Drawbacks of tapping home equity to pay for college "A home equity loan certainly can be used to pay for college education, but it probably should be pretty far down on the list of options," says certified financial planner donna skeels cygan, owner of Sage Future Financial.
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Pros and Cons of Using Your Mortgage to Pay Off Student loans. rolling student loan debt into a mortgage (also known as "debt reshuffling"), allows you to refinance your mortgage with either a new loan or an additional home equity loan. The money from this new loan can then be used to pay off your student loan debt.
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Q. I need to borrow money to pay for my son’s college. I have no real college savings but I do have a home equity line of credit. What are the pros and cons of using this instead of student loans? –.
There are two primary ways to access the equity in your home to pay debt: home equity loans or a home equity line of credit. A home equity loan can offer a lump sum of funding you could use to pay off or consolidate credit cards or other debts. A home equity line of credit is a revolving line of credit you can borrow against as needed.
For student borrowers with plenty of savings for a rainy day, a good job, and a solid understanding of the risks and benefits, a home equity loan may offer an opportunity to pay off your student loans at a lower interest rate. But again, there is always a risk of losing your home if you don’t make your payments.
If you’re considering tapping your home’s equity to pay for home repairs, buy an investment property or for any other reason, a home equity loan, HELOC or cash-out refinance may be just what you need. But make sure you understand the options available to you and the pros and cons of each.
Thinking about leveraging the equity in your home by using a HELOC to pay off your student loan debt? Think again. There are several reasons you should reconsider this strategy. A Home Equity Line of Credit (HELOC – or sometimes referred to as just HEL) allows you to borrow against the value of your home.