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Home Equity Lines Of Credit And College Tuition
Many people don't qualify for a lot of financial aid because their incomes are too high. And unless they have put a lot of money aside for college, they need to pursue other options. If your savings or other assets aren't enough, a home equity line of credit could be the answer.
For instance, they are less expensive than personal loans and there aren't income limits that can keep you from qualifying for government-backed loans. Plus interest is usually tax-deductible as well.
Another advantage is that a Line Of Credit is more flexible than a home equity loan or second mortgage. You can take out only the amount of money you need when you need it. That makes it ideal if your kids are heading off to college at staggered times. You can draw on it, then pay it back, and draw on it again.
For more information on a Home Equity Line Of Credit, click here