If I Consolidate My Student Loan With A Personal Loan Can I Still Write Off The Interest?
Posted by admin on September 16th, 2009 at 06:56am
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?
Tags: Consolidate, Interest, Loan, Personal, Still, Student, Write
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1 Comment for If I Consolidate My Student Loan With A Personal Loan Can I Still Write Off The Interest?
1. MLE | September 16th, 2009 at 7:39 am
Nope. It will no longer be a student loan then. You may be able to consolidate several student loans into another student loan at a better rate, but if you pay it off with a personal loan you’ll be left with a non-deductible personal loan.
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