home equity loan for college tuition

The proceeds of a home equity line of credit does not count as income. (Note that you want a line of credit and not a loan, so that the loan proceeds don’t count as an asset.) Interest on a home equity line of credit is often fully tax deductible, unlike student loan interest, which allows a deduction of up to $2,500 a year in interest paid.

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. interest on a home-equity loan or line of credit if you use the money to buy or improve your home,” Johnson said. “You can’t deduct it if you use the money to consolidate debt or buy a boat or pay.

It also details “borrowable” equity and five total loan-to-value breakpoints. The KnowEquity GoalSolver overlaps its home-equity projections with specific family financial needs, such as college.

Home equity loans have become a popular way to help fund college tuition, mostly because of the low interest rates for creditworthy borrowers and the fact that taxpayers could deduct the annual interest paid on a home equity loan (up to a $100,000 loan balance) against income on their federal tax return.

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In this example, the home equity value would have boosted the expected family contribution (EFC) by $20,000 (a significant hit!) if the school didn’t link the home equity to income. Put another way, the home equity would have decreased a student’s chances for financial aid by $20,000.

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Here are some distinct advantages and disadvantages to using a home equity loan to pay for college. Advantage: Home equity loans are cheaper and tax deductible . With a home equity loan or a home equity line of credit, the two biggest positives are that home equity loans may be cheaper than other loans, plus the interest paid on a home equity loan is tax deductible.

Like a signature loan, home equity loans are good backup plans when your scholarships, grants, and smaller federal loans will not suffice to cover tuition costs and fees. If you are given the opportunity to use college loans, do so. Student loans are designed to help students through college.

In a recent column, we addressed the issue of the deductibility of interest in an equity line of credit. will no longer be deductible if the loan proceeds are used to pay for personal items,

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