I'm graduating this semester and have 13,000 left to pay, something I didn't expect at the beginning of this year. My mom has taken out Parent PLUS loans, but she took out a loan on the house, and her credit won't let her take anymore. Because she is technically eligible for more Parent PLUS in FAFSAs' eyes, and because I've maxed out the "student's parent can get a Parent PLUS" category, I'm trying to find a private loan. Unfortunately, it seems like I need a cosigner, but I only have a single mom and she can't because of her credit.
Is there anything I can do? Would any banks assess my future job opportunities? I'm lucky enough that I have a really good resume and am guaranteed a job out the door when I grad, I just need to grad.
About to grad, maxed out public loans, can't get a cosigner
byu/Kitchen_Collection inStudentLoans
Posted by Kitchen_Collection
2 Comments
> and her credit won’t let her take anymore
Says who? PLUS loans only do a perfunctory credit check (for better or worse)
> I’ve maxed out the “student’s parent can get a Parent PLUS” category
Parent PLUS loans are available up to the Cost of Attendance (for now — this changes July 1st) and COA is the limit for *all* financial aid from all sources combined. So your school won’t certify you for a private loan, even if you find a lender. (It’s also quite difficult to overspend your COA by $13K while following the rules, which implies that you have not been.)
If the $13K overspend is legitimate, then you need to talk to your school’s financial aid office about how to increase your COA (and, therefore, your borrowing limit). Then your parent could take out $13K more in Parent PLUS loans, without needing to involve a private lender.