Deny Rental App? No Income/Student Aid

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**rental application screening help needed**

I'm having trouble with this one. Someone asked to rent from me and was up front about having maxed out credit cards (they said to pay for family business start-up equipment) but never missing a payment. This person is an adult doing a career change - they are moving to town to go back to school. They said they have scholarship/grant/aid income. I told them I can do their income check based on this.

I ran the check to validate the story and things matched up however, when I asked for the scholarship/grant/aid cover sheet, they said they don't have one yet. They are meeting with their schools financial aid person next week. So, there is no established incoem stream at this time.

In addition, the friend hasn't secured a job in town just yet so there is no income stream there either.

What do I do? I'm thinking of asking for a co-signer, who will have to pay for a credit check to qualify.

One more tidbit: They said when I call for rental history that his friend and his dog are not on his current lease. Rather, his friend pays him cash. He said this happened after he signed a new lease so he didn't update it.