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Do you have high interest rates on college loans? Or do you have multiple student loans? Consider consolidation!
With interest rates so low you can save hundreds or even thousands of dollars on your student loans.
Interest on student loans may be deductable on your tax return!
Generally, personal interest you pay, other than certain mortgage interest, is not deductible on your tax return. However, there is a special deduction allowed for paying interest on a student loan (also known as an education loan). This deduction can reduce the amount of your income subject to tax by up to $2,500 in 2003. The student loan interest deduction is taken as an adjustment to income. This means you can claim this deduction even if you do not itemize deductions on Schedule A (Form 1040). See your tax advisor for specific details.
Common Requirements for Federal Education Loan Consolidation:
1. Minimum amount outstanding of $10,000 in Federal loans
2. Students must be graduated/no longer in school before applying
3. If you have already consolidated, you can't refinance that loan
These are just a few requirements for various loan programs. Be sure to shop around for the best consolidation loan for your situation. If you have credit card balances from college and need to find a lower rate or need a student credit card visit LowAprCreditCardOffers.com.
Related Article:
Federal Student Loans >>
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