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It’s that time of the year when school is on the brain, including all the expenses involved. Whether you’re sending your oldest off to college, or ready to finally get your own degree, the expenses of higher education and figuring out how to pay for them can be understandably stressful. While taking out loans, using 529 plans and other savings account options are more common ways to help finance yours or a loved one’s education, if you’re a homeowner you have access to another financing option to help you out – a Home Equity Line of Credit (HELOC).
A HELOC is a great asset you can take advantage of, that’s based off your home value and uses your home as collateral. Typically, you won’t be able to borrow more than 80% of what your home is worth when you choose to utilize a HELOC. For an example of how to calculate what you could potentially borrow, check out this post about using HELOCs for home improvement projects.
A benefit of HELOCs is that they provide more flexibility, similar to a credit card, where you can take money from it any time during the draw period. However, something to keep in mind is that although HELOCs can have lower interest rates, it more than likely will be a variable rate as opposed to fixed. That means you could potentially be putting you and your home at risk if in the future you find you’re unable to make your payments on what you borrowed.
When it comes to paying for higher education, it can quickly get overwhelming when considering in- and out-of-state tuition, potential grants and scholarships, and even different lenders. While utilizing a HELOC might seem like the right choice at the moment compared to other options, it’s always recommended that you speak with a professional to really figure out if that’s the best choice for your financial future. Our experts at NuMark are always happy to sit down with you and your child to discuss your various options to help you figure out what will be the most beneficial for you or your child’s educational journey.
To learn more, check out NuMark’s page on our different HELOC options here.
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