How to Use a HELOC to Pay Off Debt

So here is how my morning started. I transferred $40,000 from my home equity line of credit (HELOC) into my checking. In other words, I used a HELOC to pay off our debt.

Why do you use a HELOC to pay off debt

The simple definition of leverage is to use something to maximize advantage. In economic or business terms it can mean capital to make more money.

Here is what paying off $40,000 in student loan debt with HELOC looks like:

Step 1: Transfer money from the HELOC to our checking. 

Step 2:

I simply logged on to my wife’s My Great Lakes account and went about submitting an extra payment. I will admit, I should let her have the gratification of paying off the student loans.

Step 3:

Allocate the funds. This is where things get tricky and I think it is absolutely ridiculous how this process works. I have to determine a “Percentage” to go towards individual loans.

Step 4:

Hit submit. And like just that, we have made a $40,000 student loan payment.

Tap the link below TO LEARN More About How to Use a HELOC to Pay Off Debt

Get your copy of my free Side Hustle ACTION Guide & learn how to start making money on the side using these proven steps that have helped 1,000's!