Do I have to payoff my present military loan before I can reapply for additional money?
It depends on several factors. An important factor is the size of your present loan – if your present loan was a large loan, then at least 6 – 8 payments should be made prior to re-applying for a renewal. For smaller loans, at least one payment must be received, and then you can usually re-apply. In any case, if approved, the remaining balance on your existing loan will be refinanced and added to the new loan.
