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Author Topic: Timing FAFSA/Loans App - Please help  (Read 560 times)

mirror

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Timing FAFSA/Loans App - Please help
« on: January 06, 2006, 11:01:30 AM »
From finaid and other readings ive realized its best to liquidate as much income as possible before applying for aid.  They also say to pay down consumer debt as much as possible. 

Im in a tricky situation, Im going to get engaged sometime before this summer.  I have $ in my 401(k) but nothing in a savings account.  Im going to save $ (~$6k) for a ring b/w now and LS.  Should I save everything I can and buy the ring in say July or should I take out a loan now and pay off the loan as I go?  Will taking out a consumer loan hurt my credit score if I need to get a Citibank LS loan?

Any input is greatly appreciated   

Typhoon Longwang

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Re: Timing FAFSA/Loans App - Please help
« Reply #1 on: January 09, 2006, 12:57:15 AM »
Save the money, but don't stick it anywhere that LS can track it down (bank accounts, etc.).  EFC figures you'll essentially empty out your bank accounts to pay for LS.

lawstudent3

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Re: Timing FAFSA/Loans App - Please help
« Reply #2 on: January 09, 2006, 01:19:09 AM »
In the situation you're in, you probably shouldn't buy a ring quite that expensive.

mirror

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Re: Timing FAFSA/Loans App - Please help
« Reply #3 on: January 09, 2006, 12:30:46 PM »
In the situation you're in, you probably shouldn't buy a ring quite that expensive.

thats neither here nor there...
will taking out such a loan greatly affect my credit score or ability to get ls loans?