• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

PLUS loan -desperately need answer

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

sbever

Member
What is the name of your state? IN

The school my son is enrolled requires the parents to apply for a plus loan and to be denied that plus loan in order for the student to be able to apply for an unsub student loan. I filed bankruptcy, my house was forclosed and I am completely unable to repay a plus loan however I was approved (and withdrew the application). The plus loan was through Bankone. My question is: Does anyone out there know of a lender that will DENY me for a PLUS loan so he can get the loan he needs for school and doesn't have to drop out.

Thanks for any and all help. I'm feeling desperate!
 


janedoe23

Member
sbever said:
What is the name of your state? IN

The school my son is enrolled requires the parents to apply for a plus loan and to be denied that plus loan in order for the student to be able to apply for an unsub student loan. I filed bankruptcy, my house was forclosed and I am completely unable to repay a plus loan however I was approved (and withdrew the application). The plus loan was through Bankone. My question is: Does anyone out there know of a lender that will DENY me for a PLUS loan so he can get the loan he needs for school and doesn't have to drop out.

Thanks for any and all help. I'm feeling desperate!
I have never heard of such a thing. My college I attend hands out unsubsidized and subsidized stafford loans left and right. There is such thing as independent and dependent loans through stafford that he should be able to get. Does your son live at home with you and that is why they wan't you to apply for a plus loan. Has he applied for financial aid? I do know that is necessary to even be considered for a stafford loan.
 

sbever

Member
He lives with me during the summer when he is not at school. He is still a dependant. Financially I am on my knees and selling plasma just to make ends meet. I know financially (even though they agreed to loan the money) I cannot take on any more financial burdens at this time. If I could I would, but I simply can't!
 

janedoe23

Member
sbever said:
He lives with me during the summer when he is not at school. He is still a dependant. Financially I am on my knees and selling plasma just to make ends meet. I know financially (even though they agreed to loan the money) I cannot take on any more financial burdens at this time. If I could I would, but I simply can't!
Has he applied for financial aid so that he can apply for a loan in his own name that he would have to pay after graduation? Some people have no choice but to take a loan or they have to drop.

Has he searched all available scholorships that he could possibly qualify for? Once again at my college they hand out scholorships left and right. I never qualify for them because usually they get handed out to students who live within the same county as the school.
 

sbever

Member
He's already gotten as much aid as the school and the state will give him. He had to get a subsudized loan and needs an unsub loan to pay the remainder of the balance which they won't give him until I'm declined for the plus loan. I'm so worried he's going to have to drop out.
 

janedoe23

Member
I'm at a lost for words. I have never had a problem paying for my tuition after all the financial aid that is available. Then of course I go to Ivy Tech so tuition might be way different.

I think your only option is to take out the least amount from the plus just so that he can finish school and help pay some of the obligations back. I don't believe that getting a college education is all the parents responsibility but then again I have been depending on myself since I was 17.
 

sbever

Member
Yes, Ivy Tech is much less expensive and a very good deal for the money.

The problem with getting a plus loan is the fact that it has to be repaid starting in february 2006. I'm already stretched thin financially. His father doesn't want to take a loan because he doesn't want the loan. I'm still thinking it's not a good situation. It's making me sick at my stomach just thinking about it.
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top