If your dad gets declined with a Plus loan, then your Stafford loan gets increased by about $4k each year. However, you're talking about private loans of $16k per year-about $65k for all 4 years PLUS your Stafford loans of about $30k. That's over $90k in loans.
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Best Answer: There is no written rule or law on how long they have to wait before turning it over to a collection agency. However, common sense states they should send you a demand letter and give you 30 days to respond. By turning it over to an agency, they end up paying 30% in collection fees. That's silly on their part.