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"Most families with student loan debt would do better using home equity to eliminate that debt, instead of resorting to using credit cards as a short-term solution," says my colleague helen huang, Senior Director of Product Marketing for SoFi’s mortgage products. Paying off student loans with equity means making only one payment per month.
Home equity loan repayment. A home equity loan is much like a regular installment or auto loan. You borrow a certain amount and pay off the balance via fixed monthly payments at a fixed interest rate. There’s no fluctuation from month to month, so what you pay one month is the same as the next. HELOC repayment. If you have a home equity line.
Student Loans and a HELOC: So what am I talking about. In November of 2016, Lauren and I met the owner of Truth in Equity, Bill Westrom, through some financial counseling we did for our student loan debt.. A trusted mentor we use to help make financially sound decisions told us they knew a guy who specialized in helping people pay off their mortgages at accelerated rates and maybe he could.
When refinancing your student loans with a home equity lender or student loan company, you often have a choice between fixed or variable rates. Variable rates sometimes appear to be lower than fixed rates, but they have the potential to increase or decrease depending on movements in the lending market.
How to Decide if You Should Use a Home Equity Line of Credit to Pay Off Student Loans Using a HELOC to pay off your student loan debt could save you a lot of money in interest, but you risk losing your home if you can’t make payments.