to COA. Then the school confirms the amount.
As a parent, you can take the parent plus loan. I believe it’s up to the cost of attendance. As noted, some colleges don’t include that because really…it’s not student financial aid. It’s parent loans.
And it’s not guaranteed, since the parent does have to pass a credit approval (it’s pretty simple - it’s checking for delinquent accounts, bankruptcies, foreclosures within the past few years).
Contact the school to ask how to apply for a parent loan. Although there is a federal loan site application, the schools where I have worked had our own applications.