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Improving Your Child’s College Education With a Home Equity Loan

26 Feb , 2015  

Love those lava lamps! Truthfully, what wouldn’t do a college student well than a home equity loan (from mom and dad)? That happens to be quite the popular choice for many families looking for extra dough to shell out just so the kid can get a quality college education. What about those government loans, though? Here’s the thing….

Families With Higher Incomes Might Not Even Qualify for Thatlava lamp college education

What does that leave some families? Perhaps the Christmas bonus can cover some of the cost of that crazy college education, but just in case good ol’ dad wants to save the Christmas bonus to invest in a new in-ground pool with water slide, you’re then in good luck: a home equity loan can do you justice.

It’s a Good Investment to Make for Your Child’s College Education

Think about it: you’re secure in this loan. It’s not like you’ll have much trouble getting it approved. A home equity loan works as long as you’re in good standing with your mortgage on the zero-down home through H.O.P.E. to Own. More importantly, though, here’s the long-term investment for all this:

That Quality College Education Will Allow Your Child to Prosper All on His/Her Own

You know what that means? Son or daughter won’t be coming back to the hen house asking for money every now and then to pay off ridiculous debts, draining your income at your old age. Yes, you love your children — but you only have so much money on hand!

You have to watch out, though, for getting that home equity loan approved for the purpose of providing a quality college education for your child, because at the time those bills for room and board need to get paid, you’re most likely on the retirement track on a fixed income. That leaves you with limited funds, and that home equity loan would certainly look good in your pocket. Not to play devil’s advocate here….

The Bottom Line….

Don’t overlook other such possibilities — like special education loans, tax write-offs and scholarships. Just in case, though, your college student needs a little more help on the financing side for textbooks and laundry detergent, go ahead and get that home equity loan. After all, a college education does matter the most in the long run.

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