The
college tuitions and other fees are skyrocketing
every year, but the amount of
government loans and institutions' grants
are not increasing accordingly
to help
cover all the college costs such as :
Tuition
Housing and Meals
Books
Traveling
Personal
Therefore, after receiving
government loans, grants, and work
study, still students will need
additional funds to cover all the
costs for each college calendar
year!
How much student
loan is needed for each year?
The amount of student loan offered
by schools, grants, scholarships, work study, and others
subtracted from the total college costs for each year,
will determine the amount of loan needed each year.
Scholarship
Following is a list of resources
that could be beneficial to
the students searching for scholarships:
Employer of student's parent
Insurance company that
covers
student's
parents.
Local retail stores like
Wal-Mart
Tips from other students who
have
obtained
scholarships previously.
Congratulations on
your son's/daughter's college admission!
Problem
These
days finding a good paying job without a college
education is very hard. At the same time, obtaining
student loans by the students, are
becoming increasingly difficult. Even in those cases where the
student loans are available, the interest rate
charged by the financial institutions are very
high!
Solutions
Recently, more parents and
grandparents are stepping in
to help their children and
grandchildren with their
college tuition by using the
equity on their homes. In
such cases, since the
repayment periods are
longer, monthly payments
will be low and in most
cases the interest will be
low and tax deductible.
There are three ways that
borrowers can borrow from
their equities to pay for
college tuitions.
By cash out refinancing of
their first mortgage
By getting a second mortgage
By getting home equity line
of credit
while
applying for a loan, parents or
students should consider
interest rates and repayment period. Interest rates on 10, 15,
20, 30 years first and second mortgages are fixed, but
the interest rate on home equity line of credit is adjustable and rate is tied
to prime index.
To talk to
loan officer please call :
816
361-9988 or 800 930-4243
Call for rate and no cost pre-approval
Quick
Quote and Contact Form
Name:
Email
Phone Number:
Best Time to call:
Property Type:
Loan Amount:
Loan Purpose:
Property Value:
Your credit score
State:
Comment:
Following are
estimate rates for 15 and 30 years and actual rates will
be based on loan to value and the credit score
of the parent of the student.
Term
Rate
APRS
15 Year Fixed
5.250
5.369
30 Year Fixed
5.625
5.732
Interest on
second or line of credit is also will depend on
loan to value , loan size and the credit
score of the parent of the students.
Tuition
