Hello,
I have been put into a serious bind and I don't know how to get out of the situation I am in, my education is on the line at this point.
I am double majoring and I am in my last 2 years of of studies.
I have never taken a big loan out and I I have been able to remain debt free up till how.
Next year, I will need about $37,000 to complete my education and I am in need of loans. I have applied to FAFSA and I know how i much I will have for this year and next.
I have about $7500 saved up which I will use solely for my education; however, even after FAFSA I will need about $20,000 in loans from banks. However, I don't know if I need a cosigner or not.
-I have had a card for 4 years and I have consistently used it
-paid it off the next month, always paid more than minimum, and ensured that I would not have any outstanding debt.
-I have made about $8000 from internships and never had a loan (so debt vs income ratio should be good)
-credit score is for sure over 700.
I have talked to the financial adviser at my university and she has stated that I should talk to the bank first before taking fafsa. If I take fafsa first, then I will have to show that I accruing debt on my social and hurt my chances of getting loan from the banks.
Am I a strong candidate for a loan without a cosigner? I really dont want to have to drop out being so close toward the end of my education.
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