Will I have problems with my Parents Plus?

[williamd1972]

I filled out FASA  application for my son in January.  This is his second year, I deferred last years loan.  When I filled out FASA form 4 months ago I  was renting  for 1200 a month.    Based on my income, my EFC is 19G. That said, I close on my new home on Thursday. My mortgage will be 2800 a month.  Will my home purchase have an negative effect on my Parents Plus Loan when I apply next week? 

[laz98]

well, they will definitely take into account your new, significantly higher expense, but i'm not sure how that will affect your son.  wishing you good luck!

[williamd1972]

Thank You

[Anonymous]

The Parent PLUS does not look at the debt to income ratio, they simply check for adverse credit history.

Good luck!

[hammertime]

You are absolutely correct in that they only check for adverse information.  I just applied last week for my daughter and was approved instantly. Dept. of Ed. did pull a credit report.