What are the steps to obtain a second student loan or increase the amount of an existing student loan? Are there specific eligibility criteria, documentation requirements, or processes involved for students who need additional funding to cover tuition fees, living expenses, or other academic costs?
Yes, you can usually apply for a second loan or an increase in your existing loan. First, you’ll need to check with your lender or financial institution to see if they allow additional loans for students already in school.
So, is it possible to just increase my current loan amount instead of taking a second one?
It depends on the lender and the type of loan you have. Some lenders might allow you to increase the existing loan, while others may require you to apply for a second one. You’ll also need to show proof of your increased financial need, like updated tuition invoices or living expense estimates.