Financial Aid Advice

[Die4Cy]

I think this approach makes a ton of sense, but beware of university scholarships that require enrolling in the fall after HS graduation.

H

Yes, many do.

 

[Joe4Cy]

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}

 

[KnappShack]

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}

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.

www.nerdwallet.com

 

[jsb]

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}

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.

 

[Gonzo]

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}

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.

 

[BCClone]

Got an email today to go into FAFSA and correct my errors and sign. Go in and everything already has green check marks.

Great system! Good job!

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.

 

[BCClone]

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}

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.

 

[Joe4Cy]

Thanks, friends! I obvs hadn't done enough research!

 

[Three4Cy]

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}

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.

 

[Clark]

yeah others beat me to it, but home equity interest is only tax deductible if you used the money to improve your home.