I graduated from college in 2005. I'm currently paying back my student loan now, but I want to go back to school. Am I able to apply and get a second student loan? And when I go back to school am I able to defer the payments on my current loan until graduation? Any help would be great.
2007-03-07 04:49:29 · 9 answers · asked by paha4u 3 in Education & Reference ➔ Financial Aid
Yes you can. Since you are going back to school and not currently in school, you have to be in good standing status with your previous loan (i.e either in deferred status or making current payments on time). I did this same thing when I stopped going to school for a year and a half then went back. I had 2 previous school loans that were deferred so they allowed me a 3rd one when I went back to school. I am happy to say I currently only owe about $4,000 from almost $8,000 of the 3 loans combined. Don't let anyone talk you out of it because you'll be in debt. Education is important and if you have a payment plan worked out and stick with it, like $200 a month, then eventually more and more of the payment will go towards what you actually owe and not just the interest. It will get paid off I promise! Good luck in pursuing your education.
Ps-- they do offer loan consolidation programs for your student loans.. I think it is called the Sharp Loan Consolidation Program. try this website out about the Consolidation programs https://www.mohela.com/Default.aspx
2007-03-07 05:23:56 · answer #1 · answered by Sharpie211 4 · 0⤊ 0⤋
Yes, you should be able to get another one if you've been making regular payments on the one you have. As for deferring the current loan payments, read this:
http://studentaid.ed.gov/students/publications/repaying_loans/2003_2004/english/repayment-options-deferment.htm
2007-03-07 04:51:30 · answer #2 · answered by MOM KNOWS EVERYTHING 7 · 0⤊ 0⤋
I did this very thing a few years ago. I'm not sure you can still do it, but I did. I took out my second loan then had to consolodate the two, but it was easy and did not have to pay on either one until I was out of school for six months. Check with your school's admissions office and/or finanial aid office, they should be able to help you to do this.
2007-03-07 04:53:54 · answer #3 · answered by capnemo 5 · 0⤊ 0⤋
Yes, you can get a second one and you can defer payments as long as you are a full time student in an accredited school.
2007-03-07 04:52:04 · answer #4 · answered by sheila 4 · 0⤊ 0⤋
Sure - the "powers-that-be" like to get you started on a debt death-spiral as soon as possible, so they'll lend away against your future employability (and fiscal freedom). Look at this as a kind of slavery and steer clear if you can. But if you MUST borrow, start paying back as soon as you are employed anywhere, and look into ways your debt can be "forgiven:" ie using your teaching, legal or medical degree in empoverished areas. Good luck!!
2007-03-07 04:59:14 · answer #5 · answered by tracymoo 6 · 0⤊ 0⤋
As long as your arent in default satus with your current loan, then you are able to take out another. In most cases they will combine them together.
2007-03-07 04:51:27 · answer #6 · answered by Anonymous · 0⤊ 0⤋
yes i have 3 student lones
2007-03-07 04:53:30 · answer #7 · answered by HOTTIE 2 · 0⤊ 0⤋
Is this an oxymoron? I don't see the logic.
2007-03-07 04:52:01 · answer #8 · answered by kenneth S 2 · 0⤊ 3⤋
no you cant.
2007-03-07 04:52:19 · answer #9 · answered by Charmell J 1 · 0⤊ 4⤋