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Should parents borrow against mortgage to pay tuition now?

Jeffrey Rodriguez

in Student Loans

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Caroline Campbell on September 24, 2018

This is a difficult question to answer in general terms. Each situation is different. If the family qualifies for low-or no-interest deferred payment loans, which may be the best answer. However, if the loans do not cover the whole of the necessary funds, a home equity loan produces tax-deductible interest payments, but also puts the family home at risk.The best approach is to file a FAFSA and apply to a number of schools to see who offers the best deal. Then select a school that offers the desired programs at an affordable level, which may include some of the loans.

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