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Is it Illegal to Apply for Multiple Loans at a Time
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[QUOTE="King bell, post: 270852, member: 75687"] Applying for more than one loan at a time is illegal in the United States, but there are other countries where it's not a big deal to apply for multiple loans. Read this article for more information about what's legal and what isn't. Is It Illegal to Apply for Multiple Loans at a Time? The U.S.'s Federal Direct Loan Program (FDLP) only allows students to take out one loan each year without repaying them back in full before applying again, which is capped at six loans during the life of an undergraduate student, five credits per year. Generally speaking, there are no limitations on how many federal student loans can be taken out during graduate studies or professional pursuits. But there are other countries where it's not a big deal to apply for multiple loans at a time. Even in the U.S., however, borrowing more than one loan per year is generally not financially advantageous, and usually can't exceed the limits of your financial aid package. The main difference between applying for multiple loans in the U.S. and applying for multiple loans in other countries is that if you apply for more than one loan (or stay within the limits) in some other countries, your parent or spouse may be able to make payments on your behalf . [/QUOTE]
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