Secret Found Laying Around Parents Home
Riverside, CA -- (ReleaseWire) -- 07/09/2007 -- Between 1995 and 2005, tuition and fees at four-year colleges rose by 51 percent. Average state university tuition is now $5,200 per year, excluding room, board, and textbooks and you can easily tack on an additional $6,800 for incidentals.
“Based on rapidly rising college tuition with expected inflation rates of 8 percent, a child born today can figure on paying $36,000 annually by the time they enter their freshman year of college. If parents have set their eye on a private school education for their budding student they can easily be looking at tuition fees of $90,000 yearly,” Darren Orshoff of Wholesale Mortgage Source in Temecula, California stated.
“On top of the rapidly raising tuition fees, it has been reported that the average time most students spend earning their degrees has gone from the traditional four years to five years,” Orshoff added.
Many students and their parents, who may have even planned for a college education, are finding themselves scrambling to make up the gap of the ever increasing tuition rates, along with other costs incurred in the educational process.
Many parents are surprised to find that those needed funds may well be just lying around the house. Many parents are turning to refinancing higher interest mortgages while taking advantage of the lower interest rates that are now available, pulling the extra cash savings out and putting it towards the tuition.
Other parents and students are finding that extra money can be found in an equity loan being drawn against the increased value the home has accumulated since the home was originally purchased.
“Another advantage to the parents comes through tax savings on the interest paid during the life of the equity line of credit, possibly up to 35 percent,” Orshoff claimed.
Orshoff says, “This may not be the answer for everyone of course, but it is for many parents and their children who are looking for a quality education, who have become frustrated with the increased educational cost.”
There may even be additional resources available that your mortgage professional can advise you on to help pay those rising tuition costs.
For no obligation information on refinancing, equity lines of credit and other possible sources of college tuition money, contact Orshoff at 888-823-2261 or visit http://www.ieloanguy.com.