Parent Plus Loan

Parent Direct Plus Loan-Federal Student Aid Loan
Overturn Approval

-Have you been approved for a loan you simply can’t afford to help cover your child’s tuition for college? As a parent of a couple of college students, I’m also learning new things. I learned something new recently in regards to the Parent Direct Plus Loan. My daughter is usually a bit short on funds to allow her to get her education, so she has to get a Direct Plus Loan. She can only get a certain amount of money and she usually needs a little more. She can get approved for additional funds, only if the parent is denied. “Dependent students whose parents have applied for, but were unable to get a Direct Plus Loan are eligible to receive additional Direct Unsubsidized Loan funds“. I have always been denied in the past and for good reason. I simply can not afford it, because of my disabilities. The government bases their approvals primarily based on your credit score. To find out more information about these student loans go to this website.
After my divorce, because my credit was in the toilet, I was denied every time I applied for the Parent Plus Loan. Now I get approved, because I have been working very hard to get my credit built back up, not to borrow money, I just do not want to be penalized by anyone because of it. Even car insurance rates are affected by credit. I’m being told, that even though there is no way for me to repay the plus loan, I am approved any way. I have to get a loan that I can not afford in order for my daughter to finish her last year of college. I can barely afford my own very conservative monthly bills.
I have also been told, that once the parent’s Direct Plus Loan is approved, it can not be overturned. I was told this when I called the Federal Student Loan Support Center. It’s no wonder our government is having financial difficulties! Approving loans people have no way of paying back. My daughter’s education in mathematics and computer science will give her the ability to get a very good job that will allow her to pay back the loans she has had to retain. Being disabled, gives me no way to repay it, unless of course some kind of miracle should happen. I don’t buy lottery tickets, so no hope at all, of any luck like that.

After insisting that there has to be some other way of getting the decision overturned, I was put on hold. She returned to the phone and told me, “only her college had the ability to do that”. Only they had the ability to overturn an approval. I called them and inquired about it. The director told me she would look into it.  The next day the financial aid department got back with me and told me that they could indeed reverse the approval. They just needed me to prove my income and expenses. Persistence paid off. I have often found out, if something just make no sense at all, there must be some other route to take and there usually is. It just takes time and determination to find the right person to talk to or the right questions to ask. If you end up in the same situation as I was in, see if the college your child is attending will consider doing the same for you as well. There is a way to get an approval denied, they just don’t want you to know about it.