Jonathon’s loans

Filed Under Input Needed, Money | 3 Comments

Does anyone know anything about student loan consolidation? We only have one student loan but it’s enough that it annoys me. We constantly get the letters in the mail about consolidating. Someone at my bank (our mortgage person) recommended NOT doing this because then the interest is no longer deductible because it’s not considered a student loan anymore… but that’s really the only input I’ve had so far. It just sucks because over the past few years the interest rate on it has gradually risen to a little over 8 percent!

Any advice?


Comments

3 Comments so far

  1. meowmix (playgroup Jill) on July 20, 2007 12:48 am

    We once got a loan through our credit card for a lower rate than what we were paying on our car loan. Maybe check into something like that…but that also wouldn’t count on your taxes…

  2. Jen Black on July 20, 2007 1:30 pm

    I consolidated my loans a couple years back and it is still deductible. I have a nice low rate. Aaron couldn’t consolidate his because he doesn’t have enough loans (I think you have to have at least $8000 or something). We chose not to consolidate ours together for many reasons.

  3. Kirsten on July 22, 2007 12:33 am

    I consolodated mine a few years ago and it is totally deductable, it only would not be if you did it with a home equity line or credit card, but with an educational loan servicer (the people who send the letters) you are cool.

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