Question : If I consolidate my student loan with a personal loan can I still write off the interest?
I had a federal student loan which I consolidated about 8 years ago to someone who eventually sold that loan to Citibank. I pay about 8.35% in interest. I am considering paying off that student loan with a personal loan where I can get a better interest rate. If I do this will I still be able to write off the interest I pay on my taxes?
- asked by Emily
All Answers:
Answer #1
Nope. It will no longer be a student loan then. You may be able to consolidate several studentloans into another student loan at a better rate,but if you pay it off with a personal loan you'llbe left with a non-deductible personal loan.
- answered by bostonianinmo
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measure and fulfill your financial needs
