Alternative Financing Options

In addition to traditional forms of financial aid and payment plans, some families utilize other specialized financing.

Home Equity Loans

Some families find that combining the benefits of tax deductibility with available low-interest home equity loans is preferable to other forms of educational loans.

Insurance/Retirement Fund Loans

Although careful thought and planning are required when utilizing these types of loans, interest rates can be more advantageous than those offered by other financing alternatives.

Private Education Loans

Many students and families use private education loans to supplement the resources available from federal, state and Drake programs. For a list of questions to ask when selecting a private education loan, contact the Office of Student Financial Planning.

Federal Tax Credits/Programs

When filing your federal income tax for any year in which your student attends college, please remember to review your eligibility for such programs as the American Opportunity Credit, Lifetime Learning Tax Credit, and the regulations regarding IRA provisions when used for educational purposes.

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