topic Re: Direct Parent Plus Loans in Student Loans

Direct Parent Plus Loans

Anonymous — Sat, 31 Jul 2010 19:25:12 GMT

It is my understanding that for a Direct Parent Plus loan a credit check is done. Does anyone know the credit score range or other factors the federal government uses to determine credit worthiness?

Thanks

Re: Direct Parent Plus Loans

laz98 — Sat, 31 Jul 2010 19:49:44 GMT

the only thing i've heard, is that you can't have an "adverse credit history". so i guess if you have several negatives, you might not qualify.

Re: Direct Parent Plus Loans

mazinaige — Sat, 31 Jul 2010 21:52:24 GMT

Eligibility for the PLUS loan depends on a modest credit check that determines whether the parent as an adverse credit history. An adverse credit history is defined as being 90 or more days late on any debt or having any Title IV debt (including a debt due to grant overpayment) within the past five years subjected to default determination, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment, or write-off. The Ensuring Continued Access to Student Loans Act of 2008 extended the 90 days late threshold to 180 days for mortgage payments and medical bill payments during calendar years 2007 through 2009. http://www.finaid.org/loans/parentloan.phtml