Adverse Credit History. To be eligible for a Federal PLUS loan, the borrower may not have an adverse credit history, which is defined as having a bankruptcy, foreclosure, repossession, tax lien, wage garnishment or default determination in the last five years or a current delinquency of 90 or more days. Alternative Student Loan. See Private Student Loan. Asset. An asset is property with a financial value, such as bank and brokerage accounts, cash, stocks, bonds, mutual funds, money market accounts, certificates of deposit, trusts, tax shelters, college savings plans (529 plans, prepaid tuition plans, Coverdell education savings accounts), real.