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Yes, you may apply for a second student loan. There are lots of people who are going to college using two student loans to support themselves. But do be careful about once you are done with college, you will have 2 outstanding loans to pay off.

You can apply a second student loan, but you must be very careful. Here are some statistics for you to consider. Right now, the maximum interest rate on a new Perkins loans is 5%; on Stafford loans, it is 6.8% and on PLUS loans, borrowers pay 7.9% if they borrow through the direct loan program and up to 8.5% if they borrow from a bank or other, non-governmental lender.