GREENSBORO, NC -- Paying for college is not for the faint of heart. Sure, if you saved for the last 18 years, it may not seem so bad. But for those of us who didn't and need money for college now?
There are three ways parents can pay for college, 2 of which are just off the list according to financial expert and father of 4 Craig Moser.
The three are: Borrowing from the retirement account., credit cards and a home equity loan.
Moser says you need to keep your hands off your retirement account.
"I see people borrowing money from their retirement or withdrawing from their retirement accounts what you've done is removed yourself from adding to your retirement nest egg. You're going to be old someday, you've got to save for retirement."
When it comes to credit cards, the high interest rate is a concern. If you're late on a payment the fees can snowball.
So that leaves us with the home equity loan. It's not a great option. but Craig says if you need money to finance college right now, it's the best of the three.
"It's the cleanest sheet in the dirty laundry. With a home equity loan you'll get a tax deduction on the interest as long as you don't borrow over $100,000 and you'll have a fairly easy loan repayment schedule."
Check out Craig's other recommendations on:
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