Home equity loan to pay off private consolidation
Date: Tue, 04/21/2009 - 13:19
Home equity loan to pay off private consolidation
I am saving to buy a home and I want to put down a large down payment. Would it make sense to take out a home equity loan in a few years to payoff a large portion or all of my student loans?
I am soley considering this decision because there are no real tax incentives for paying student loans so I thought if I use a home equity to pay off the balance the interest later paid on the home equity is at least tax deductible.
I am soley considering this decision because there are no real tax incentives for paying student loans so I thought if I use a home equity to pay off the balance the interest later paid on the home equity is at least tax deductible.
Student loan interest is tax deductable as well. Unless you can
Student loan interest is tax deductable as well. Unless you can get a lower rate than what you are paying plus the closing costs involved, you are better off leaving it alone.
Isn't the tax adjustment for student loans cap at $2,500? And th
Isn't the tax adjustment for student loans cap at $2,500? And the phase-out begins around $60k. I'm currently paying over $6k in interest alone.
