I applied for Parent Plus loan for my son twice. I put down maximum and was approved for $7,000 each time. At the time I was unemployed with positively bad credit, over 8 collections. Now, I am on social security, $1060 a month and I find it impossible to pay. In researching, I found the following about qualifying for Parent Plus loan.

To be eligible for the Federal PLUS loan, the borrower must not have an adverse credit history. An adverse credit history is defined in the regulations at 34 CFR 685.200(c)(1)(vii)(B) as including a current delinquency of 90 or more days on any debt or having had certain derogatory events within the last five years. These derogatory events include bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment or default determination. It also includes the write-off of federal education loan debt.

Based upon the above, very clearly I should not have been approved for the loan. Is there I can use this to have the monthly payment reduced so that it is manageable? Another problem I have is that the loan income ratio is so high I am finding it hard even to rent. Any recourse?