Public Service Loan Forgiveness for Parent PLUS Loans
Parent borrowers may be eligible for Public Service Loan Forgiveness after making 120 qualifying payments (10 years). Parent PLUS loans are eligible if they are in the Direct Loan program or included in a Federal Direct Consolidation Loan.
Similarly, can a college deny a parent PLUS loan?
If you have adverse credit, your application for a parent PLUS loan could be denied. … And even if your attempts are unsuccessful, having your parent PLUS loan application rejected could actually help your child receive more money for college.
Regarding this, what if I dont qualify for a parent PLUS loan?
If you don’t qualify for a parent PLUS loan, you can appeal the decision, get an endorser or borrow privately. If you’re denied a federal parent PLUS loan, it’s likely because you don’t meet the credit requirements.
What if you get denied for a parent PLUS loan?
If your initial Parent PLUS Loan application is denied, then you can try to obtain an endorser for your Parent PLUS Loan application. An endorser is a creditworthy cosigner, other than your student, who agrees to repay the PLUS Loan if you cannot.