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Pay off student loan with mortgage money good idea or not?

PARTYMARTY asked:


I have a chance to pay my daughters student loan off with money from a refinance we made a couple years ago. Is there any tax benefit to leave it as a student loan or any benefit at all leaving it as a student loan?

Ricardo

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This entry was posted on Wednesday, July 15th, 2009 at 10:13 pm and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

4 Responses to “Pay off student loan with mortgage money good idea or not?”

  1. Hello Love Says:
    July 18th, 2009 at 2:55 am

    Barry

    if there’s a tax benefit to leave it as a student loan then i need to know! i owe $25,000+.

  2. felipe Says:
    July 21st, 2009 at 12:32 am

    Leslie

    your mortage will have a higer interest than the student loan if you want to finish paying off the house i would use it for that since more inteterst goes to the bank and that would be smarter and then you could help your daughter,
    You could also pay halve and halve
    Invest would be another idea, but not right now

  3. Rosenberg Says:
    July 21st, 2009 at 5:49 am

    Christina

    ask your accountant or tax preparer you can deduct the interest from student loans as well as a mortgage, but it has a low cap. My wife maxes hers out fast with a 50,000 student loan. I am all in favor though of paying off any loan as fast as possible.

  4. l_e_i_2004 Says:
    July 24th, 2009 at 5:50 am

    Kristin

    Your daughter can deduct up to $2500 from her income on page 1 of her tax return. You also can deduct the mortgage interest on your house if you itemize. You both get a tax benefit by paying the interest. I look at it as free money. I would pay her loan down enough to maximize the tax benefits (she can get an amortization from the direct loan website.) Perhaps pay off her car instead? You don’t get any tax benefits from holding onto a car note.

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