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| Blueberry |
 Posted: Sun Feb 20, 2005 3:24 pm Post subject: Parent Unsubsidized Student Loans...Wise to pay it off quick |
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Investing Associate
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| Years ago when my son went to college, due to financial circumstances at the time we had to take out a Parent Student Loan to help him out his first two years. Now he is out of college and we are making monthly student loan payments on it, which has the deductible interest of course. Would we be smarter to pay this off quickly or are we better off just making payments and taking the tax credit?? |
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| ladyelle |
| Posted: Sun Feb 20, 2005 6:56 pm Post subject: |
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Investing Associate
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| I would suggest not paying off the loan. |
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| poohlover |
| Posted: Mon Feb 21, 2005 3:23 am Post subject: |
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Investing Associate
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| It may depend on your tax bracket as to if the intrest amount is worth keeping up the payments, instead of just paying it off. My husband HATES having to continue paying off things like this, but was told that it is worth it for us due to the tax bracket. Hope that makes sense to everyone. |
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| mrsboz |
| Posted: Tue Feb 22, 2005 9:23 am Post subject: |
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Investing Sr. Associate
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| I would love to pay off any bill that I had if I was able to. Good luck to you. |
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| paula0000 |
| Posted: Sun Feb 27, 2005 3:56 am Post subject: |
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Investing Manager
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| Although it's a great feeling to have a loan paid off- it may be better to just keep paying off this loan and use the extra money on a higher interest loan/debt. |
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| rags2riches |
| Posted: Wed Apr 27, 2005 3:28 pm Post subject: |
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New Poster
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Is a parent plus loan tax deductible? I was told it was not because the loan is in the parent's name, but the child is the student. How can I find out whether it is or is not tax deductible?
Thank you |
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