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Parent PLUS Loan borrowers are required to pass a simplified credit check, meaning that the Department of Education is not looking for a certain credit score or for an extensive credit history, but simply the absence of an adverse credit history.
The following will cause a Parent PLUS Loan to be denied:
- A current delinquency of 90 days or more, including unpaid collection accounts and charge-offs.
- Default in the past five years.
- Defaulted loan that has been claim paid.
- Chapter 7, 11, and 12 Bankruptcy (Chapter 13 OK) in the past five years.
- Discharge in the past five years.
- Foreclosure in the past five years.
- Foreclosure proceedings started.
- Deed in lieu of foreclosure.
- Lease or contract terminated by default.
- Repossession in the past five years.
- Tax lien (county, state, or federal) in the past five years.
- Wage garnishment in the past five years.
- Voluntary surrender in the past five years.
- Write off of Title IV debt in the past five years.
Parents denied a Parent PLUS Loan will receive a letter from the Department of Education informing them of the denial; UMB also will be notified electronically. Denied parents have three options:
- Review their credit report (which can be done for free on www.annualcreditreport.com) for possible errors and correct any errors before appealing directly with the Department of Education.
- Find a credit-worthy endorser to co-sign on the loan; this endorser will be responsible for the loan should the student default on the loan at any point during the life of the loan.
- Elect to have the PLUS Loan remain denied and the student will be offered additional unsubsidized loans up to the maximum eligibility of an independent undergraduate student.