College $
Hi Terry
This college payment thing the government is talking about forgiving 10.000 or more on loans ticks me off.
So my daughter is in her second yr. of college and me being the dummy I have taking a heloc out to pay for this because I don’t want her to have a loan and be in debt when she Graduates should I take a 10.000 student loan out so I’ll get it covered by the government when they make this foolish decision?
Terry Says
Don’t be silly! First, there has been talk but no action on any student loan forgiveness. Second, parental loans would not be among those forgiven.
BUT, I would suggest that your HELOC is very vulnerable to rising interest rates. Why not refi your entire mortgage now for 30 years at today’s low rates?! I used to never suggest going into retirement with a mortgage,, but I think that looking back it might be a good time to lock in low rates. You might even be able to withdraw some equity to pay for next year’s tuition. (Interest on the portion of the loan that is used to pay for anything but home improvements is not deductible.)
