Before you gamble the ranch on your child’s college education, do a little research to make sure it’s worth it. There are several reasons that a Home-Equity Loan may not be a good idea. In a recent article on Bloomberg.Com, these types of student loans can get you into trouble. Home-Equity Loans can make an impact on your financial situation in a big way such as: on your tax return. A Home-Equity loan interest is not tax deductible unlike other loans used for higher education. If your real estate market is on the downward spiral it might be a good idea to cash in on an interest only loan. By refinancing in this way you can save on monthly payments and apply that extra money to the extra expenses associated with your child’s college education such as books, fees, room & board etc.
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