Bank Lending Resources

Bank Lending Resources

How to use a Home Equity Loan to fund a college education
With college costs soaring faster than the rate of inflation, many parents are concerned about their ability to fund their children's education. Government loans are available, but they will only cover so much. Savings plans can help too, but you have to start investing early to take full advantage of compounding interest. What other education financing options are there?

If you are a homeowner, you may have sufficient equity in your home to take out a home equity loan or line of credit. Home equity loans and lines of credit can be used for any number of purposes, with education financing being one of the most popular. And remember, the interest you pay on a home equity loan or line of credit may be tax deductible (consult your tax advisor regarding the deductibility of interest).

Choosing the home equity loan that best suits your needs
Dollar Bank offers a variety of home equity options, including 90% loan-to-value financing, with different features to meet your needs:


  • Fixed Rate Home Equity Term Loans up to 180 months
  • 3/10 Adjustable Rate Home Equity Loan
  • 5/15 Adjustable Rate Home Equity Loan
  • 7/20 Adjustable Rate Home Equity Loan
  • Home Equity Line of Credit
  • Interest-Only Home Equity Line of Credit

To learn more about Dollar Bank’s Home Equity Term Loans or Lines of Credit, click here.

 


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