Parent Loans DENIED?

I am preparing and really want to help my children with upcoming student loans and expenses....however, I am a little concerned about my credit. Although I don't have negative items, we do have a LOT of outstanding loans like mortgages, cars loans, etc. What other options are out there for my kids if I get denied credit?

You have to apply for the FAFSA and Have the kids apply for the college loans that they are eligible for, and work thru the college financial aid department. Have the kids apply for work study as well to contribute and or seek part time jobs. Then the parent plus loans are avaialble despite your debt. The home equity loan is avaialble as well. College scholarships can be of help!
Just remember that the state colleges and commmunity colleges are good schools at the lowest cost.
Just be aware of your repayment amount and how all that fits into your finances. Many people are reluctant to finance college at the expense of cutting back on your retirement contributions, but I personally feel that only you can decide what makes financial sense for you and your family.
On different threads, many people indicate that they are severely in debt due to college cost, which threatens the stability of the family for many years so just be reasonable and community college can be just as good alternative and meet everyone's needs!
Good luck!

Hi

Before you jump into any conclusions, i would like to mention a few points that school loan consolidation, whether they are federal or private loans, means you take out a loan that pays off all of your loans of that type. You are then issued a loan for the total amount of your loans for which you are given an extended period for repayment.

Nearly every federal loan is eligible for consolidation as are most private loans. The basic repayment plan for consolidation is a ten year span for repayment. You can typically choose from a variety of repayment methods, including an extended plan that can last up to 30 years depending on your loan amount. Filing for consolidation is free for federal loans but may come at some cost for private loan consolidation.

Generally, there is no fee for early repayment of federal consolidation loans; with private loans, it is a good idea to review the terms to determine all fees and penalties.

Pros:
When you have a large amount of debt student loan consolidation can be a great way to reduce your monthly output for repayments by bringing you down to one small installment.
You make a single payment each month which reduces the headache of keeping up with multiple payments, fees and schedules.
You typically get a great interest rate that is locked in for the duration of the loan even if your previous loan(s) had adjustable interest rates.
You have a longer repayment term which reduces the amount of your installments.
With federal loans, you retain the benefits of deferment, forbearance and forgiveness.
Cons:
You pay a greater amount overall with a consolidation loan. The smaller payments mean that you pay interest for a longer period of time, thus creating a greater output.
When you consolidate you pay off all of your loans with their interest and take out a loan that may have a higher rate than the smaller ones.
If interest rates eventually decrease, you will not benefit from the market changes and repay a lesser amount.
Not all loans are eligible for loan forgiveness programs when they are consolidated.

It is also important to note that you must consolidate Federal loans and private student loans separately in many cases. Special rates that apply to Federal student loans do not apply to private loans.