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When does a lender need to request a credit report for a Parent PLUS MPN borrower?

April 26, 2017borrower credit report Lender MPN parent Plus request

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When does a lender need to request a credit report for a Parent PLUS MPN borrower?

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A lender needs to request a credit report for the initial and subsequent loans the parent borrower is applying for when using the Parent PLUS MPN. If the parent borrower is requesting additional funds for an existing loan period (resulting in a loan amount adjustment, not a new loan), the lender does not need to request a new credit report.