Need to Cover Tuition? There May Be Money Hidden in Your Home!
The high cost of tuition in Canada can be a significant financial hurdle – whether you’re returning to school at age 20 or 50. But if you or a loved one are looking to reap the rewards of a post-secondary education, we’ve got great news: the money you need may be hiding in your home equity.
An Education is a Lifelong Investment
Education is an investment in your child’s (or your own!) future success. Not only is education essential for career growth, research suggests that lifelong learning plays a fundamental role in our personal development and continued good health.
Here’s what to expect if you or a family member are planning to use a post-secondary loan to join the 2.5 million students currently enrolled in Canadian universities, colleges, and technical programs:
- Full-time undergraduate university programs averaged $6800 in 2019, with the highest fees in medicine, dentistry, pharmacy, and law.
- Community college and vocational school programs cost roughly half that amount.
- Additional costs related to education – over and above tuition – were standard in both cases.
Books, transportation, meals-on-the-go – students living at home can expect extra education expenses of about $2700 per school year. After factoring in rent and groceries, however, annual costs for those living out may be closer to $12,800.
Where Will the Money Come From?
Nearly two-thirds of students say they don’t have a RESP (Registered Education Savings Plan) to support their continuing studies.
Tuition options like post-secondary loans, scholarships, and grants, meanwhile (including those aimed at older adults returning to school), can be tricky to qualify for and may or may not be:
- accessible before the end of the academic year,
- subject to change (in the case of grants) partway through a program of study, and
- considered taxable income (depending on enrollment status, whether you can claim the education amount, and the type of program you’re enrolled in)
But it’s not all doom and gloom where an investment in learning’s concerned.
- If you’ve got your heart set on going back to school, but can’t qualify for a bank loan
- You’d rather your child didn’t join the throng of Canadian graduates currently struggling with government student loan debt
Turning your home equity into an education investment loan may be the answer.
A Home Equity Loan Reveals the Funding You Need
Chances are, the value of your property has increased since you bought it. And a home equity loan from Alpine Credits is the easiest way to find the money that may be hidden in your home.
Whether it’s $10,000 or $500,000, turning your home equity into an education loan can free up the funding to focus on what matters – the confidence, clarity, and career opportunities only an investment in higher learning provides.
So if you’ve been putting off trying to manage your existing expenses plus additional education costs for yourself or a family member, we’re here to help. At Alpine Credits, we make it easy for homeowners to access the money hiding in their homes – regardless of credit, income, or age