Aid Step 5: Financial Aid Options

— Home Equity Loans —

Homeowners can use the equity value in their homes to pay for education.

The advantage of using your home equity include:

1. you are not restricted by federal loan limits
   
   
2. the funds can be used for any purpose — including auto transportation — as determined by the home equity owner
   
   
3. funds can be borrowed as they are needed — not all at once under many other programs
   
   
4. the home equity line can be available from year-to-year without submitting annual application and qualification forms
   
   
5. interest rates for home equity lines can be as low as the Prime Rate
   
   
6. the interest costs for borrowed funds may be deducted from your taxes if your qualify — see your tax advisor for further information
   
   
   

The home equity line of credit is the most popular type of home equity for college education.

The equity line allows parents to draw upon funds as needed for tuition, books, fees, living expenses and other miscellaneous expenses.

See our affiliated site at YourEquity.com for information:
using your home equity to finance education