Anonymous
Anonymous asked in Education & ReferenceHigher Education (University +) · 6 months ago

My mom got denied the PLUS loan, so my grandpa is going to try and be the endorser & he doesn't really use credit he pays in cash mainly.?

I don't think it depends on your income or how good or bad your credit is, he doesn't think he has a bad history he's never taken out a loan and has been on times with taxes. He pays with cash for taxes and basically everything. Does he have a good chance at succeeding with signing for it?

12 Answers

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  • di
    Lv 4
    6 months ago

    When a parent is denied a PLUS application, the student can them become eligible for an unsubsidized loan - speak to the folks at the financial aid office about your eligibility for Unsubsidized loans - but also ask about Work-Study and any other gift aid available to you.

  • 6 months ago

    Grandpa has to prove income, assets, and credit history/credit score. Is he still employed full-time? From your info here, however, his lack of credit history may get him denied.

  • Anonymous
    6 months ago

    He may be able to co-sign a loan(not plus) but you don’t know until you try. Keep in mind the credit takes a hit each year and you have to reapply each year. I have seen people who drop out or transfer for that reason(the loans stopped getting approved).

  • drip
    Lv 7
    6 months ago

    Only a parent can do PLUS loans,

    Your grandfather can co-sign for a private student loan.

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  • 6 months ago

    As others said, only parents can get the Parent PLUS loan. Since your mom was denied, your regular federal loans should be able to be increased. Talk to financial aid. This doesn't mean they can be increased by enough to cover all your costs, but they can be increased.

  • 6 months ago

    "Grandparents (unless they have legally adopted the dependent student) and legal guardians are not eligible to receive parent PLUS loans, even if they have had primary responsibility for raising the student."

  • Eva
    Lv 7
    6 months ago

    All loans depend on income and credit score. If he doesn't have a credit score (he can check this) or has a poor score, he will not be approved as a co-signer.

  • Anonymous
    6 months ago

    PLUS loans do not depend on credit score. They will deny people with adverse info on their reports, but your grandfather's low score would be due to not using credit as opposed to adverse information.

    That being said, your grandfather will not qualify because he is not your parent.

  • Anonymous
    6 months ago

    How about working your way? Debt is a curse.

  • Andy C
    Lv 7
    6 months ago

    Perhaps. Your credit score has nothing to do with paying taxes. He will not have a good score, not having borrowed any money.

    He owns his house with no mortgage?

    All his cars were paid up front with cash?

    If so, don't be surprised if he's denied for poor credit.

    Welcome to the America where good fiscal behavior is punished.

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