Should I apply for parents plus loan for my son at his first choice school, while he is waiting for result of waitlist?

My son is on waitlist for UCSD and UCI, we paid a deposit for another school while he is waiting for the results of waitlist. The school gave us deadline of June 17 to apply for his loan. I am not sure if we get the loan approval for this school, we can transfer that to the UC if he gets off waitlist. Please advise, I don’t know if the UC will give the result until June 17. This is very frustrating, UC said they will give the result by July 1st for waitlist. Any feedback would be appreciated.

It is easy to apply for his (direct) loans or your (Plus) loans. It really takes only a few minutes to apply and then he’ll have to complete the online education for the master promissory note. If he doesn’t go to that school, not a big deal, they’ll just not fund the loans. He can only get the loan if he goes to that school.

if he goes to another school, he’ll have to repeat the loan education and sign the new master promissory not at the second school. Not a problem.

The school probably wants the documents filed by June 17 but that’s not a firm deadline. You can apply for it at any time during the school year. If you wait too long, they may not get it processed in time for the fall payment. Most schools don’t make you pay if the loan is being processed, but they can, and then you’ll get reimbursed when the loan processes.

Don’t worry about this. It’s okay to fill out the paperwork at many schools. The schools can’t fund the loan until 10 days before the term starts.

You don’t have to do it yet. Honestly, you could begin the process on August 15th, and it would be fine, if it’s a government PLUS loan. If it’s a private loan from the school, then they call the shots.