You sure can. If you were turned down for a Parental PLUS Loan in the past couple of years you should really try again. The emergency legislation, that we have discussed before, was passed in 2008 has made PLUS loans more affordable.
The legislation made it so parent could apply for a PLUS Loan, through December 31, 2009, so long as they are not more than 180 days delinquent on a mortgage payment for their primary residence or any medical bills. In the past the time limit was 90 days.
There is a FICO credit score check of sorts, but it is to show that there are no adverse items on your credit report. However, if you have filed bankruptcy in the past five years you are not eligible for a PLUS Loan. Previously you had to be current on all debts not just mortgage payments and medical bills. With economy's current state the legislation was passed to to give PLUS Loan Lenders more leeway in forgiving late debt payments. Another plus, no pun intended, if a parent dies, I guess that's not really a plus but the PLUS loan debt is forgiven. This is a benefit over private loans, as with private loans the debt still needs to be paid.
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