Mortgage Articles

Financing for Education

Education is a cornerstone of what our country was built on. Education is very important. It prepares and trains our future doctors, accountants, lawyers and scientists. Their professions would not be as advanced and leading edge today if it were not for education. Just as education is important to our society and our very civilization, so is being able to help pay for it without putting ourselves and our children into eternal debt for it.

Canada has an excellent government student loan program. Without it, many gifted students would have no other means to attend post secondary institutions. The only thing with student loans that are negative is the fact that they can take literally decades to pay off. Alberta Equity has come across many great clients who are still paying off student loans in their early 40s. The fact that they are still paying these debts off means that they have paid dearly for their valuable education and continue to. Alberta Equity promotes higher learning and wants to try to provide assistance in a way that many other mortgage broker companies in Canada have chosen to ignore. We do not have any special programs ourselves and we do not offer any secret techniques to dissolve this debt, but our options are pretty good.

Imagine having student loans still outstanding, you are now married, with children and you own a house with some equity. Your situation is very good now but you still have those pesky student loans looming over your head since you were in your 20's. Why not take out some equity and get rid of those loans for good? The nice thing about those loans is you will never incur that same debt again. If those post secondary days are long gone, we can help make the debt go bye, bye too. Adding a 20,000 dollar student loan to your existing mortgage loan will increase your payment by approximately 2 dollars a day. This will then wipe your loan clean with the government AND increase your credit score because that loan is now gone. Who knew that financing for education would actually increase your credit score!

How about using some equity to cover your children's education? It’s best to start when they’re very young. Taking out some equity and locking it into an RESP now will put you in a position where the money you borrowed for cheap today is paid off before your children attend college. They are now ready to enter college and the money you put away when they were 5 years old is now worth 4 times what it was when you put it in. That's smart!

Alberta Equity mortgage brokers can talk to you about refinancing to pay off the debt from your education or put away money for your childrens' future education needs. Financing for education is more common than you think. Call today.

Alberta Equity has helped over 50,000 people find and qualify for the best mortgages in Canada for over ten years. We do all of the heavy lifting and ensure that you get the best mortgage rates and product features available. Apply online for a free, no obligation consultation or alternatively, view our products and services.