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Home Equity Rates

Old 02-09-2009, 12:14 PM
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Default Home Equity Rates

I'm thinking about borrowing 30K for help in paying 2 private college tuitions this year. I've been paying out of pocket for 2 years but this year is tough. Does anyone know who has the best rates or would recommend another avenue. I'm thinking at least I can deduct the interest on the loan.
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Old 02-09-2009, 12:22 PM
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You might look into PLUS loans for parents if the students are your dependents and are undergrads.
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Old 02-09-2009, 12:56 PM
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I'm no financial guru, but my H/E is at 3.94 with a 1 point lock in for fixed. 4.94 fixed. Almost free money. Not advice, just info on mine.
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Old 02-09-2009, 02:27 PM
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Which banks are you using for home equity loans. My bank, BoA, just suspended mine due to decreased market value
of my home. I think its time to find a new bank.
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Old 02-09-2009, 02:29 PM
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Mine is like 3.25 with Old Point National Bank which is a local 10 to 12 branch bank. That's one reason that I told my daughter she had the choice of any in state, state school she wanted to attend.
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Old 02-09-2009, 03:13 PM
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I hear you fishing, the oldest is graduating and 2 more years with the youngest. Alot of the HE loans are variable, I'm looking for fixed. You can debate the state vs private schools forever. I can see the light at the end of the tunnel. Damn colleges with all the great boat deals out there!!!!!!!!!!!!!!
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Old 02-09-2009, 03:26 PM
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Joey I feel for yea! I have my son who is a Freshman this year, (luckily at a state school!!) and my daughter is finishing up at Boston College (OUCH!). I'm looking forward to not doling out 50+K a year!!
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Old 02-09-2009, 03:28 PM
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Just throwing out an idea here. If you are insistent on paying their tuition, let them get student loans with your promise of paying them back. From what I remember, the rates are low and they give them (you) a long time to pay them back. You don't even have to start until they are 6 months out of school.
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Old 02-09-2009, 03:30 PM
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If you are eligible, take a look at a local credit union.

That said, ours is with Citibank and it is floating at prime minus .75%. The rate you are given is dependent on your credit history of course. We set the line up when the real estate market was hot to get as much available credit as passible. Last March they reduced the limit by about 40%.
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Old 02-09-2009, 03:33 PM
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Tbrodes,
What a coincidence, my son is graduating from BC also. On a positive side I did have a bowl of the best seafood chowder I ever had this past weekend on a visit to the Oyster House in Boston, great place! This economy is kicking many of our arses!
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Old 02-09-2009, 05:03 PM
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I just received financial aid loans for the first time in my life after 15 years of going to college. I got a Stafford loan which will be 6.5% interest when I graduate. I do not have to pay a thing while I am a full time student. My income is 6 figures and they still gave me 5K per semester.

Get a Stafford. Pay your tuition, and put the rest in a high yield money market account. The interest you earn will cover the interest due when you finish.
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Old 02-09-2009, 06:06 PM
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You'll still be on the hook for the interest even though no payment is required until after graduation. Its just rolled into the borrowed amount. Not a bad idea to pay the interest while you're in school.
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Old 02-09-2009, 06:10 PM
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k9medic - 2/9/2009 8:03 PM

I just received financial aid loans for the first time in my life after 15 years of going to college. I got a Stafford loan which will be 6.5% interest when I graduate. I do not have to pay a thing while I am a full time student. My income is 6 figures and they still gave me 5K per semester.

Get a Stafford. Pay your tuition, and put the rest in a high yield money market account. The interest you earn will cover the interest due when you finish.
You have been going to college for 15 years? Do you have a Bachelors degree yet?
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Old 02-10-2009, 11:27 AM
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Tbrodes - 2/9/2009 6:26 PM

Joey I feel for yea! I have my son who is a Freshman this year, (luckily at a state school!!) and my daughter is finishing up at Boston College (OUCH!). I'm looking forward to not doling out 50+K a year!!
Go Eagles!! BC was 27k/yr when I graduated in '95.....still paying my (and my wife's) student loans

I have a HELOC with Morgan Stanley at .5% less than Prime...thats 2.75% right now - Free Money.
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Old 02-10-2009, 12:19 PM
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I looked up my HELOC, 3.25% fixed. Truly free money. hmm I am trying to remember what my tuition was at BC in the mid 70's...I want to say around 8K?
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Old 02-10-2009, 01:18 PM
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I did get to see alot of Matt Ryan, Dudley and a few others many times for my 200K, hahaha. Great school and I am extremely happy with the development of my son there in many ways. Go Eagles!
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Old 02-10-2009, 01:54 PM
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I will have 3 in school next year 2 at state Unvs and 1 at Elon. 2 are killin me now, 3 won't leave me any beer money. They are all getting the Stafford loans but they are only 37-3800 a semester.
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Old 02-10-2009, 02:27 PM
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Ryan was great, reallly a nice kid, and not a bad kid to have spend a few weekends at the house, (i think my son enjoyed talking with him more than my daughter tho...!!)

Cheers to BC!

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Old 02-10-2009, 02:33 PM
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I got prime minus 1 with First Commercial Bank here in Alabama.
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Old 02-10-2009, 02:47 PM
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Tbrodes,
Think the Falcons made a good investment? A good rep for the school.
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