"Other Loans" submitted by SchoolGrantsfor Editorial Team and last updated on Friday 22nd July 2011
If everything we covered so far still leaves you short on covering college expenses, here a few more options:
Borrowing from Insurance
Your parents may have "permanent" -- as opposed to term - life insurance policies into which they've paid premiums for years. Those premiums have a cash value that your parents can consider tapping to help fund your education.
Borrowing from Retirement Plans
Your parent's retirement plans, such as 401(k) plan, may allow them to withdraw funds for education purposes. Have them check with the plan administrators to see how this might work for your education.
Home Equity Loans
A home equity loan or line of credit may be the perfect education-financing solution if you, or your parents, own a home. These loans can have tax advantages for you and can provide you with credit flexibility. Check with your local lender for more information on using a home equity loan or line of credit as an option to assist with education expenses.