Private College Student Loan

Do I need to re-apply if I want another student loan from the same company my other student loan is from?

When I first got into college a couple years ago, I applied for a loan through Chase and was approved. Now that money's run out, and I need more money to pay for my education. I also get the Federal loans, but they're not that much and this year at my school tuition skyrocketed so I was left with no money to buy my books or anything after my tuition was paid with those loans. I also don't get grants and or scholarships (believe me, I've tried) and my parents are so broke they're THIS CLOSE to losing their house :(. I want to get another private loan from Chase, but since I already applied and was approved for one loan, do I have to re-apply again? Or can I just call them up and say I want to take out more money? They used to send me things in the mail all the time asking me if I wanted to borrow more money, but I haven't gotten one in a while...

Public Comments

1. W: It's hard to answer this question with one, definitive answer that will apply to every lender and every possible applicant. Chances are, that if it's been a while, Chase will want to review updated information on your financial circumstances. Just because you were considered a good lending risk "a couple of years ago" doesn't mean that your situation hasn't changed. They wouldn't be very prudent lenders if they didn't make sure that you haven't declared bankruptcy or run up a ton of unmanageable debt. It's also possible that the lending criteria that Chase used a few years ago have changed - so it's likely that you'll reevaluate you, based on the lending criteria that they're using now. There's also a limit, of course, to how much they would be willing to lend you. If you've already borrowed a good bit of money, they may not be willing or able to approve you for much more. All of that being said, the fact that you have an existing loan with them will certainly be taken into consideration in a positive light. That only goes so far, because it's not as if you have been making payments on the old loan yet, so you're still just a name in a file, rather than a paying customer who has demonstrated financial responsibility. Long story short - there's no way to know for sure if you'll be approved for another loan. The simple fact that they've lent you money in the past does not mean that they are certain to lend you money again. All you can do is ask. I wish you the best of luck, and I hope your parents' financial circumstances improve in the very near future.
2. You'll probably need to reapply. Most educational loans are not open-ended so you'll need a new loan. Calling won't hurt either to see if they are still offering these loans. Many lenders ended their alternative loan programs in the past year.