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Question about second student loan


Lady D

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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! ;-)

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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.

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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.

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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.

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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.

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