Monday, October 26, 2009

Can I take out two different student loans?

My bank is only allowing me to take out a certain amount for schooling and it is only going to cover about a third of my yearly expenses (tuition and transportation, living, rent, etc). This is a private loan, not a certified amount, just the estimated cost of attendance limit and it is the same with every bank (I checked to make sure).



My question is, can I take out another private student loan through another bank at the same time I have this one? Or is the 2nd bank going to know I already took out one for the maximum amount and deny me?



Can I take out two different student loans?

You can take, no problem.There are two sources for student loans -- the federal government and private lenders. In order to obtain most federal student loans, you will first need to file the Free Application for Federal Student Aid (FAFSA). In most%26lt;!--instances the FAFSA is required for all federal financial aid including federal student loans. Deferment options are available while you are still attending school at least half-time. There are four main federal loan programs.



http://best-loans.awardspace.com/student...



Federal loan consolidation is for students who are in repayment status or parents who wish to extend the repayment period on their current PLUS and obtain a fixed interest rate for the life of the loan--%26gt;you can combine all of your eligible federal student loans into one loan with a Federal Consolidation Loan. Consolidating also locks the interest rate you pay on your loan.

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