[Lender] Question About Grad PLUS Credit Review

[Mc Conahay, Pamela K.]

I believe all lenders have us profiled for "no second look" for PLUS
Loan credit checks.  We do NOT want to change that.  
 
But......is it possible for you to offer the "second look" option to
Grad PLUS applicants while not offering it to parent PLUS applicants?  
 
If we get a parent PLUS denial, we offer the student a dependent unsub
if he is eligible.  When we had "second look" options turned on with
various lenders, we'd just get the dependent unsub done and then get a
PLUS approval....pain in the patootie to unravel everything.  
 
But, we won't have any "dependent unsub" money to offer the Grad PLUS
student borrowers who get denied for adverse credit.  So, I'm thinking
it might be a "good thing"  to offer a second look to the Grad PLUS
student borrowers.  
 
(Yes, Martha Stewart was on Letterman last night, making a meat loaf
layer 'cake' frosted with mashed potatoes---looked kind of gross when
Dave got involved, but it sounds kinda good, doesn't it?)
 
BUT, if your systems don't have 2 separate credit profiles for PLUS and
Grad PLUS, it isn't worth it to mess up our PLUS credit process.  So,I'm
just fishing.......there is no right or wrong answer.  
 
Pam McConahay 
Assoc. Dir., Compliance, Training & Lender Relations 
University of Oklahoma Financial Aid Services 
1000 Asp Avenue, Room 216 Norman OK 73019-4078
(405) 325-4617  Fax (405) 325-7608 
pmcconahay at ou.edu 

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