Two loans at once?

[MikeInCreditland]

Hi all, here's the situation: I currently have a $35k loan from my first degree that I am paying off. I am actually going to be paying it 100% in full in July 2010. In the meantime I am beginning a second part-time degree in January 2010. I was wondering if anyone would approve a new loan for me while I'm carrying the $35k debt. Or am I going to have to pay out of pocket until I have the first loan paid off? My Equifax FICO is at 713, and my income right now is nothing to rave about. I thank you ahead for any input on the subject!   

[Jazzzy]

Have you asked this question of the financial aid office at the school where you will be taking classes?

I don't know the answer, but I assume that financial aid offices deal with this all the time.

Is your degree another undergrad degree or are you going to graduate school?

[MikeInCreditland]

Hi and thanks. This is a second bachelor's. I have yet yo talk to the aid office. I was just wondering if anyone had the same experience in the past. 

[LisaPA]

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@MikeInCreditland wrote:
Hi all, here's the situation: I currently have a $35k loan from my first degree that I am paying off. I am actually going to be paying it 100% in full in July 2010. In the meantime I am beginning a second part-time degree in January 2010. I was wondering if anyone would approve a new loan for me while I'm carrying the $35k debt. Or am I going to have to pay out of pocket until I have the first loan paid off? My Equifax FICO is at 713, and my income right now is nothing to rave about. I thank you ahead for any input on the subject!   

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I have around $80,000 combined from Sallie Mae and AES that I got in grad school when I had not completely paid off my undergrad loans yet, so yes, they will approve it (and I had crappy credit at the time). Federal loans have a limit on the max you can borrow per year and per lifetime, I believe, which is why I had to go to Sallie Mae for the rest.

[greent]

I am a returning student at ASU in Tempe AZ. I have a Direct loan for $2,300 that i paid while being out of school. When i decided to come back and finish off my degree I applied for Financial aid.  Received the pell grant, subsidize and unsubsidize loans.

I do not a have a private student loan. I think they might care about the 35K loan but if you go throught the Fasfa then i think you should be okay. 

 Sometimes people go into graduate school right after an undergraduate degree and they are able to get some sort of financial aid to pay for college regarless of current student loans.

Just stay current on your student loan and make your monthly payments on time. To the best of my knowledge that would be the only thing preventing you from getting another loan when you already have one.

I am not an expert, this has been my experience. Hope this helps.

[203bravo]

greent is correct -- for a federal loan as long as you are current with any outstanding balances and are under the federal maximums, assuming you meet all other qualifications no problems. 

I'm not so sure with private loans, but they are pretty generous as long as your score holds -- don't really think you'll have a problem.

[Anonymous]

I think it will depend upon the norms of the bank form where you are taking loan. Some bank allowed you to so or other not. But you can give second grantor and alternative securities to get second loan.