Tips How To Get HELOC
June 23, 2009
You might even be asking when you get your student loan bailout.Property values have really sunk, and people have defaulted in record numbers. First, find a foreclosed property or a even a fixer upper house.
Now apply for a HELOC (home equity line of credit). The HELOC should match or exceed the amount of federal student loans you have.Now, if you feel exceptionally unethical, you can use the money to pay off your student loan debt.
To finish up the concept, sell the house for more than you bought it, including the new loan. At about this time, you might think, “what a lousy idea! I’m not going to buy a house in this market and then hope to sell or lose my shirt!”
You aren’t the first to worry about a big federal student loan looming over your future. With time and focus, you can pay it off. Send your rent money to pay down that loan. – Go back to mowing lawns for extra money, and shoveling walks in the winter until you get your student loan paid off. – Ditto the four wheelers, the boat, the jet skis, and any other toys.
Posted by admin under Student Loan | Comments (0)