# Use life insurance loan to pay for college

**URL:** <https://community.clark.com/t/use-life-insurance-loan-to-pay-for-college/5899>\
**Category:** Uncategorized\
**Created:** [August 7, 2024, 1:49am UTC](https://community.clark.com/t/use-life-insurance-loan-to-pay-for-college/5899 "2024-08-07T01:49:47Z")\
**Posts on this page:** 3\
**Page:** 1

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**Author:** ![savvy\_guy](https://avatars.discourse-cdn.com/v4/letter/s/bbe5ce/32.png) [@savvy\_guy](https://community.clark.com/u/savvy_guy)\
**Post date:** [August 7, 2024, 1:49am UTC](https://community.clark.com/t/use-life-insurance-loan-to-pay-for-college/5899/1 "2024-08-07T01:49:47Z")

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Hi,  
I recently attended a presentation by Lance Morgan [https://collegefundingsecrets.com](https://collegefundingsecrets.com) which talked about using Retirement Scholarship Strategy to pay for college. He is on youtube as well - [https://www.youtube.com/watch?v=jnYK02qSMGQ](https://www.youtube.com/watch?v=jnYK02qSMGQ)  
He talks about getting a insurance policy and then borrowing from the insurance policy at a lower rate than a student loan with a bunch of other advantages. Is it legit? Has anyone tried this? Thanks

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**Author:** ![p1g1](https://avatars.discourse-cdn.com/v4/letter/p/cab0a1/32.png) [@p1g1](https://community.clark.com/u/p1g1)\
**Post date:** [August 7, 2024, 8:29pm UTC](https://community.clark.com/t/use-life-insurance-loan-to-pay-for-college/5899/2 "2024-08-07T20:29:35Z")

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I am not familiar with Lance Morgan but it very unlikely that what he is selling will benefit you. A good source of information is the linked article. Myth #9 in the article is “Whole life is a great way to pay for college”

> **[Why Whole Life Insurance Is a Bad Investment | White Coat Investor](https://www.whitecoatinvestor.com/debunking-the-myths-of-whole-life-insurance/)**
>
> This popular post explains what whole life insurance is and the various methods salesmen use to sell it to you (usually inappropriately). Be forearmed!

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**Author:** ![savvy\_guy](https://avatars.discourse-cdn.com/v4/letter/s/bbe5ce/32.png) [@savvy\_guy](https://community.clark.com/u/savvy_guy)\
**Post date:** [August 8, 2024, 12:40am UTC](https://community.clark.com/t/use-life-insurance-loan-to-pay-for-college/5899/3 "2024-08-08T00:40:11Z")

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Thank you. This is very useful and timely. We figured there was a catch but the way the questions he answered were selected it made us wonder if it was a viable option.