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| In case if you have to pay for your education, self – funding process can be quite a complex one. It may be necessary to re – farm your expectations in terms of the school you have a desire to attend, the time it takes to complete you degree, just as well as the amount of the personal sacrifice you and your family members will be willing to take on. It may be necessary to do some kind of research about all your options to pay for you school and then have a talk with a tax advisor in order to discuss all the possible pros and cons and impact on your income bax before you exercise your options. * Personal Savings If you managed to set aside some money that you do not anticipate you will need in the immediate future, then writing a check becomes a good option. But before you do this it would be greatly advisable to weigh the amount of interest you could be earning against the amount of interest you would pay on a loan; * Credit Cards Another option may be to apply for a low – interest credit card or to place some part of the tuition or all of it on one of your current credit cards. It is possible that the interest rate may be higher than a loan. And, although, there is no tax benefit you receive, you may earn cash back, points in a rewards program or some other incentives, which are considered to be valuable. * Borrowing from your retirement plan You can also meet with your human resources specialist in order to determine your options. In case if you are not fully vested in the plan of the company you work for, it may be possible that you are not eligible to use its funds. Penalties usually apply. For more information visit the http://www.finaid.org/savings/retirementplans. * Borrow against your life insurance policy Your life insurance accures a cash value, which may be applied by the policyholder. In order to borrow against it, you should call your insurance agent and find out whether it is possible to borrow against your policy. Although, it is necessary to point out that if you borrow against your life insurance policy, this could put your family’s security in jeopardy and it can also expose you to stiff penalties. * Home Equity Loan or Home Equity Line of Credit (HELOC) In case if you are the owner of a home, it may be possible to borrow against the equity – the difference between what you owe on the loan and what your home is worth. And even in case if you have only owned the house for some short period of time, if the home has appreciated in value, you may receive more equity than you think you would. In order to get more information about this option, you should call your lender and then shop around. It is quite possible that you will incur an origination fee and closing costs; however, you may be able to roll those into the loan. * Loans or gifts from family or friends If there is someone of your relatives or friends, who is generous enough, it is quite possible that you can borrow the money from that source. In this case there is no complicated application process, no credit check, and no terms of repayment – this all would be considerably more forgiving than those of a traditional lender. Therefore, from another hand borrowing from a person you know is tricky enough, as it is quite possible that that relative or friend of yours may be constantly feeling the necessary to “remind” you of the help. It may also be so that he or she may feel that this gift or loan gives license to provide not very necessary “help” or “advice” in other, more personal, areas of your life. Or it may even be worse; that family member or friend of yours may fall on hard time and in this case two of you will have a falling – out – you will feel compelled to escalate your repayment timetable. So, all you should do is to evaluate the emotional cost of such an arrangement. * Savings Accounts Initiate a Section 529 education savings plan—for yourself. Lots of people know that it is possible to open an account and name their child as a beneficiary. Therefore, this option is only open to those students, who are adult or to those who may become students. All the earnings are compounded and all of them are tax free. For further information visit http://www.businessweek.com/bwdaily/dnflash/jun2005/nf2005067_9130_db085.htm. * Payment Plans With the help of tuition payment plans you will be able to pay your college or university tuition fees in digestible monthly installments and not in lump sum. You should expect an enrollment fee, but no interest charges. |