When should you apply for Parent PLUS loan for the 2025-2026 year?

Thank you! That makes sense about waiting until she commits to a school. Do you know if the PLUS loan application is complicated? I'm worried about making mistakes that could delay the funds.

Really? That's cutting it close! But good to know it processed quickly. Did you have any issues with the application process itself?

nah its pretty straight forward. they just check ur credit and if u dont have major negative stuff ur good. took like 15 min to apply

Thank you for the detailed timeline! I didn't realize there was an origination fee - that's really good to know. I'll definitely calculate exactly what we need rather than taking the maximum.

I got totally burned by that origination fee thing too. Asked for exactly what I needed and then came up short because of the fee. Had to scramble to cover the difference.

While I understand your frustration with the high cost of college, the Parent PLUS loan is actually one of the more flexible loan options available. The federal protections like income-contingent repayment options and potential forgiveness programs can be valuable. Private loans typically have fewer protections. But I do agree that the costs have gotten completely out of control.

Actually, that's not quite accurate. The Parent PLUS loan is solely in the parent's name and legal responsibility. The student has no legal obligation to repay it, unlike the student Direct loans. Many families have their own agreements about who will pay, but legally it's 100% the parent's responsibility.

Try using Claimyr! I was in the same boat last month - kept getting disconnected after waiting on hold forever. Someone here recommended Claimyr.com and it actually worked. It holds your place in line and calls you when an agent is available. Saved me hours of frustration. They have a video demo that explains how it works: https://youtu.be/TbC8dZQWYNQ

That's really interesting! I hadn't thought about that strategy. My credit is good, but I like the idea of her taking more responsibility for the loans if possible. I'll definitely look into this option.

This is technically true, but I'd advise caution with this approach. Intentionally getting denied could be considered misrepresentation. Also, the additional unsubsidized loan amount ($4,000-$5,000) is often much less than what the PLUS loan would cover, leaving a bigger gap in funding. Just make sure you have a plan for covering that remaining amount before pursuing this strategy.

Perfect plan! One last tip - when you do apply, set a calendar reminder to check the status every 2-3 weeks. Schools sometimes need additional information but don't always communicate clearly. Being proactive about checking your status can prevent last-minute surprises at bill time!

That's such a smart approach! I hadn't even thought about payment plans as an alternative. Do you remember what kind of fees the school charged for their payment plan? And how did you decide how much to borrow vs. pay monthly? This could definitely help us minimize the total interest we'll pay over time.

This is excellent advice! I've been so focused on the loan aspect that I completely overlooked payment plan options. My daughter's school probably has something like this available. Do most schools offer these payment plans, or is it something I need to specifically ask about? And are there usually any enrollment deadlines for these plans?

Great suggestion about payment plans! I'm definitely going to look into this option. For anyone else considering this approach, I'd recommend calling the school's billing office directly rather than just the financial aid office - they're usually the ones who handle payment plan details. Also worth asking if they offer any discounts for paying larger chunks upfront versus spreading it all out monthly. This could be a game-changer for managing the costs!

This is really helpful! I never considered combining both approaches. Quick question - when you did the payment plan, did you have to pay the full semester amount upfront to the school and then make payments to them, or did they actually defer part of the billing until later in the semester? I'm trying to figure out the cash flow timing since we'd still need to cover living expenses too.

That's a really smart point about checking processing times! I hadn't even thought to ask about that when comparing schools. Six weeks versus two weeks could make a huge difference, especially if there are any complications or additional documentation needed. I'll definitely add this to my list of questions when we do our final school visits. Thanks for sharing that experience - it's exactly the kind of real-world insight that helps avoid potential headaches later!

This is such valuable advice! I never even thought to look into state programs beyond what showed up automatically on the FAFSA. I'm going to research our state's options right away - even saving a few thousand would make a real difference in how much we need to borrow. Do you remember how you found out about your state's program? Was it through the state education department website, or did you discover it some other way? I want to make sure I'm not missing any opportunities before we commit to a specific loan amount.

I found out about our state program completely by accident when I was googling something else! But the best resource I found was actually our state's higher education agency website - most states have one. You can also try calling your state's Department of Education directly. They usually have someone who specializes in state aid programs and can tell you exactly what's available and what the deadlines are. Another tip: some state programs are administered through individual colleges rather than the state directly, so it's worth asking the financial aid office at your daughter's top choice schools if they know of any state-specific programs you should apply for. Good luck!

This is really helpful information about the credit check requirements! I hadn't considered that timing could matter for credit improvements before applying. Do you know roughly what credit score range they typically look for, or is it more about specific negative items on your report? Also, if someone does get denied initially, how long do you usually have to wait before reapplying after fixing credit issues? I want to make sure we're in the best position possible before we submit our application.

From what I understand, Parent PLUS loans don't use a traditional credit score cutoff like other loans. Instead, they look for what they call "adverse credit history" - things like accounts 90+ days delinquent in the past 2 years, defaults, bankruptcies, foreclosures, etc. If you get denied, you can reapply as soon as you've addressed the issue that caused the denial. Some people get approved on reapplication within just a few weeks of fixing whatever was flagged. The good news is that even if you do get denied, your daughter becomes eligible for those additional unsubsidized loans that @Mateo Silva mentioned earlier, so you'll still have options for covering the costs!