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As far as investments go, a college education for can really pay off. And, a Columbia home equity line of credit (HELOC) can help you foot the tuition bill for you or a family member. Plus, the interest you pay might be tax deductible, making it one of your smartest and most economical borrowing choices. (Consult your tax advisor for details.)
College tuition doesn't come cheap
The College Board reports the following approximate annual tuition and fees.
- Four-year public colleges: $6,185
- Private colleges: $23,712
- Two-year colleges: $2,361.
» Calculate College Costs
Make sure to apply for federal financial aid by filling out the FAFSA form, which is free and available at www.fafsa.ed.gov. Also check for possible scholarships with your employer, community organizations and college advisors or with scholarship websites such as
scholarships.com or fastweb.com.
Education increases income
While costly, the investment pays off. The College Board reports that people with a bachelor’s degree earn over 60 percent more than those with only a high school diploma. Graduate or professional school can boost potential income even higher.
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On average adults with a bachelor's degree earn over $20,000 a year more than those with only a high school diploma, according to 2006 Census data.
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The U.S. Department of Commerce estimates that on average individuals who have a bachelor's degree earn $2.1 million over a work-life; master's degree holders attain $2.5 million; professional degree holders $4.4 million.
Home equity makes it possible
After totaling your financial aid awards, fund what’s left with a home equity line or loan.
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