Search And Ye Shall Receive: "Can You Have Two Student Loans at the Same Time?"
Author: Nick
Category: Money
Topics: education, lending, real estate, search
We return once more to that awesome vacuum of curiosity that is the Punny Money search engine referral log. This week, I’ll answer the question:
can you have 2 student loans at the same time
It’s pretty obvious that you can have all the student loans you want (well, as many as banks will give you, at least). Perhaps this searcher wanted to know if it would be possible to consolidate multiple federal student loans into multiple student loans. The answer to that question is generally a big fat “no.” That’s because if all your loans are held by a single bank, the Higher Education Acts says you can’t consolidate them with a different bank unless your bank cannot provide “income-sensitive repayment terms.” What bank would admit that their repayment terms are not income-sensitive? Perhaps a very dumb bank would, but not any of the ones likely to have money in them.
But thanks to some incredibly crafty people over at the Fatwallet forums, there was a way to get around the single lender rule and reconsolidate with whomever you like. To summarize their strategy, you could take advantage of a loophole in the William D. Ford Federal Direct Loan Program that requires those income-sensitive repayment terms to be “acceptable to the borrower.” Thus you could obtain a Direct Consolidation which will allow you to reconsolidate your loans at the place of your choosing. For many people in that Fatwallet thread, that place has been the Utah Higher Education Assistance Authority which offers incredibly attractive rates with discounts for automatic debit and 48 months of on-time repayments.
Sounds great, right? Well, it’s time to break your poor little student-loan-burdened heart. That little loophole was closed with new student loan laws introduced earlier this year. But that’s okay, because I’ve already written on how you can go to school with zero student loans. As for those of you already carrying loans, you can still find some fairly good deals on student loan reconsolidations if you look hard enough.
It looks like we have time for a bonus edition of Search And Ye Shall Receive. Next, let’s see what we can do about this person’s search query:
maryland new homes under $300,000 dollars
Normally I’d type the letters “H” and “A” repeatedly for about ten minutes at a question like this, but I figured I’d give it a shot anyway. Sure enough, there are about a half dozen new home communities in Maryland for under $300,000. Unfortunately, one of them just skirts the $300,000 range, two are really the same location, and one is actually in Pennsylvania!
That said, I hear you can pick up some new construction in lovely Phoenix or Miami for pretty cheap these days…
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34 Responses »
1.
MoneyDummy
June 7th, 2006 at 8:55 pm
UHEA USED TO offer all those things. They’re not competitive anymore.
2.
Grants
September 24th, 2007 at 10:25 am
You may also get the scholarships by attending the Reverse Officer’s Training Corp program. If you are interested in serving in the military for a certain period of years, you may also avail the scholarship from the ROTC, which can be done, only after your graduation. There are also organizations that offer scholarships; they are professional associations, religious groups and civic organizations.
When expecting the grant you have to be aware of a few things. There is a limitation in the grants that are available by the government. If you are planning to educate yourself in a community college, the expenses will be lesser and most of your tuition fees will be taken care by the grants.
Click to http://govgrantsguide.com to find out more article about government grants.
3.
Jason
April 25th, 2008 at 5:42 am
Student loan debt consolidation provides a great option for many to do away with their debts. Thanks for sharing the info. this regard.
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Connecticut Mortgage
May 15th, 2009 at 10:49 am
More and more students are asking about getting student loan at the same time. Answering this question will help the students to receive clarification about this issue. Anyway, i am glad that you extend your hand to your readers. I Hope to visit your website again. Thanks!
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July 10th, 2009 at 1:24 pm
Student loans can be quite complex as they have many variables. However, getting a student loan to fund your college education should not be too difficult even if you have bad credit rating.
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July 13th, 2010 at 7:10 am
now a days its getting difficult in find student loan debt consolidation
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August 1st, 2010 at 7:54 pm
There are to many variable to consolidating student loan debt. It is key to sit down with a financial adviser and discuss your options
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October 26th, 2010 at 12:14 am
Of course no, even though you have good asset management, there is no rule that you can apply for such multiple loan for student. You have to comply for each policy they have. If you want to apply for the said loan, then wait for the first one to be completed.
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Sohbetci
November 17th, 2010 at 5:17 am
thanks for admin.nice sharing.very nice.
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I only wish my parents helped me out more with college then I wouldn’t have as much debt
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January 6th, 2011 at 11:10 am
I just stumbled upon and I find this one really interesting. It depends on the lending institution but as far as my idea is concern only few of them allows to do so.
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February 12th, 2011 at 9:08 pm
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February 13th, 2011 at 4:50 pm
Thank you for the article useful view the article and I hope you write again
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March 18th, 2011 at 9:31 am
I don’t know if I could handle more than 1 student loan at a time, the first one is bad enough. Thanks for the great information though.
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I am not very sure if the loan price is the same with the price of a normal accommodation.
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