- Federal Loans and Grants for College
- Private Loans for College
- Home Equity Line of Credit
- Whole Life Insurance/Universal Life Insurance
- Borrowing from Your Qualified Retirement Plans
You can establish a home equity line of credit, based on your home's appraised market value minus any unpaid mortgage and then borrow a percentage of the home's equity. You may wish to set up this line of credit in advance and then borrow as needed for each year of college.
IMPORTANT NOTE: Remember that the cash you have on hand or in a bank account is counted as an asset when schools determine your child's eligibility for federal need-based financial aid; however, the equity in your home is not. Therefore, establish the credit line, but don't withdraw the funds until after you receive a financial aid determination
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Franklin Mint Federal Credit Union and Mint Wealth Advisors are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Mint Wealth Advisors, and may also be employees of Franklin Mint Federal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Franklin Mint Federal Credit Union or Mint Wealth Advisors. Securities and insurance offered through LPL or its affiliates are:
|Not NCUA Insuredor Any Other Government Agency||No Credit Union Guarantee||Not Credit Union Deposits||May Lose Value|
The LPL Financial Registered Representatives associated with this site may only discuss and/or transact securities business with residents of the following states: NJ, PA, NY, DE, AZ, MI, FL, MD, TX, VA, GA, NC.
Financial Learning Center content created by TrueBridge, Inc. The information provided is based upon sources and data believed to be accurate and reliable. The content contained herein is intended for information and illustrative purposes only, should not in any way be construed as a personal recommendation, and should be used in conjunction with individual professional advice.