Lady D Posted October 28, 2013 Share Posted October 28, 2013 I can't find the answer to this anywhere and hoping somebody more savvy will help me here please I did one degree fifteen years ago, I had a student loan but only borrowed about £3000 ( I was lucky enough to be funded by a " student grant " as well, before they were stopped ) After deferring it for a while I was then able to pay it back and I could finish paying it back this year I want to do a second degree in OT, would I be able to take another student loan out if I've paid the first one back? Thanks to any experts in advance! ;-) Link to comment Share on other sites More sharing options...
blueidealist24 Posted October 28, 2013 Share Posted October 28, 2013 I would contact whoever gave you the loan. I know in Ontario, Canada, where I live, there's a limit to how many years of funding you can receive. I read an article in which the fact that this became a problem for Ph.D. students was discussed. There's also a limit for us on how many interest-free periods one can have, so some Ph.D. students maxed out the limit and were asked to start paying their loans back while still finishing up school. Link to comment Share on other sites More sharing options...
Snny Posted October 28, 2013 Share Posted October 28, 2013 I'm American. I am still paying my undergraduate loan while I took out another loan for my masters degree and am currently taking classes. I chose not to defer them since I am doing part-time work to pay it off while the INTEREST RATE is lower and get ahead of my debt. My interests rates will increase after I am done with my masters program from 3% to 7% (which means my monthly bill will jump). Student loan interest rates are much higher than they were 15 years ago. I don't know how it is in UK. You will have to contact your campus financial office or the loan agency themselves to get a better answer. Link to comment Share on other sites More sharing options...
catfeeder Posted October 29, 2013 Share Posted October 29, 2013 Most people I know with higher degrees or in pursuit of one have quite a few loans stacked up--before they've even completed payment on the first. You've paid yours off, that's fabulous, and congrAts! I had 4 loans to pay by the time I finished graduate school. If there is a lifetime limit on student loans in your country, that's likely a well-publicized fact. I've never heard of anyone reaching such a cap. Link to comment Share on other sites More sharing options...
blueidealist24 Posted October 29, 2013 Share Posted October 29, 2013 Most people I know with higher degrees or in pursuit of one have quite a few loans stacked up--before they've even completed payment on the first. You've paid yours off, that's fabulous, and congrAts! I had 4 loans to pay by the time I finished graduate school. If there is a lifetime limit on student loans in your country, that's likely a well-publicized fact. I've never heard of anyone reaching such a cap. The lifetime limit I'm referring to is only for OSAP, the Ontario student loans program.. you're not barred from borrowing loans from other lenders or anything. Link to comment Share on other sites More sharing options...
Lady D Posted November 3, 2013 Author Share Posted November 3, 2013 Thank you so much for taking the time to reply, I'll check all of them out ;-) Link to comment Share on other sites More sharing options...
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