My son is going to college this fall and because of my income he received only $5500 in partially subsidized Stafford loans. We come up around $4K short after scholarships and what I can actually contribute.
I'm currently 5 months short of completing a Chapter 13. That in and of itself should get me denied for a Parent PLUS loan. The idea was once I am denied that loan, my son becomes eligible for an additional $4K Stafford loan. Well, I applied this morning and to my surprise, I was approved. Here's what I got:
We have approved your credit for the Direct PLUS Loan you requested, pending the receipt of additional loan records from the school you or the student attends. This decision was based on the results of a credit check with:
Equifax
P O BOX 740241
ATLANTA, GA 30374 8006851111
Depending on the timing of the school's submission, another credit check may be performed with a different outcome. You must also meet all other requirements for borrowing a Direct PLUS Loan. Your school will tell you what loans, if any, you are eligible to receive. If you have questions regarding your loan eligibility, the next steps in the processing of your loan, when the loan will be disbursed (paid out), or no longer wish to receive the loan, contact your school's financial aid office. After the first disbursement of your loan has been made, your loan will be assigned to a loan servicer and you will receive the servicer’s name, address and contact information. Your servicer will service, answer questions about, and process payments on your loan after you enter repayment. To view the list of servicers and their contact information, visit StudentLoans.gov and select the "Additional Information" link on the "Contact Us" page. Sincerely, U.S. Department of Education Federal Student Aid William D. Ford Federal Direct Loan Program
Does this mean that I should expect another round of eligibility checks? I didn't receive any notifications from CK those usually hit immediately when a hard pull is done.
