Should I retain the student loan debt for the tax deduction?
Thu, 09/05/2013 17:45
I have a private student loan at an interest rate of 6:5%. The loan amount is $80,000. The monthly payment amount is $1750. I have to make 60 payments to get rid of this debt. I have a wealthy uncle. He is currently living in MONTEVALLO, Alabama. He is ready to give a loan at 4 percent interest rate. I will have to make payments for nearly 54 months. I will save nearly $8000 on interest alone. Should I take out a loan from my uncle? Should I retain the student loan debt and take advantage of the tax deduction?
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