Financial Aid Advice
- Thread starter Joe4Cy
- Start date
Updates and thoughts:
1. FAFSA taken care of. Takes a drop out of the bucket for tuition. {eye roll}
2. Orientation the second week of June! My student's last day is May 31; mine is June 6. Then a fun-filled few days.
Here's a thought - and feel free to talk me off the ledge. Rather than a student loan, why not take advantage of the tax benefits and take out a home equity loan or line of credit?
Now, I haven't thought it all through but something that's been bouncing around my head... {shrug}
1. FAFSA taken care of. Takes a drop out of the bucket for tuition. {eye roll}
2. Orientation the second week of June! My student's last day is May 31; mine is June 6. Then a fun-filled few days.
Here's a thought - and feel free to talk me off the ledge. Rather than a student loan, why not take advantage of the tax benefits and take out a home equity loan or line of credit?
Now, I haven't thought it all through but something that's been bouncing around my head... {shrug}
Is Home Equity Loan and HELOC Interest Tax-Deductible? - NerdWallet
Home equity loan and HELOC interest may be tax deductible if the borrowed money was used to buy, build or improve your home.
One person I read is very against parents taking out loans if the kid can take out a loan. The idea is that it’s better for the parents to save for retirement etc.
Assuming you don't qualify for any need based aid, correct? Drawing funds from a HELOC could affect that eligibility. I'd also check into whether using HELOC dollars for college vs. home upgrades would qualify for interest tax deductions.
I think everyone is getting those. We have received that at least 2-3 times. A friend has gotten it twice. It's not solid.
Yeah, I would NOT advise this. Good way to need a new roof but you can't because little jimmy is on his fifth year of 15th century basoon playing.
Don't do it - some old neighbors refinanced their house both times their kids went to college. They now owe $30k more than their original mortgage in 2006 because they used their house as an ATM. So, imagine after living in your house for 18 years, you owe more than the original mortgage just to pay for your kid's college tuition.
Your kids should take out the student loans in their name, not you taking out the loan. It allows your student to start building a credit report.
My wife is considering going back to school to become a teacher. She hasn't decided on which school yet (applied to a couple schools and waiting to hear back on transfer credits from her previous school). Can she apply for FAFSA even if she doesn't know which school she should go to?
She'll need to fill in at least one school. If she doesn't know which one she'll be attending, she can enter the names of several schools that she's considering, just to be safe. But yes, she'll need to enter schools for it to process.
Yes - she can have it sent to multiple schools. Most traditional students do this if they are undecided so that they can get the full picture of financial aid.
