I am 62 years of age,and have a traditional IRA acct.which was a rollover to a bank CD account. I have had it for a number of years. I would like to pay part of my son's last year law school tuition with a portion of the funds, perhaps about $l0,000 a semester. Would I be better off taking a home equity loan and making the monthly payments by withdrawing from the IRA acct and then I would have a tax write off? Or should I just withdraw the funds and pay the taxes since I am being told that it would add to my income and I would have no tax write off.

Seems the fixed equity loans are about 8.5% plus bank fees.

I am not sure how I would be ahead of the game by taking a homeequity loan?

My son will take loans for the balance of the tuition. Of course if he took it for all the tuition I would not get any tax write off.

I asked my accountant and seemed to feel that taking a loan would be the better way to go since the $l0,000 is added income. But I will be paying so much interest on home equity loan plus bank fees of 3 or 4 %. How am I ahead? Is there any exemption for graduate tuition payments?

I would appreciate any help you can give me. Thank you/

Bank fees of 3 or 4 percent and high interest?

Have you talked to a new lender about a 2nd mortgage or perhaps a re-fi on the home,

Home interest are one of the lowest ever right now