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March 20, 2009, Newsletter Issue #159: Student Loans? Pay Them Off From Your Home Mortgage
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Tip of the Week
The costs of education have risen like few other industries over the last few decades. However, education has gotten no less important so how are students to make it. Most of them end up taking out large amounts of student loans. Granted, these loans are often at very good interest rates, but many end up paying them for the rest of their lives.
If you have these types of student loans but also have a home mortgage, you should ask a mortgage broker about paying off your student loans from your home mortgage. Although the interest rates are lower for student loans, the fact that the repayment terms are far shorter than the typical mortgage loan translates into a much larger monthly payment.
For people looking to reduce the monthly costs of their education loans, using equity from a home mortgage can be the best solution available. Gather all of your student loan information along with your home mortgage information and visit with either a local mortgage broker or an online lender. Either should be able to give you a full evaluation of how your situation can change with this type of consolidation.
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