Many students rely on student loans to help them cover the cost of college. Students must reapply for loans each year, and it’s not uncommon for students to have several separate student loans, sometimes with different lenders. As long as you are still in school, you can apply for and receive multiple student loans. Once you leave school for at least six months, you must start making payments, but if you return to school, the payments can be stopped, and you can apply for additional aid.
Getting Another Student Loan
To qualify for another student loan, you’ll need to follow all the rules, such as being enrolled at least half-time and not going over your lifetime student loan allowance. Loan limits vary by the program you are in and the type of degree or certificate you are pursuing. Check with the school or your lender for the current borrowing limits. If you have a student loan that’s in default, you will need to rehabilitate it by making repayment arrangements with your lender before you can get additional funds, but then you will be able to apply for another loan.