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Parental Loans for Learning
Home Equity Line of Credit
You can establish a home equity line of credit, based on your home's appraised market value minus any unpaid mortgage and then borrow a percentage of the home's equity. You may wish to set up this line of credit in advance and then borrow as needed for each year of college. IMPORTANT NOTE: Remember that the cash you have on hand or in a bank account is counted as an asset when schools determine your child's eligibility for federal need-based financial aid; however, the equity in your home is not. Therefore, establish the credit line, but don't withdraw the funds until after you receive a financial aid determination Share Article:
Investment and insurance products and services are offered through Osaic Institutions,Inc. Member FINRA / SIPC. Osaic and Friend Bank are not affiliated. Products and services made available through Osaic are not insured by the FDIC or any other agency of the United States and are not deposits or obligations of nor guaranteed or insured by any bank or bank affiliate. These products are subject to investment risk, including the possible loss of value.  |