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Raybyrnes
ParticipantMadeInTaiwan
Just as a heads up. Rather than contributing 100 a month and being the owner of the account you may want to consider having your parents open the college savings paln in their name and send them the money to contribute. This way it does not show up anywhere in the calculations for financial aid.
Safe Harbor
Need to have a good relationship with family to do this.
ParticipantMadeInTaiwan
Just as a heads up. Rather than contributing 100 a month and being the owner of the account you may want to consider having your parents open the college savings paln in their name and send them the money to contribute. This way it does not show up anywhere in the calculations for financial aid.
Safe Harbor
Need to have a good relationship with family to do this.
ParticipantMadeInTaiwan
Just as a heads up. Rather than contributing 100 a month and being the owner of the account you may want to consider having your parents open the college savings paln in their name and send them the money to contribute. This way it does not show up anywhere in the calculations for financial aid.
Safe Harbor
Need to have a good relationship with family to do this.
ParticipantMadeInTaiwan
Just as a heads up. Rather than contributing 100 a month and being the owner of the account you may want to consider having your parents open the college savings paln in their name and send them the money to contribute. This way it does not show up anywhere in the calculations for financial aid.
Safe Harbor
Need to have a good relationship with family to do this.
ParticipantNot certain if it is the sam thing but might be worth looking at. When I applied for a federal student loan they typically came with a 3% fee. That was the maximum amount a Federal Lender could accept and interest rates wer set by the government so it was all the same.
Where lender differentiated themselves was by offering incentives. Those incentives often time incLUDED waiving the 3% origination fee provided I kept the loan with them for 2 years or offering interest rate reductions for setting up auto pay.
I’ll make a bet that FHA is very similar. If you shop around and ask what incentives a lender may offer as part of their program you may find the origination fee goes away.
That is a guess and based on my experience with Federal Student Loans.
ParticipantNot certain if it is the sam thing but might be worth looking at. When I applied for a federal student loan they typically came with a 3% fee. That was the maximum amount a Federal Lender could accept and interest rates wer set by the government so it was all the same.
Where lender differentiated themselves was by offering incentives. Those incentives often time incLUDED waiving the 3% origination fee provided I kept the loan with them for 2 years or offering interest rate reductions for setting up auto pay.
I’ll make a bet that FHA is very similar. If you shop around and ask what incentives a lender may offer as part of their program you may find the origination fee goes away.
That is a guess and based on my experience with Federal Student Loans.
ParticipantNot certain if it is the sam thing but might be worth looking at. When I applied for a federal student loan they typically came with a 3% fee. That was the maximum amount a Federal Lender could accept and interest rates wer set by the government so it was all the same.
Where lender differentiated themselves was by offering incentives. Those incentives often time incLUDED waiving the 3% origination fee provided I kept the loan with them for 2 years or offering interest rate reductions for setting up auto pay.
I’ll make a bet that FHA is very similar. If you shop around and ask what incentives a lender may offer as part of their program you may find the origination fee goes away.
That is a guess and based on my experience with Federal Student Loans.
ParticipantNot certain if it is the sam thing but might be worth looking at. When I applied for a federal student loan they typically came with a 3% fee. That was the maximum amount a Federal Lender could accept and interest rates wer set by the government so it was all the same.
Where lender differentiated themselves was by offering incentives. Those incentives often time incLUDED waiving the 3% origination fee provided I kept the loan with them for 2 years or offering interest rate reductions for setting up auto pay.
I’ll make a bet that FHA is very similar. If you shop around and ask what incentives a lender may offer as part of their program you may find the origination fee goes away.
That is a guess and based on my experience with Federal Student Loans.
ParticipantNot certain if it is the sam thing but might be worth looking at. When I applied for a federal student loan they typically came with a 3% fee. That was the maximum amount a Federal Lender could accept and interest rates wer set by the government so it was all the same.
Where lender differentiated themselves was by offering incentives. Those incentives often time incLUDED waiving the 3% origination fee provided I kept the loan with them for 2 years or offering interest rate reductions for setting up auto pay.
I’ll make a bet that FHA is very similar. If you shop around and ask what incentives a lender may offer as part of their program you may find the origination fee goes away.
That is a guess and based on my experience with Federal Student Loans.
ParticipantHopefully your kids end up on scholarship but the benefit of being house rich and saving poor works to your advantage when applying for finacial aid.
By committing to a 15 year shchedule you also force yourself to pay down the loan. Easy to say you will do it when you are on a 30 year program, harder to do.
If you have equity in the home and are looking for a short term bridge why not take out an equity line. Right now you could find rate on those for 4% or less.
ParticipantHopefully your kids end up on scholarship but the benefit of being house rich and saving poor works to your advantage when applying for finacial aid.
By committing to a 15 year shchedule you also force yourself to pay down the loan. Easy to say you will do it when you are on a 30 year program, harder to do.
If you have equity in the home and are looking for a short term bridge why not take out an equity line. Right now you could find rate on those for 4% or less.
ParticipantHopefully your kids end up on scholarship but the benefit of being house rich and saving poor works to your advantage when applying for finacial aid.
By committing to a 15 year shchedule you also force yourself to pay down the loan. Easy to say you will do it when you are on a 30 year program, harder to do.
If you have equity in the home and are looking for a short term bridge why not take out an equity line. Right now you could find rate on those for 4% or less.
ParticipantHopefully your kids end up on scholarship but the benefit of being house rich and saving poor works to your advantage when applying for finacial aid.
By committing to a 15 year shchedule you also force yourself to pay down the loan. Easy to say you will do it when you are on a 30 year program, harder to do.
If you have equity in the home and are looking for a short term bridge why not take out an equity line. Right now you could find rate on those for 4% or less.
ParticipantHopefully your kids end up on scholarship but the benefit of being house rich and saving poor works to your advantage when applying for finacial aid.
By committing to a 15 year shchedule you also force yourself to pay down the loan. Easy to say you will do it when you are on a 30 year program, harder to do.
If you have equity in the home and are looking for a short term bridge why not take out an equity line. Right now you could find rate on those for 4% or less.
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