I am applying for two Parent PLUS loans because I have twins going
to school at the same time. Is it possible one loan will be denied
because we are applying for two at the same time? What can I do if
one of the applications is denied? We have good credit 730 and 780
for each of us.
— Michelle L.
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Parents who have multiple children in college are not limited to
borrowing just one Parent PLUS loan. Each Parent PLUS loan is for the
benefit of a single student. If there are multiple children in college
at the same time, the parent can borrow multiple Parent PLUS loans,
one for each child. The second Parent PLUS loan promissory note will
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not be rejected, so long as it lists a different student's name,
Social Security number and date of birth. Twins might have the same
date of birth, but their names and Social Security numbers will be
Only one parent can be listed as a borrower on a single Parent PLUS
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loan. However, two parents can each apply for separate Parent PLUS
loans for a single child, so long as the combined loan amounts do not
exceed the annual limit. The annual PLUS loan limit is equal to the
cost of attendance minus other aid received. When there are two
children in college, it is also possible for one parent to apply as
the borrower on a Parent PLUS loan for one child and the other parent
to apply as the borrower on a Parent PLUS loan for the other child.
When both parents are applying for Parent PLUS loans, it is possible
that one loan will be approved and the other loan will be denied if
one parent has good credit and the other has an adverse credit
history. Approval does not depend on the number of Parent PLUS loans,
but rather on the credit history of each borrower.
The borrower of a PLUS loan must not have an adverse credit history.
An adverse credit history occurs when the borrower has a 90-day or
longer delinquency on any debt or has had a bankruptcy discharge
(chapters 7, 11 or 12), foreclosure, repossession, tax lien (federal,
state or county), wage garnishment, default determination or student
loan default within the last five years. Parent PLUS loan borrowers
also cannot be incarcerated. Starting on October 22, 2011,
an adverse credit history also includes having a charged-off account
or an account in collections with a balance greater than zero within
the last five years.
Eligibility for the Parent PLUS loan does not depend on the borrower's
debt-to-income ratios or the borrower's credit scores. But generally,
having a very good credit score is usually a good sign that the
borrower doesn't have an adverse credit history, since even a single
delinquency can cause the credit score to plummet.
If a parent is denied a Parent PLUS loan, the student will become
eligible for increased unsubsidized Stafford loan limits, the same
limits available to independent students. However, if both parents
apply for Parent PLUS loans and one parent is approved and one is
denied, the student is not eligible for the increased unsubsidized
Stafford loan limits.