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When You’re Rejected for A college Loan

When You’re Rejected for A college Loan

It is now time of when parents are stressing about paying for their child’s college tab year. I’ve been hearing from parents who possessn’t been in a position to borrow sufficient for university. I thought I’d share one of these simple email messages.

A Mom’s Dilemma

This is actually the mom’s note:

i’d like to understand what to accomplish in the event that you don’t be eligible for A plus that is parent loan?

Our 2nd son happens to be in university, therefore we had a lot of money conserved with regards to their university (over $60,000, that is phenomenal for people with our very early salaries), but I destroyed my work during 2009 and that place us in to a pickle that is financial. We had been in a position to pay money for our oldest son’s first couple of many years of university and our 2nd son’s very very first year, but we have been within the place now where we don’t have enough saved for their whole tuition and need certainly to borrow – but we don’t qualify!

We make about $150,000 per 12 months, obtain our home and another house or apartment with NO MORTGAGE onto it, but still cannot obtain a $9700 loan! We now have tried EVERY-WHERE. Any recommendations?

By the method – I ended up beingn’t conscious that we’d any ‘issues’ on our credit. I recently bought a car in March of the 12 months after my automobile passed away and I got a 0% interest. Just How can it be that you could borrow funds to purchase a car but cannot borrow money for the child’s training? Our company is investing in him a condo near campus and publications away from pocket. Our company is simply $9700 quick.

A Borrowing Solution

Before I share a possible treatment for this family’s problem, i do want to explain exactly what a Parent PLUS Loan is. Continue reading ‘When You’re Rejected for A college Loan’ »