I mean the first year she applied they said no, the second year they allowed her. The thing is she is on disability. So why did they allow her and not reject her?
2007-03-08 05:19:11 · 3 answers · asked by ArchAngel Raziel 3 in Education & Reference ➔ Financial Aid
She's in debt. Couple thousands I think
2007-03-08 05:35:31 · update #1
It's likely that her credit rating improved since the last time she applied. Did she apply for a smaller amount this time? That might have had something to do with it, too. Alternatively, the lender might have been more flexible with their approval criteria this time. A lot of PLUS loan lenders now have a "second look" program, wherein they re-review an application that was denied. If your mom's credit was borderline, she might have been given a second chance to prove herself a worthy applicant.
The fact that she's in debt doesn't necessarily mean that she'd be denied. Some types of debt are lower-risk than others. Some lenders aren't looking for "good credit"; they might just be looking for "not not good credit." If she doesn't have any bankruptcies in her past, no liens, and isn't delinquent on any payments, that might be good enough for them.
2007-03-08 09:30:32 · answer #1 · answered by FinAidGrrl 5 · 0⤊ 0⤋
It means her credit got better. If she does not want to take out the loan sometimes if she calls the lender and states she will not be able to repay they will deny her.
2007-03-08 08:17:27 · answer #2 · answered by appylover 4 · 0⤊ 0⤋
PLUS loans are based on your needs and parent's credit history. If your mom had any negative things on her credit report/history, this might influence alegibility. There's more info on the link below.
2007-03-08 05:30:58 · answer #3 · answered by Negrita Linda 3 · 1⤊ 0⤋