Home Equity Loans or Lines of Credit
Home equity loans or lines of credit are secured loans with capital supplied by private lenders.
Unlike educational loan programs, home equity loans or lines of credit are not strictly for educational purposes, thus the amount that can be borrowed is determined by available equity in the applicant’s home, income and outstanding debt.
The interest rate will vary by lender and can include appraisal costs, points, application fees, closing costs and/or attorney fees.
The chief advantage to these loans is that the interest paid is, in most cases, tax deductible, whereas the interest on strictly educational loans generally is not.
Due to the highly variable nature of this loan, it is not included in the loan comparison chart. Contact your private lender to obtain more information and/or an application.
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