College borrowing
Hi Terry you answered my ? once about borrowing for college and said do a home equity loan and the government loans are a rip off which I agree with that but now Ray and other lady on WGN says that the parent plus loan is the way to go so now I’m really confused what your thought ? I know you say know but she says yes Help
Thanks Tom
PS I love listening to you
Terry Says
I don’t know who said that, who recommended Parent Plus loans — but they are the MOST EXPENSIVE way to borrow — 7.08% in 2019-2020! And they are difficult to refinance.
Right now, home equity loans carry substantially lower interest rate. Or refinance your mortgage at a lower rate — likely less than 3% for 15 years — and take out some equity to pay for college.
