My employer pays for my tuition, but I am still eligible to take out student loans. I am debating if I should continue to use student loan money to "fix-up" my house, or just take out a home equity line. I know if I take out a loans, and if I stay in school I can keep the loans deferred and just pay when I can, but a home equity loan would require immediate payments. Also, if I hit a rough patch I can request a forbearance request. Any thoughts??
Not a good idea…. Student loans arent for anything else but education expenses…
Use student loans or obtain home equity line?
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So, you are going to lie on your loan applications that you need the money for tuition when you aren’t actually paying tuition.
Since your employer will only reimburse you if you pass the courses, this may actually be allowed. However, if you do get reimbursed, you can’t deduct any interest on your taxes and you would be a fool to not pay off the loan immediately.
Stick to the home equity line of credit or no loans at all.
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It is actually illegal to use student loans for anything other than school and school related expenses.
Try a personal loan or home equity loan. There are several options with a home equity loan just go over your options with the bank.
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Not a good idea…. Student loans arent for anything else but education expenses…
References :