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Student Loan Application

Glenda Said:

What happens if you lie about being estranged from your parents on your student loan application?

We Answered:

You are committing a criminal fraud, and may face prosecution if discovered.

A conviction for fraud won't look as good as your degree on your CV.

Myrtle Said:

What papers should I have at the ready while filling out a student loan application?

We Answered:

You will need all this info for both you and your cosigner:
social security numbers, dob, addresses, places of employment with address and phone numbers, income information, other debt, length of time at current address, length of time at current and previous employment,

Private, sub-prime, high interest, variable interest rate student loans are evil and should be avoided at all costs. Without a cosigner with excellent credit you won't be approved. Be aware that if you are attending a school that requires you to slum into these evils you WILL need your cosigner to sign for you every year you are in school because your education isn't going to get any cheaper. Just be sure both you and your cosigner understand this. I would hate for you to start at a school you later have to drop out of because their debt to income ratio got to high and they were denied.

Also tell your cosigner that if you were to die, they would still be responsible for repaying this loan. Variable interest rate loans mean each month the payment amounts go up. Once month your payment might be 300 a month. The next month it could be 340 and then the next month it would be 360. And there is not a darn thing you can do about it.

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