How Equity Release Can Help You Pay for College - Here's How

Using Home Equity for College

The Cost of University & College Fees in the UK Is Now More Expensive Than Ever. If You're Wondering How You Can Make Equity Release Pay for Your Education Without Having a Negative Impact on Your Retirement Fund Then Keep Reading.

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College Education

Most of us go to college for 4 years, and then we graduate and start our careers. But what happens if you have spent years slugging away in a boring position, and it’s time for a career change before you retire?

It’s never too late!

In addition, you might have children or grandchildren who dream of top-quality education. The cost of education can be overwhelming, but equity release can help make this dream a reality.

Equity release allows homeowners over 55 to unlock cash tied up in your home to use as you wish.

This can include paying for further education or college tuition for you or your family. Let’s find out how you can make that happen!

Costs

How Much Will Further Education Cost You?

A fully funded college education will cost between £20,000 and £30,000 per year for the duration of your studies. This can range from 3 to 6 years, depending on the course of your choice.

This can be expensive even without considering equity release, so it’s important not to underestimate how much you’ll need to save.

These days, there is a myriad of online short courses available that will allow you to shift in a new direction. These are an inexpensive alternative to a college education.

Equity release can be a good way of paying off all these costs, which is not only cheaper in the long run but also provides you with financial security, especially if your parents are no longer around to support you financially or provide equity in their home.

Equity release gives you or your family the option to pursue higher education past your GCSEs1.

Equity Release Options

4 Equity Release Plans for Tertiary Education

£250,000 Mortgage Equity Withdrawal Plan (MEWP)

This is a flexible loan product with the ability to repay early without penalty2 or interest charges. This can be paid off in full by the time your son goes to college when you’ve saved up enough money and don’t need equity release.

£400,000 Equity Withdrawal plan Plus (EWP+)

This is a more flexible product with the ability to withdraw equity in stages until you reach your target amount of funds. This can also be paid off early without penalty or interest charges, and so it’s often used when children are older than university age for equity release.

Equity Release Plan Plus (ERP+)

This is the same as an EWP+, but with a guaranteed annuity3 from day one to provide you, or your loved ones, with income for life. This can be used when children are older than university age, and so it’s often used when equity release is required over a longer period of time.

Equity Release Plan (ERP)

This is an equity withdrawal plan without the annuity, so it’s often used when children are younger than university age for equity release.

Common Questions

How Can Equity Release Help Me Pay for College or Further Education?

What Equity Release Plan Should I Go For?

What Equity Release Plans Don't Have a Fixed End Date?

In Conclusion

Whether it’s for yourself or a loved one, education is one of the best gifts that you can give someone. A world-class education can catapult you towards the success that you have always dreamed of.

Therefore, one should never stint on education, and equity release might just be the way for you to achieve this goal.

Speak to your independent financial adviser today to learn if equity release is the best option for you and your family. In addition, you might want to look at the pros and cons of equity release before making your final decision.

How Much Can You Release?

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Now, compare and save: Search over 200 equity release council approved plans and find the best deal for the amount of money that you need.

What people say

You are the best. You delivered what you mentioned you would that was much better than anybody else. I can not rate you highly enough!!
Brenden
Brenden
SovereignBoss client
I'd like to commend the excellent support we received from you guys in our recent equity release application, which proceeded faster than we could have hoped. Thank you so much.
Margaret
Margaret Doyle
SovereignBoss client
I have to say my experience with SovereignBoss was positive from start to finish. The level of customer service I received from John was simply outstanding, thank you!
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Janus Kern
SovereignBoss client

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HOW MUCH EQUITY CAN YOU RELEASE?

Most people are using equity release as a means of retaining the use of their house while also obtaining a lump sum or a steady stream of income. Get matched with an expert and check your eligibility for equity release options.

Use our free equity release calculator & see how much you can release today.

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