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If I consolidate my student loan with a personal loan can I still write off the interest?

By admin | March 27, 2008

Emily asked:


I had a federal student loan which I consolidated about 8 years ago to someone who eventually sold that loan to Citibank. I pay about 8.35% in interest. I am considering paying off that student loan with a personal loan where I can get a better interest rate. If I do this will I still be able to write off the interest I pay on my taxes?

Bessie
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    • Topics: student loans |

    One Response to “If I consolidate my student loan with a personal loan can I still write off the interest?”

    1. bostonianinmo Says:
      March 29th, 2008 at 3:09 pm

      Nope. It will no longer be a student loan then. You may be able to consolidate several student loans into another student loan at a better rate, but if you pay it off with a personal loan you’ll be left with a non-deductible personal loan.