Can I simultaneously apply for multiple education loans from different lenders? Will applying for multiple loans at the same time have a negative impact on my credit score?
You can apply for multiple education loans from different lenders simultaneously to compare terms and secure the best offer. However, each loan application typically triggers a hard inquiry on your credit report, which can temporarily lower your credit score. To minimize the impact, apply to lenders within a short period (15-30 days), as credit bureaus may treat these inquiries as a single event for education loans. Once you finalize a lender, cancel other applications to avoid confusion, as taking multiple loans for the same purpose is not allowed. Applying strategically helps you secure the best terms without significantly affecting your credit score.