Help! iPhone 7 went into boot loop mode and now is stuck in recovery mode and can't update or restore

Hi. I have a 128gb iPhone 7. I got it a little over a year ago, maybe a week or two after it was released. I am currently running the most recent version of iOS as well, and my iTunes software on my Mac is up to date as well.

Last night, as I was getting ready to sleep, my phone randomly went blank and looked like it was resetting (the type of reset you get from holding down the power button and the volume down button simultaneously. It went dark, then I held the buttons and saw the apple logo as expected. Waited a few seconds expecting to see my lock screen, but instead it went dark again, the apple logo showed up once more, and the process kept repeating. As if it was stuck in this reset/restart mode. It kept doing this and would not stop. I was just looking at facebook and then this occurred.

It was 2 AM and I was exhausted, so I didn't want to look into it too much then because I needed sleep. I plugged my phone into my laptop, followed instructions on how to put it in recovery mode, and finally it appeared in my iTunes. The phone's screen was that of a lightning cable pointed at the iTunes logo, with "support.apple.com/iphone/restore" at the top.

Anyways, my mac gave me two options: Update the software which hopefully will fix it, and if that doesn't work, then restore. I don't know what the update would have necessarily done because I am always running the most recent iOS, but I chose that option anyway. It downloaded the iOS, began to extract the file, and gve me an error saying that it can't be updated and I need to try restoring instead. I said okay. This is what as follows:

So it begins to extract the software, then it shows all that "waiting for iPhone" "preparing iPhone" dialogue. The phone goes blank as if its ready to begin the update/restore. Then, for a split second, I actually do see the progress screen on my phone. I'm referring to the thin progress bar line that appears whenever you're resetting settings, updating, restoring, etc. This one:

But it's only their momentarily. Then, unfortunately, the phone goes blank again and the screen lights up, sort of like you just restarted the phone again. And then it returns to the connect iPhone to iTunes screen with the link at the top and I get this error on iTunes:. I really don't know what to do. I've made sure my iTunes is up to date, I've restarted my mac, etc. I'm pretty sure my one year limited warranty is expired too and I really need this to be fixed. Does anyone please know a way to do this so that I don't have to bring it in? I am a college student and I am doing research at the moment. I need my phone and do not have any time whatsoever to go to an apple store.

Thank you for the help