Home Equity vs. Student Loans: Weigh the Risks
Dayton News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Exploring the Pros and Cons of Using Home Equity to Pay Off Student Loans
This podcast episode delves into the strategy of using home equity to pay off student loans through a cash-out refinance. The process involves refinancing your mortgage for more than you owe, with the extra cash going towards your student loans. While this method eliminates student debt, it also ties unsecured loans to your home, risking foreclosure if you default. The episode also discusses the potential drawbacks, such as losing federal loan perks and potentially paying more overall. Experts advise against this method unless you have a small balance or high-interest private or PLUS loans. The episode concludes by emphasizing the importance of careful financial planning and considering standalone student loan refinancing options.
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