THere are a few college options and niece wanted to know if her parents wd be approved for the PP loans but she wanted to keep options open and not commit just yet (4-13).
It seems to me like requesting the loan and then choosing the school would be putting the cart before the horse. Don’t you have to know how much money you need before completing the loan paperwork?
Yes, they know how much money they need, but they dont know who whether the money will be approved.
If it is not approved , then there is not a real option for the college. The FA pkg says 'PP loan X * on approval for these funds. So they wanted to know if they can get the funds in order to continue to keep that college as an option.
to be clearer – there are two college options on the table for my niece and both of them require large PP loans. if they are not approved for either of them, then no college for the kid. On the other hand, they are right now up in the air whether to commit to the loans . So they want more info .
Can they go to the PP site and click to request the loans w/o committing to either of the colleges?
The big question…do they want to take HUGE loans? The second question…are there affordable acceptances?
The qualifications for the PP loan should be the same at any school. If the parent (only one must apply) has not filed for bankruptcy in the last 5 (?) years, is not more than 90 days delinquent on any debts, and hasn’t defaulted on any federal obligations, that parent should be approved for a Plus loan.
I’d have the parents contact the school and ask if there is an application available. There is no obligation to take the loan even if approved.
Financial Aid office told me if you apply for parent plus and are denied then the student is offered more federal loans.
If the parents are denied, then the student may borrow up to the Independent student limit:
Dependent/Independent
freshman 5,500 / 9,500
sophomore 6,500 / 10,500
jr 7,500 / 12,500
sr 7,500 / 12,500
How big a loan is necessary, and is it manageable over the 4 years? If so, can you parents start the application process before identifying which school it will be going to?
https://studentloans.gov/myDirectLoan/index.action
‘.do they want to take HUGE loans?’
No. But this is their lot and the lot of the rest of the millions of fellow citizens w/ over 1.6 trillion dollars of student debt and growing each day w/o any sane sustainable governance on higher ed costs AND fin aid.
my brother wants thekid to go into the navy , but The kid has great talent - genius level - and it would be a waste, especially if she hurt her hands (she is an artist)
Is it a for-profit art school?