“Education Dept.
Proposes New PLUS Loan Standards”
The U.S. Department of Education is proposing new eligibility
requirements for Parent PLUS loans. Under draft regulatory language
sent this week to members of the department’s negotiated rule making panel,
parents would generally be barred from taking out PLUS loans if they have any
type of debt exceeding $2,085 that is 90 or more days delinquent or that has
been sent to a collection agency or charged off. The proposal also changes
the look-back period for that “adverse credit” history from five years to two
years.
Under a separate policy change that goes into effect July 1,
families that are denied a Parent PLUS loan because of an adverse credit
history may appeal to the Education Department, which can then provide the loan
if there are "extenuating circumstances."
Read it here: http://www.insidehighered.com/quicktakes/2014/04/18/education-dept-proposes-new-plus-loan-standards#sthash.JbbeyfeW.dpbs
Have a nice weekend every one!
Dr Flavius A B
Akerele III
The ETeam
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