I have around 20k in student loans. One of these loans has an interest rate of 4.8 for the first two years that i borrowed and 6.8 for the last two years. The high interest rate scares me enough that i think I should pay it off ASAP but i hear you can get a tax break from the loans? How much money do you get back?
Lets say I pay 1k in interest a year from these loans. Would I get all of that 1k back if i make less than 60k a year?
I have a car loan right now with only a 2 percent interest rate. Im not as worried about that one because of the low interest rate, but this isnt tax deductable whereas the student loan interest is. Should i try to pay the car off before the student loan?



Reply With Quote

Bookmarks