My mother currently has a Home Equity Line of Credit with her bank for about 40k (I'm not sure of the exact figure but it is around there).
For the school I am planning on attending, I will need to take out a loan of about 30k for the first year alone, and then about 15-20k the following 3 years. In total I will have to borrow somewhere around 90-100k more or less. That's a lot of money. I am aware of the responsibilities involved, and I am confident that if I get into this school I will have a well paying job after graduation.
Of course as a 22 y/o college student I have no credit, and unfortunately I do not have any other family willing or able to cosign for me. I guess what I am worried about is being denied the loan because I need a cosigner and my mother already has her HELOC through the bank. I know her credit is good and she has made every payment on time.
Does anyone have any insight?
Does a HELOC effect your ability to cosign a private student loan?
I would really appreciate any answers as I am trying to get an appointment with my mother's banker but currently I am just left to worry. Thanks a lot!