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Originally Posted by jazz4cash
I agree an HEL is a better option if you can use it and Penfed has something called an "Education Home Equity Loan"- Not sure how they could be different from any other home equity loan. Unfortunately, HEL is not presently an option for us.
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Interesting that they distinguish. I checked again, our CU just has some general statement that says the home equity loan/LOC can be used for home improvements, higher education as a couple examples. Since the loan is collateralized, I *guess* they don't really care what you do with it.
The same CU has separate private edu loans, not very attractive terms, IMO - 6% floor variable.
-ERD50
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