{"id":6257,"date":"2019-10-02T21:07:45","date_gmt":"2019-10-03T01:07:45","guid":{"rendered":"https:\/\/www.ucf.edu\/financial-aid\/?post_type=faq&#038;p=6257"},"modified":"2019-10-02T21:07:45","modified_gmt":"2019-10-03T01:07:45","slug":"what-happens-if-my-plus-loan-credit-check-gets-denied","status":"publish","type":"faq","link":"https:\/\/www.ucf.edu\/financial-aid\/question\/what-happens-if-my-plus-loan-credit-check-gets-denied\/","title":{"rendered":"What happens if my PLUS Loan credit check gets denied?"},"content":{"rendered":"<p>A dependent student whose parent has been denied a PLUS loan during the current aid year may be eligible to receive Federal Direct Unsubsidized Stafford loans at the independent level with proof of PLUS loan denial from the lender. <\/p>\n<p>If your credit has been denied for the Parent PLUS Loan, you will be given four options on the www.StudentLoans.gov application to choose from: <\/p>\n<ul>\n<li><strong>I do not wish to pursue a PLUS loan at this time.<\/strong><\/li>\n<p> The additional Federal Direct Unsubsidized Stafford loan will automatically be offered to the student, in which the student may choose to accept, reduce, or decline the loan through the myÂ鶹ӳ»­´«Ã½ View Financial Aid \u201cAccept\/Decline Awards.\u201d Please allow at least two weeks for processing the additional offered loan upon receipt of a PLUS denial. <\/p>\n<li><strong>Undecided.<\/strong><\/li>\n<p> The additional Federal Direct Unsubsidized Stafford loan will automatically be offered to the student, in which the student may choose to accept, reduce, or decline the loan through the myÂ鶹ӳ»­´«Ã½ View Financial Aid \u201cAccept\/Decline Awards.\u201d Please allow at least two weeks for processing the additional offered loan upon receipt of a PLUS denial. <\/p>\n<li><strong>I will obtain an endorser*<\/strong><\/li>\n<ul>\n<li>Choose this option if you would like to add a co-signer.<\/li>\n<li>Parents should notify the SFA Loan Department in order for the PLUS loan to be awarded if your credit is approved with an endorser. <\/li>\n<li>Borrowers who required an endorser for approval of the PLUS loan must sign a new MPN for any supplemental or future PLUS loan. <\/li>\n<li>Borrowers whose Direct PLUS Loan credit checks are denied on or after March 29th, 2015 and then approved with an endorser, must complete a PLUS Counseling before the Direct PLUS Loan can be disbursed. The U.S. Department of Education will notify the borrower about the PLUS Counseling instructions. <\/li>\n<li>If we do not receive an update for a credit approval within 3- 4 weeks, the additional Federal Direct Unsubsidized Stafford loan will automatically be offered to the student, in which the student may choose to accept, reduce, or decline the loan through the myÂ鶹ӳ»­´«Ã½ View Financial Aid \u201cAccept\/Decline Awards.\u201d <\/li>\n<\/ul>\n<li><strong>I want to appeal the credit decision*<\/strong><\/li>\n<ul>\n<li>Choose this option if you believe the credit check is inaccurate or you can provide updated information about extenuating circumstances.\n<li>\n<li>Parents should notify the SFA Loan Department in order for the PLUS loan to be awarded if your appeal has been approved.\n<li>Borrowers whose Direct PLUS Loan credit checks are denied on or after March 29th, 2015 and then approved through a credit appeal, must complete a PLUS Counseling before the Direct PLUS Loan can be disbursed. The U.S. Department of Education will notify the borrower about the PLUS Counseling instructions.\n<li>\n<li>If we do not receive an update for a credit approval within 3- 4 weeks, the additional Federal Direct Unsubsidized Stafford loan will automatically be offered to the student, in which the student may choose to accept, reduce, or decline the loan through the myÂ鶹ӳ»­´«Ã½ View Financial Aid \u201cAccept\/Decline Awards.\u201d\n<li>\n<\/ul>\n<\/ul>\n<p>*For instructions on how to appeal or how to reapply using an endorser, please contact the Department of Education\u2019s Applicant Services at 1-800-557-7394. If the PLUS credit decision is approved after the parent appeals or reapplies with an endorser, the student is no longer eligible to receive the additional Unsubsidized Stafford loan. <\/p>\n","protected":false},"template":"","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"tags":[22,24],"class_list":["post-6257","faq","type-faq","status-publish","hentry","tag-loans","tag-parent-plus","topic-types-of-aid"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What happens if my PLUS Loan credit check gets denied?<\/title>\n<meta name=\"description\" content=\"A dependent student whose parent has been denied a PLUS loan during the current aid year may be eligible to receive Federal Direct Unsubsidized Stafford\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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