Accelerator Loan

[Raybyrnes]

This topic has been covered before but I want to add a new wrinkle and see what people think.

What if I am a middle class family who have own my home and have a responsible credit histroy. Unfortunately I am square in the middle class and I have 2 students in high school.

Colleges are going to count my savings against me as I file for financial aid but they don’t count my home or home equity.

So wouldn’t this product fit perfectly. I could now plunk all of my saving into paying down my home so I could drain my savings yet I have total access to the equity because of the nature of the loan.

By maxing out my SEP or SIMPLE 401K 403B etc and having my wife do the same My household AGI goes from 80K to 50K. By utilizing the Home Loan Accelrator program I drain 100K in saving that now goes into my home yet I still ahve acces to it in the event of an emergency.

The benefit to me is that I can now qualify for Cal Grants that do not have to be paid back and a variety of Additional federal Programs.

Education is imprtant but with a famility it is going to be like paying for a second home. I am trying to see what others think of this as a strategy. If you can think of other products or combinations of products please bring them to the discussion.

[Coronita]

Sorry, 16 years too early for me to be actively reseaching this topic.

I'm sure you already read this, but if not, this might help.

http://www.finaid.org/fafsa/maximize.phtml

 

Question: If you want to drain your savings into your mortgage, why do so using an accelerator program to begin with? Why not just pay down your principal without the program?

At any case, from your posting, it seems to suggest you're considering draining a good portion of your savings into your home. You have less emergency cash on hand, in this economic climate to me seems pretty risky….. If you're planning to tap your home equity, what if refinancing isn't an option at that point? (at least qualify for a heloc now while your still employed and home values are at the level they are now).

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Sorry, 16 years too early for me to be actively reseaching this topic.

I'm sure you already read this, but if not, this might help.

http://www.finaid.org/fafsa/maximize.phtml

 

Question: If you want to drain your savings into your mortgage, why do so using an accelerator program to begin with? Why not just pay down your principal without the program?

At any case, from your posting, it seems to suggest you're considering draining a good portion of your savings into your home. You have less emergency cash on hand, in this economic climate to me seems pretty risky….. If you're planning to tap your home equity, what if refinancing isn't an option at that point? (at least qualify for a heloc now while your still employed and home values are at the level they are now).

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Sorry, 16 years too early for me to be actively reseaching this topic.

I'm sure you already read this, but if not, this might help.

http://www.finaid.org/fafsa/maximize.phtml

 

Question: If you want to drain your savings into your mortgage, why do so using an accelerator program to begin with? Why not just pay down your principal without the program?

At any case, from your posting, it seems to suggest you're considering draining a good portion of your savings into your home. You have less emergency cash on hand, in this economic climate to me seems pretty risky….. If you're planning to tap your home equity, what if refinancing isn't an option at that point? (at least qualify for a heloc now while your still employed and home values are at the level they are now).

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Sorry, 16 years too early for me to be actively reseaching this topic.

I'm sure you already read this, but if not, this might help.

http://www.finaid.org/fafsa/maximize.phtml

 

Question: If you want to drain your savings into your mortgage, why do so using an accelerator program to begin with? Why not just pay down your principal without the program?

At any case, from your posting, it seems to suggest you're considering draining a good portion of your savings into your home. You have less emergency cash on hand, in this economic climate to me seems pretty risky….. If you're planning to tap your home equity, what if refinancing isn't an option at that point? (at least qualify for a heloc now while your still employed and home values are at the level they are now).

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Sorry, 16 years too early for me to be actively reseaching this topic.

I'm sure you already read this, but if not, this might help.

http://www.finaid.org/fafsa/maximize.phtml

 

Question: If you want to drain your savings into your mortgage, why do so using an accelerator program to begin with? Why not just pay down your principal without the program?

