The Smart Start Money Podcast

Don’t Take a Home Equity Loan for a College Education

October 20, 2020

With the rising cost of a college education, it can be challenging to come up with the money to pay for higher education. Student loans, grants, scholarships, and college savings plans can all help with financing a college education. However, sometimes even with several different funding sources there just never seems to be enough money for a college education.

For a homeowner, taking out a home equity loan or line of credit can appear to be a solution to funding a college education. However, the cons of doing this will almost always outweigh the advantages for numerous different reasons.

Borrowing from the equity in a home to fund college is not a good idea. The cost of doing this could end up being the most valuable thing a person has and this is a place to live.

This podcast episode talks about why taking a home equity loan is not a good idea for funding a college education.

 

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