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Parent Plus Student loan Approved!!??

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    Parent Plus Student loan Approved!!??

    Hi everyone our daughter is going to college next month. She qualified for a Fed Student Loan on her own for 5500. The school's financial office explained to us that if we as parents applied for a Fed Parents Plus loan and got rejected it would allow our daughter borrow another 4500 these two loans would cover the the rest of the tuition she received a scholarship for the rest of the tuition. We applied knowing that we would be rejected. The school notified us today we qualified the fed. dept of ed said we are ok!!! will call atty tomorrow. The other issue is that the loan can be deferred until she graduates in 4 yrs we just made our 27th chap 13 payment. Any advice would be greatly appreciated Thanks joekel

    #2
    Job+pulse=approval for these types of loans. The court will need to approve the debt, which they may do since you don't need to make payments until the 13 is over.
    Filed CH13 - 06/2009
    Confirmed - 01/2010

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      #3
      Sounds like a good deal. I know the journey through C13 is tough. Don't teach gal the in's and out's of bk though. SOMEONE, will have to eventually pay that loan.

      What is she majoring in? I wish her well and a successful career. 'Hub
      If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

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        #4
        Thanks for the responses I have emailed the trustee's office and am waiting for an answer. She is majoring in Bio Premed. the college said they will hold award until I accept it or decline it. If it falls through in laws said they will help out joekel

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          #5
          Please be aware that Chapter 13 bankruptcy does not disqualify a parent from obtaining a Fed Parents Plus loan. My son asked me to apply for that loan, feeling certain that I would automatically get rejected. To my surprise, I was instantaneously approved for the loan, which really screwed up my son's plans. He could not get the loan amount he needed, and there is no way I could ever pay back a Parents Plus loan, so I never followed through on the approved loan.

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