parent plus loan

<p>so i tried doing private loans with my parents as a cosighner and for some reason we are getting turned down by two already, should we keep applying for other private loans or should i do the parent plus loan, and is the parent plus loan guaranteed?</p>

<p>bump please</p>

<p>I would recommend taking the Parent PLUS loan before trying for private loans. The Parent PLUS is not guaranteed...eligibility is credit based but the credit requirements are not as strict as many private loans. Also, if you are denied the Parent PLUS loan (credit denial) then you become eligible for additional Unsubsidized Stafford Loan funds in your name. Denial on private applications does not increase your loan funding.</p>

<p>No they are not guaranteed. But if your parents are turned down for a Plus loan it will make you eligible for additional unsubsidized Stafford loans. If you are a freshman you are normally eligible for a maximum of $ 5,500 in Stafford loans. If parents are turned down for Plus loan you would be eligible for an additional $4,000.</p>

<p>ok but the additional unsubsidized stafford loan will probably not be enought to cover the entire cost</p>

<p>bump please</p>

<p>Then you will need to find a credit worthy co-signer to cosign a private loan for you.</p>

<p>I have no experience with this lender, but they boast their ability to have creative financing for student's that have no credit hx and/or a co-borrower. They are endorsed by Princeton Review.
<a href=""&gt;;/a&gt;&lt;/p>

<p>Creative financing is right...they are partially responsible for the loan industry being in upheval right now. They are extremely slow in submitting information to the schools, and submitting the funds. We had one over the summer that took 2 months to get the funding....after we had submitted all of the paperwork to them....and it took us 6 times of submitting the information before they actually acknowledged receipt of everything they had requested. I recommend avoiding My Rich Uncle at all costs.</p>

<p>thank you for the advice, im running out of time because the due date is the 23rd next saturday, if i apply for a plus loan or private loan will there be enough time?</p>

<p>one more question about PLUS (yeah, I know I can look this up): is there a way to get pre-approved for these loans so parents have a rough idea of what they can realistically promise to contribute BEFORE college decision time?</p>

<p>NiKkiil, ooh! thanks for the heads up. Won't be recommending them anymore.</p>

<p>OP, depends on who is the funding source. In NYS,for all federal loans it goes thru the NYSHEOC and you apply online and get a decision right away. You can choose any lender. In your state, see who is funding your federal loans and apply thru them.</p>

<p>my parents just got done sighning the parent plus loan using the e-mpn.
we do live in ny. What happens now ? do i have to mail any thing?</p>

<p>Bump, How Long Will This Take???</p>

<p>oh dear god bump</p>

<p>bump bump bump</p>

<p>At the schools my DD's have attended, once the master promissary note is signed, the school looks at the bill (or portion) as having been paid. The funds weren't dispersed until the second week of classes though. DD's grad school works the same way.</p>

<p>Most schools work as cap has described. Our institution, students start August 24th but no money is scheduled to come in until Sept 5th. The students bills are considered paid as soon as they finalize the paperwork with our office.</p>

<p>You've listed the school that you are attending, The fed funding source notifies your school and lender. The FA office then notifies bursar and the bursar will place those funds as "anticipated" on your bill so for now you are technically off the hook for those amounts, and have to pay whatever the differences are by the deadline. The loans are disbursed at a scheduled time by the lender which your school will know and anything over or under will remain on your bill.</p>

<p>No I don't believe you have to mail anything. Relax, looks like you have everything under control.</p>