My GI bill is running out this month (in the middle of semester) and I still have one semester until graduation. What would be the best option to pay for it? School loan or personal loan? It's an internship and a class, so about 15 credits. I have been staying on top of my credit and what I can gather my scores are 650, 759, and 816. That's a really strange range as Transunion uses something called a Vantage score? Either way, that's what I have. Additionally, I would like to refinance my mortgage as my rate is pretty high (5%, since purchase in 2009). What would be the best course of action for me? I have to refinance anyway as I am also about to go through a divorce and need his name off the property.
This is a great question for one of our financial experts over in the Financial Advice Q&A or for one of our financial advisors who can be reached at 800-771-9960.
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Thanks so much for your question. I wish you and you all the best in your last semester
If you haven't already done so complete a FAFSA application and be sure the results are sent to your school. With that they can help you determine if what you will qualify for (grants, loans). I think you would find the personal loan option interest rates will be very high.
Thanks for your input. I have routinely filled out FAFSA and was able to receive assistance. Unfortunately, due to the credit hrs I have, my financial aid will end. Apparently I have too many overall credits.
Like one of the other members mentioned, fill out your FAFSA to see if you can get a grant. There are a lot of scholarships out there for you to apply. Lastly, I wouldn't take out a personal loan or a student loan for your remaining course. However, I know you are trying to refi your mortgage, but I would take out a home equity loan for the amount you needed. The interest will be considered "residential interest" and deductible on your taxes, provided that you itemize. Student loan interest is deductible for AGI (non-itemized deductions). However there are limits to such as only being able to deduct up to $2500/yr, what your filing status is (Claimed as a Dependent/Married & file Joint/Seperate returns), and what your Modified (M)AGI is. I would talk to a financial manager or a CPA to find out what would be best for you.
Regardless of which option you chose; you should research the American Opportunity Credit and the Lifetime Learning Credit.