Skip to Content Bruce Rauner, Governor, State of Illinois

Home Equity Loan or Line of Credit

An alternative or additional measure to pay for college is to use the equity in your home (or your parent’s home if you’re a dependent) to help fund your college education. There are both home equity loans and home equity lines of credit. The difference between a loan and a line of credit is that loan proceeds are received in one lump sum. Although each person’s financial situation is different, you and your family may decide that one of these options is right for you.