Paying for college is no easy feat these days – there’s no doubt that college is expensive; and while you may qualify for federal student aid, there are other options.
If you are a homeowner, one option is to take advantage of the equity in your home and open a home equity loan or line of credit. You may be able to leverage the funds you’ve built up in your home for this major life expense.
There are many advantages of using a home equity loan or line of credit to pay for college, including:
-
Home equity loans and lines of credit offer potential tax savings.* Up to 100% of the interest paid on a home equity loan is tax deductible. Of course, you should always consult your tax professional for your specific situation, but this can be a huge benefit of leveraging a home equity loan to pay for college.
-
A home equity loan or line of credit offers a competitive rate. GE Credit Union Home Equity Loans are as low as 3.24*, depending on your creditworthiness and our Home Equity lines of Credit are as low as 4.00%*. Federal Stafford Loans rates are 4.45% for undergrads and 6.00% for graduates, while rates for Federal Plus Loans rates are 7.00%.
-
GE Credit Union Home Equity Loans and Lines of Credit offer no application fees, closing costs or annual fees.*
Whether you’re looking to add an extra bedroom, remodel the backyard, or pay for your child’s college expenses, GE Credit Union can help you get the most from your home’s equity.