The U.S. Department of Education recently changed the requirements for receiving a Federal PLUS Loan. Previously the requirement was no adverse credit history for the past 90 days. The new requirement increases it to a staggering 5 years! This has and will disproportionately affect low income urban communities who cannot afford to go to college otherwise. This rule couldn't have come at a worse time. Due to the recent recession some people's credit reports are still affected. PLUS loans are popular because they don't have a limit and can cover tuition, fees, books as well as room and board and other school expenses. Whether someone had a delinquency five years ago has no bearing on whether they're going to default on the loan in the future. Thank You and please spread the word.
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