You can use
the equity value in your home to finance college education.
Use a home equity credit line to pay college expenses
as they occur. The flexibility of the credit line allows
you to control expenses and budget repayments.
The amount you can borrow is subject
to the equity value of your home. The best interest
rates are available for equity credit lines at 80%LTV
or lower.
Using your home equity as a Banker:
you can become a banker by using your home equity as a money management account to pay college and personal expenses.
It's a simple program: deposit money in - pay money out. See a quick demonstration how the BLOC can work to finance college.
Total
Independence
you do not need to file federal
forms or work through the college
processing systems; you simply use your home
equity credit line to pay all related
college expenses (up to your assigned
credit limit)
Low
Interest Rate
depending on your LTV position,
your interest rate can be as low
as the PRIME rate or lower:
see
home equity rates
Flexible
Repayment Plans
you can use your equity line to
draw upon funds as needed while
the student is attending school.
By depositing your income into the equity line account, you can repay the borrowed funds at minimal cost: see illustration at our member site: SayStudent.com
One-Time
Application
you only apply once for your
home equity line; you can draw
upon available funds anytime you
need money regardless of student's time
in school
Use
Funds for Anything
you can use your home equity for
any expense; you are not restricted
on use of funds
Disadvantages of Home Equity Loans
Credit
Check Required
you must have a credit history
and verifiable income in order
to qualify for this loan. You
must also have enough equity value
in your home to secure your loan: calculate your LTV value
Your Home
Is Your Security
your home equity is secured by
the equity value of your home;
you could potentially lose your
home if you default on your
loan payments
Rates
May Be Higher
depending on your LTV position
and amount borrowed, your interest
rate may be slightly higher
than PLUS loan rates:
Funds
May Be Limited
the amount you can borrow depends
on your LTV value of your home;
if your equity value if low, you
may not have enough borrowing
funds to pay for college expenses: calculate
your LTV value
