Not really a fan of doing it. You're shifting the risk from yourself (which, yes, sucks, but there are a lot of programs and options), to your home (with no options except to lose your home).
You didn't say what type of loans you have - which definitely shifts the decision. Federal loans is likely a hard no. You give up income-driven repayment, loan forgiveness plans, and hardship options - like right now during Covid-19 Federal loans are paused with 0% interest. That's amazing.
Also, what if (in the unlikely situation) they do pass loan forgiveness - even partial. They aren't going to offer that on your HELOC. Only for Federal loans.
Private loans are a maybe, but you have to ask yourself if the risk is worth it.
If you want to go back to school AFTER the 3 year monitoring period, you can only take out new loans unless: - You obtain a certification from a physician that you are able to engage in substantial gainful activity - You sign a statement acknowledging that the new loan cannot be discharged in the future on the basis of any injury or illness present at the time the new loan.
Basically, you can't get a second round of TPD.
I'm not quite sure what you mean your "available balance renewed to your original balance".
You can go back to school, you just can't do any of the following (or have it happen): - Get a grant or new student loan - Your annual employment income cannot exceed the poverty guideline amount for a family of two in your state, regardless of your family size. - SSA determines you are no longer totally and permanently disabled, or that your next disability review no longer meets the five-to-seven-year review period.
If any of those happen, your loans will be reactivated. It will be the balance from before you applied, excluding interest.
FAFSA - Free Application for Federal Student Aid. You fill out this form to get scholarships, grants, AND Federal student loans. This is need-based financial aid.
Sallie Mae is a private student loan lender.
Federal student loans are ALWAYS better than private student loans. However, you can't get Federal student loans unless you're attending an accredited American college or University. You didn't say what school, but the living abroad factor could be a problem in this regard.
As for scholarships, apply early, often, now, and later. You can never apply to enough scholarships - but it takes time and effort to find them, apply, and hope you get them.
Finally, think about ROI - return on investment. College is an investment. Your goal of going to college (or grad school) is only to boost your career earnings after you're done (unless you're going for free due to whatever factors that may involve).
If you borrow too much, and don't earn much after you're done, you're going to struggle financially for life and hate the fact you went to grad school.
Sadly, grad school for a majority of people has zero or negative ROI - so that's why I'm cautioning you in this regard.