Student Loan

[dcmulvaney]

My son is a very talented basketball player, at natioanal level he plays Super Leauge which is the highest level to play at in Ireland. At international level he plays at his own age group plus an age group above.
My problem is he has been accepted on scholarship to the U.S. but only on a 50% scholarship. I need to generate in the region of 40,000 euro.
My situation is household income is 60,000. Repayments for the month maybe 1,600. Value of house 700,000 to pay 170,000. property abroad worth maybe 100,000. Help looking for good student loan or alternative.

 

[KalEl]

My son is a very talented basketball player, at natioanal level he plays Super Leauge which is the highest level to play at in Ireland. At international level he plays at his own age group plus an age group above.
My problem is he has been accepted on scholarship to the U.S. but only on a 50% scholarship. I need to generate in the region of 40,000 euro.
My situation is household income is 60,000. Repayments for the month maybe 1,600. Value of house 700,000 to pay 170,000. property abroad worth maybe 100,000. Help looking for good student loan or alternative.

Congratulations to your son (and you as I'm sure you've spent a hell of a lot of time ferrying him to training and matches!)
Generally you should match the life of the "item" to the length of the loan. As this is education my advice would be to top up your mortgage.
If I understand you correctly you've 170K left on a property worth 700K? As a term loan of 40K have pretty hefty repayments if I were you I'd look at the mortgage. Then decide if you want him to help down the line when he's got on his feet.