At any case, from your posting, it seems to suggest you're considering draining a good portion of your savings into your home. You have less emergency cash on hand, in this economic climate to me seems pretty risky….. If you're planning to tap your home equity, what if refinancing isn't an option at that point? (at least qualify for a heloc now while your still employed and home values are at the level they are now).

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Raybyrnes]

FLU

Great points. First off I will state that I have a 3 year old and 1 on the way in February so I am not in this position but I am researching it as a possible strategy down the line.

The reason I think the accelerator loan fitrs the bill is because I have greater access to the money. Additionally for financial aid purposes it allows me to hide equity therefore qualifying me for a greter amount of potential grants and scholarships for my kids. All of my income is going towards paying down the loan on an accelerator program so it basically is whaowing a 0 balance in savings.
Financial aid officers count approximately 5% of a parents saving townard the Expected family contribution so I am looking tom minimise this. Additonally I believe ther is a 2 year look back proviosn so I need to do things well in advance of my kids starting schoo. This was just one of the peripheral benefits of this type of program that I began thinking about.

[Raybyrnes]

FLU

Great points. First off I will state that I have a 3 year old and 1 on the way in February so I am not in this position but I am researching it as a possible strategy down the line.

The reason I think the accelerator loan fitrs the bill is because I have greater access to the money. Additionally for financial aid purposes it allows me to hide equity therefore qualifying me for a greter amount of potential grants and scholarships for my kids. All of my income is going towards paying down the loan on an accelerator program so it basically is whaowing a 0 balance in savings.
Financial aid officers count approximately 5% of a parents saving townard the Expected family contribution so I am looking tom minimise this. Additonally I believe ther is a 2 year look back proviosn so I need to do things well in advance of my kids starting schoo. This was just one of the peripheral benefits of this type of program that I began thinking about.

[Raybyrnes]

FLU

Great points. First off I will state that I have a 3 year old and 1 on the way in February so I am not in this position but I am researching it as a possible strategy down the line.

The reason I think the accelerator loan fitrs the bill is because I have greater access to the money. Additionally for financial aid purposes it allows me to hide equity therefore qualifying me for a greter amount of potential grants and scholarships for my kids. All of my income is going towards paying down the loan on an accelerator program so it basically is whaowing a 0 balance in savings.
Financial aid officers count approximately 5% of a parents saving townard the Expected family contribution so I am looking tom minimise this. Additonally I believe ther is a 2 year look back proviosn so I need to do things well in advance of my kids starting schoo. This was just one of the peripheral benefits of this type of program that I began thinking about.

[Raybyrnes]

FLU

Great points. First off I will state that I have a 3 year old and 1 on the way in February so I am not in this position but I am researching it as a possible strategy down the line.

The reason I think the accelerator loan fitrs the bill is because I have greater access to the money. Additionally for financial aid purposes it allows me to hide equity therefore qualifying me for a greter amount of potential grants and scholarships for my kids. All of my income is going towards paying down the loan on an accelerator program so it basically is whaowing a 0 balance in savings.
Financial aid officers count approximately 5% of a parents saving townard the Expected family contribution so I am looking tom minimise this. Additonally I believe ther is a 2 year look back proviosn so I need to do things well in advance of my kids starting schoo. This was just one of the peripheral benefits of this type of program that I began thinking about.

[Raybyrnes]

FLU

Great points. First off I will state that I have a 3 year old and 1 on the way in February so I am not in this position but I am researching it as a possible strategy down the line.

The reason I think the accelerator loan fitrs the bill is because I have greater access to the money. Additionally for financial aid purposes it allows me to hide equity therefore qualifying me for a greter amount of potential grants and scholarships for my kids. All of my income is going towards paying down the loan on an accelerator program so it basically is whaowing a 0 balance in savings.
Financial aid officers count approximately 5% of a parents saving townard the Expected family contribution so I am looking tom minimise this. Additonally I believe ther is a 2 year look back proviosn so I need to do things well in advance of my kids starting schoo. This was just one of the peripheral benefits of this type of program that I began thinking about.

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