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How to Use a HELOC for Your Education

Looking to invest in your education? While the value of a good education is priceless, there is often a substantial price involved.

As the new school year kicks off and classes begin, many students and parents are searching for financial solutions to cover costs. Discovering how to use a HELOC, a home equity line of credit, for your education offers a smart financing option to help fund your educational path.

Whether you’re putting your child through private school, sending a teen off to college, or advancing your skills with trade courses, a home equity line of credit could work for you. When considering how to use a HELOC for education, it’s important to learn about the flexibility and advantages for borrowers, particularly for those focused on taking out financing for education.

What is a Home Equity Line of Credit?

Customers frequently ask us, “what is a home equity line of credit and how does it work?” A HELOC is a type of revolving credit that allows homeowners to tap into the equity they have built up in their homes.

Equity is the gap between your home’s current appraised value and the remaining mortgage balance. With a HELOC, you can access funds up to a certain limit, based on that equity. Like a credit limit, you can withdraw funds as needed.

As you borrow from the line of credit, you’ll make monthly payments based on the terms of your HELOC. Typically, a HELOC has a “draw period” during which you can pull funds followed by a “repayment period” where you start paying back the borrowed money.

Home Equity Line of Credit Uses within Education

With a HELOC you can finance a range of expenses, making it an ideal choice for education. As a parent or student wondering about the home equity line of credit uses available to you, consider the following:

Tuition Fees
A HELOC can provide funding to cover enrollment costs for everything from a post-graduate degree, to a certification program, specialist training, or even continuing education courses. Your HELOC helps bridge the gap between personal financial accounts and the cost of your education.

Having a HELOC available can make cutting that quarterly or annual tuition check much easier.

Study Abroad Programs
Are you a wanderlust scholar headed to school? You can make your study abroad dreams come true by using a HELOC to take classes in a new destination. Consider your HELOC as a passport to academic adventure. Who says studying shouldn’t happen over freshly baked croissants in a Parisian Café?

Books and Study Materials
Textbooks and other study materials can get pretty expensive. When asking yourself how to use a HELOC for education, consider the peace of mind that comes with knowing you can purchase everything you may need to conquer your future study sessions.

Gone are the days when a student could count on an on-campus computer lab or the library to handle their technical needs. In today’s digital world, technology plays a vital role in the learning process.

Do you need a new laptop, department-related software, or other focus-area specific tech tools? Your HELOC can help to purchase the necessary resources you need to stay on top of academics.

Student Housing
For those studying away from home, finding and funding student housing is crucial. Use a home equity line of credit to pay for dorm fees, meal plans, rent, security deposits, and any of the other costs that come with moving to an on or off campus facility. Like the loft bed or futon your teenager can’t live without.

adult male student reading about home equity line of credit uses for education

Uncover How to Use a HELOC to Access Academic and Professional Opportunities

Using a HELOC for education empowers you to take charge of the learning experience without sacrificing financial stability. As you plan your educational future, be sure to consider the strategy that works best for you or your student. With the right banking plan in place, you can uncover opportunities for academic and professional growth you hadn’t yet considered.

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