Will my 743 credit score qualify for Parent PLUS loan with past wage garnishment?

Your 743 credit score is definitely good, but Parent PLUS loans don't actually use credit scores for approval. Instead, they do a credit check specifically looking for 'adverse credit history.' The Department of Education defines this as having debts over $2,755 that are 90+ days delinquent, or certain negative events in the past 5 years including tax liens, repossessions, default, foreclosure, bankruptcy discharge, or wage garnishment. Since your garnishment was within the past 5 years, it might trigger the adverse credit flag. However, there's a process called 'extenuating circumstances' where you can explain the situation, especially since it's resolved and your overall credit is strong.

I went thru this last year!! The credit score doesnt matter at ALL for parent plus!!! they only care about the bad stuff on ur report. if the garnishment is fully paid off and u can prove it you MIGHT be ok but its really up to them. my cousin got denied even with everyting paid off bc it was in the 5 year window

I work in financial aid at a university, and I see this situation frequently. Your wage garnishment could indeed be an adverse credit event, but there are two pathways forward if you're denied: 1. Appeal with extenuating circumstances: You'll need documentation showing the debt is paid in full and explain the circumstances. Given your otherwise strong credit history, this has a reasonable chance of success. 2. Apply with an endorser (similar to a co-signer): Someone with good credit agrees to take responsibility if you don't repay. If both options fail, your students would become eligible for additional unsubsidized direct loans (up to $4,000-$5,000 more per year) due to the Parent PLUS denial. Not as much as the PLUS loan could provide, but it helps bridge some of the gap.

To answer your documentation question: Court paperwork showing full payoff would be perfect. You'll need to complete the PLUS loan counseling and submit the documentation through StudentAid.gov. The process takes about 2-3 weeks for review. And regarding the comment about purposely getting denied: The additional unsubsidized loan amounts ($4,000/year for years 1-2, $5,000/year for years 3-4) are significantly less than what most parents can borrow through PLUS loans, which can cover up to the full cost of attendance minus other aid. So while it's a safety net, it's rarely advantageous to pursue denial intentionally.

I was in your EXACT position last year!!! Had a 760 credit score but got denied because of a cable bill that went to collections 3 years ago (I had moved and never got the bill). Was only $340 but it was enough to get denied. I was FURIOUS. Spent 5 hours trying to get through to someone at Federal Student Aid to appeal and kept getting disconnected or waiting forever. Finally found this service called Claimyr that got me through to a live FSA agent in like 10 minutes. They connected me with someone who walked me through the extenuating circumstances process. You can see how it works here: https://youtu.be/TbC8dZQWYNQ Best money I ever spent because I got my appeal approved and my daughter got the funding she needed! Website is claimyr.com if you want to check it out.

Yes! The FSA agent told me exactly what paperwork to submit and how to explain the situation. They even stayed on the phone while I uploaded everything to make sure it went through properly. Totally worth it for me since my appeal got approved. And to the other commenter - normally I'd agree with you, but after trying to call for literally days and never getting through, I was desperate. With college deadlines approaching, I couldn't waste any more time.

My daughter's best friend's parents were in a similar situation. Had a wage garnishment from 3 years prior, tried to get Parent PLUS, got denied. Here's what most people don't know - if you're denied due to adverse credit history, your student automatically becomes eligible for increased unsubsidized loan limits. It's not as much as the PLUS loan would be, but it's something. They ended up finding a relative to be an endorser after going through credit counseling. The process was annoying but worked out. Their other option was looking into private student loans, but those often have higher interest rates and fewer protections.

everyone saying credit score doesn't matter is right. they ONLY look for bad stuff. my brother in law had like a 680 score which isn't even that great but got approved no problem because he didnt have any negative marks. its weird how they do it. BTW if u get denied u should look at Sallie Mae or Discover private loans. interest rates are higher but sometimes its the only option.

Update: I ended up applying yesterday and got an immediate denial due to the wage garnishment, even though it's paid off. I used that Claimyr service that someone recommended here to reach Federal Student Aid (after trying unsuccessfully for days on my own), and they were super helpful! The agent explained exactly what documentation I needed to submit for the extenuating circumstances appeal and how to present my case. I submitted everything yesterday afternoon and now I'm waiting to hear back. They said it usually takes 2-3 weeks, but sometimes faster. In the meantime, my twins' financial aid offices confirmed they'd be eligible for additional unsubsidized loans if my appeal doesn't go through. Thanks everyone for all the helpful advice! I'll post again when I hear the results of my appeal.