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The benefits of continuing your child's education are endless, and at times, it
may seem like the educational expenses are too. At Dollar Bank, we know how
hard you work to pay for your child's education, so we work hard to help you
find affordable ways of funding it.
PLUS Loans
A Parent Loan for Undergraduate Students (PLUS) is a guaranteed student loan
program designed to help parents pay for educational expenses at post-secondary
schools.
These loans may be used separately or in addition to Stafford loans. You may be
eligible for a PLUS loan even if your child did not qualify for financial aid
or a Stafford loan. The amount which can be borrowed each year with a PLUS loan
is determined by simply subtracting any financial aid from the total cost of
your child's education. The variable rate is established by the federal
government, and changes annually on July 1. Ask a Dollar Bank Representative
for the current rate.
If you are interested in applying for a PLUS loan, ask a Dollar Bank
Representative for an application. For more information click
here
.
Home Equity Loans
A home equity loan is a smart option for financing your child's education.
Depending on the amount of equity you've built in your home, you may be able to
borrow more and choose longer repayment terms than you would with other types
of loans, because a home equity loan is secured by the value of your home. You
can usually get a lower rate, and since the repayment term is often longer, you
also get easy-to-budget, low monthly payments. Perhaps the most attractive
feature of all is the fact that interest on qualifying home equity loans may be
tax deductible under current tax laws (consult your tax advisor).
Home equity term loans and lines of credit are made to fit your individual
borrowing needs.
You can borrow the entire educational expense all at one time with a Home
Equity Term Loan. Your monthly payments will stay the same for the entire term
of the loan, making your future budget planning easy.
You can borrow for educational expenses as they occur with either a Variable
Rate Home Equity Loan or Line of Credit. Both options give you the flexibility
of having credit available whenever you need it. Rather than reapplying for
another loan each school year, you simply write a check for the amount that you
need from your line of credit. As you make payments, that portion of your
available line of credit is restored. For more information click
here
.
A Dollar Bank Representative can show you how much you can borrow with a home
equity loan. Ask for an application today!
To try our loan calculators, click here.
The information presented in this publication is general in nature; it is not
our intention to provide specific advice to individuals or a comprehensive
discussion of the subject matter. We suggest that you consult with your
financial or tax advisor, accountant or attorney to obtain specific advice or
comprehensive information.
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