FAFSA processed with SAI 7771 - What happens next? Parent Plus loan questions

Congrats on getting the FAFSA processed! Now you wait for each school to put together their financial aid packages. They'll access your FAFSA info electronically using the SAI to determine what aid to offer. Each school will send either an email or letter (check both) with their aid offer - usually by April for fall semester. For Parent Plus loans, property ownership is NOT required! The main requirements are: - You must be the biological or adoptive parent (or in some cases, stepparent) - No adverse credit history (major delinquencies, defaults, etc.) - Be a U.S. citizen or eligible non-citizen Your rental status won't affect eligibility at all. With a 680 score, you should be fine unless you have major negative items on your credit report.

my son got his fafsa processed last year and it took like 3-4 weeks for schools to send the packages. some sent emails others actual letters in mail. don't stress yet

An SAI of 7771 is actually pretty good! My daughter's was over 12000 and she still got decent aid packages from most schools. Each school has different amounts they can offer though so you might see big differences between the four schools.

One important thing nobody mentioned - make sure your son checks his student portal for each school! Some schools don't send separate notifications about aid packages - they just post them to the student portal and expect students to log in and check. My son nearly missed a scholarship deadline because of this. Regarding Parent Plus loans - they'll run your credit report, but it's not a traditional credit score check. They're mainly looking for major adverse events like defaults, foreclosures, or bankruptcies within past 5 years. As long as you don't have those, you'll likely qualify regardless of renting vs owning. Also, if you do get denied for a Parent Plus loan for credit reasons, your son would then qualify for additional unsubsidized direct loans in his name - important backup option to know about!

I HATE the waiting game after FAFSA processing!!! We submitted in November and didn't get aid packages until MARCH from two schools. The other school took until APRIL! It's ridiculous how they make us wait and then expect a decision so quickly. Also your SAI means nothing if the school doesn't have enough funding. My son's SAI was only 4500 but one private college still wanted us to pay $29,000 a year OUT OF POCKET!!! The whole system is broken.

Has anyone had good luck calling the financial aid offices during this waiting period? I tried last year for my daughter but kept getting voicemail or disconnected. So frustrating.

Another thing to consider - your son should be checking his email DAILY (including spam folder) for any verification requests. If a school selects his FAFSA for verification, they'll request additional documentation like tax transcripts or W-2 forms. Missing those deadlines can delay or reduce his aid package. For Parent Plus loans, the application process doesn't open until around June/July for the next academic year. You'll apply through studentaid.gov once you've decided which school he'll attend and know how much additional funding you need.

My daughter got her aid packages pretty quickly after FAFSA processing (like 2-3 weeks), but she applied Early Decision so that might have sped things up. Just sharing another timeline possibility!

Once you receive the aid packages, don't be afraid to appeal if the amounts seem insufficient. Many schools have a financial aid appeal process, especially if your financial situation has changed since filing taxes (job loss, medical expenses, etc.). You can sometimes get thousands more in aid just by asking and documenting your circumstances. Also, Parent Plus loans have an origination fee (around 4.2% currently) that gets deducted from the loan amount. So if you need $10,000 for costs, you'd need to borrow about $10,420 to end up with the full $10,000 after fees. Important to factor into your planning.

Just wanted to add one more tip from our experience last year - make sure your son accepts any aid offers by the deadlines! Some schools have pretty strict cutoff dates (usually May 1st but can vary), and if you miss them, they can withdraw the offer even if it's just grants or scholarships. Also, if he's considering multiple schools, don't feel pressured to accept the first aid package that arrives. It's totally fine to wait and compare all offers before making a decision. Some families create a spreadsheet comparing the total cost after aid at each school - makes it easier to see the real differences. One last thing about Parent Plus loans - the interest rate is fixed but tends to be higher than undergraduate direct loans (currently around 7.28%). So if your son qualifies for any additional direct loans in his name, those might be a better option to max out first before going the Parent Plus route.