Home Equity Loan Programs

• Home owners can use the equity value in their homes to pay for education.
  
  The advantages include:
  
  
1. you are not restricted by federal loan limits or eligibility requirements
   
   
2. the funds can be used for any purpose — including auto transportation — as determined by the home equity owner
   
   we have examples at our affiliate site: YourEquity.com
   
   
3. funds can be borrowed as they are needed — not all at once under many other loan programs
   
   
4. the home equity line will be available from year-to-year without submitting loan application and qualification forms
   
   
5. interest rates for home equity lines can be as low or lower than the Prime Rate depending on the home owner's LTV position and credit rating — calculate your LTV position
   
   
6. the interest costs for borrowed funds may be deducted from your taxes if your qualify — see your tax advisor for further information
   
   we have an effective tax table for illustration
   
   
   
• The home equity line of credit is the most popular type of home equity for college education.
  
  The equity line allows home owners to draw upon funds as needed for tuition, books, fees, living expenses and other miscellaneous expenses by simply writing a check or in some cases, transferring funds electronically.
  
  See our affiliated site at YourEquity.com for home equity product, rate, calculations and apply information:
  using your home equity to finance education

Investment Savings

529 Plans

• These programs are often referred to as "529 Plans", named after the IRS code that outlines the details of the plan.
  
  Savings programs established and administered by States for the purpose of setting aside savings for "qualified higher education expenses".
  
  A family member setups and makes contributions to a fund with one of the States that sponsors 529 College Prepaid Tuition and/or Savings Plans.
  
  Accumulated funds can be used to pay for qualified college.
  
  see our State529 center for detail information and program benefits
  
  
  

Education IRAs

• The Education IRAs (EIRA) are investment instruments for higher education.
  
  The official name for education IRAs is:
  
  Coverdell Education Savings Accounts (CESA)
  
  EIRAs allow family members to setup an custodial account in the name of a beneficiary who will withdraw funds for the purposes of paying qualified higher education expenses.
  
  see our State529 center for detail information and program benefits
  
  
  

IRA Withdrawals

• You can make withdrawals from your IRAs for qualified higher education expenses without having to pay the 10% additional tax.
  
  you will owe income tax on at least part of the amount withdrawn, but you will not have to pay the 10% additional tax on early withdrawals.
  
  More information from the IRS: http://www.irs.gov/...