Deciding How to Finance College?
Consider a Home Equity Line of Credit (HELOC)

If you have a child headed to college soon, you may be considering how best to finance college expenses. One alternative to traditional student loans is using a Home Equity Line of Credit (HELOC) to pay for college. HELOCs are budget-friendly with no origination or closing costs. Plus, you only pay interest on the amount you use and that interest may be tax deductible.1

Learn More About How to Get a Home Equity Line of Credit

 
 
 
 

Using a Home Equity Line of Credit (HELOC) for College Expenses

With the rising cost of tuition and high repayment amounts for student loan debt, using a HELOC instead of student loans might make sense for your family.

Since a Home Equity Line of Credit (HELOC) allows you to reuse funds as you repay the loan, you can take out a HELOC at the beginning of your child’s college career and reuse the line amount. Pay for a variety of college-related expenses over time with your HELOC, including tuition, housing, or even study abroad costs, and only pay interest on the amount you borrow.

 

 

Benefits of Using a HELOC for College

Accessibility

Access available funds with a check or transfer from online banking to easily make tuition payments.

Flexibility

Use and reuse your line as you re-pay for up to 10 years2. Easily draw from your HELOC for semester tuition payments or other college expenses as they arise.

Competitive

Keep HELOC payment affordable with a rate discount on our already-competitive rates when you set up automatic payment from any Santander Bank checking account.

 
 
 
 

Ready to get started with a Home Equity Line of Credit (HELOC)?

Or

Call a Santander Loan Specialist at 844.726.6849.

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1 Check with your tax advisor

2 Rates: To get a Personal Loan (“Loan”) with the Annual Percentage Rate (APR) shown above, you must reside in MA, RI, CT, NH, NJ, PA, NY, DE, ME, VT, or DC, meet our highest credit standards, and use automatic payment (ePay) from any Santander Bank N.A. checking account. Loan APRs (with ePay) are 6.99%, 8.99%, 10.99%, 12.99%, 14.99%, or 16.99%, depending upon your creditworthiness. The minimum Loan amount is $5,000 and the maximum is $35,000. The APR on the Loan will increase by 0.25 percentage points and the payment will increase, if ePay is not elected or is discontinued. APRs and other terms are accurate as of 6/16/17, and may change thereafter. A Santander checking account is not required to qualify for a Loan, but use of ePay from a Santander checking account will result in an interest rate discount. Loan accounts are subject to approval.

Payment examples on a Loan of $10,000 for 60 months are as follows:

Loan APR

6.99%

8.99%

10.99%

12.99%

14.99%

16.99%

Payment Amount

$197.96

$207.54

$217.37

$227.48

$237.85

$248.47

▲▲▲ Santander® Ultimate Cash BackSM Annual Percentage Rates (APRs) and Fees: 3% introductory Annual Percentage Rate (APR) for 12 billing cycles on balance transfers made within 90 days of opening your account. After the introductory period, a variable APR for balance transfers from 15.49% to 24.49% based on the Prime Rate and your creditworthiness, with a transaction fee for each balance transfer of $0. There is no grace period on balance transfers. Also if you take a balance transfer offer, this means that unless your purchase APR is at an introductory or promotional 0% APR, you will pay interest on new purchases from the date made if you do not pay all balances, including the promotional balance transfer, in full by the next payment due date appearing on your statement. Variable APR for purchases from 15.49% to 24.49% based on your creditworthiness when you open your account. Cash advance APR of 25.99%. Minimum finance charge of $1.50. Penalty APR of 30.99%, which may apply indefinitely to your account if you miss payments or otherwise default. There is no annual fee. Rates effective as of 11/01/2017. Rates are subject to change. Late payment fee and finance charges will still apply. 1.5% cash back via statement credit, gift cards or merchandise on net new retail purchases with no limits on how much you can earn. Earn $100 cash back via statement credit after you spend $500 on net new retail purchases within the first 90 days of opening your account. This credit can take up to 6 weeks to be processed. Late payment fee and finance charges will still apply. Credit card accounts are subject to approval.

* Bonus Offer Details: Accounts must be in good standing. Applies to net new retail purchases only. Net new retail purchases: qualifying purchases less credits, returns, and adjustments. Balance Transfers, Cash Advances, including purchases of money orders or other cash equivalents, purchases made by or for a business purpose, fees, interest charges, unauthorized/fraudulent transactions, and certain other charges do not earn cash back credit. The cash back balance on your account does not expire for accounts in good standing. Cash Back in the form of statement credit upon your request. Receive the $100 cash back bonus via statement credit: When you spend $500 on net new retail purchases using the Santander® Ultimate Cash BackSM credit card, or when you spend $1,000 on net new retail purchases using the Bravo credit card, within the first 90 days of opening your account. $100 cash back is credited to customer account within 6 weeks after spending requirements are met. Other terms and conditions apply.

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