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College and University Discussion
Reply to "Cashing out home equity to pay for college"
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[quote=Anonymous][quote]OP -- no. You must not use your home equity or savings to pay for your daughter's college.[/quote] Not borrowing from home equity, which is a loan against an asset is one thing. But not using any [i]savings[/i] to pay for college? Really?? Colleges do expect something to come from savings (and indeed there are special savings accounts for the purpose of college). Financing college entirely out of income is not typically enough. As for OP, I suggest looking for another way, a cheaper school, commuting to a regional state university if there's one nearby, etc., unfortunately. Get the cost down first. Ultimately, evaluate the source of funds from the choices you have available and their various costs, but intuitively, it just unlikely that home equity is the best strategy. If you were to use only income and available cash, what would be a feasible cost of attendance, annually?[/quote]
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