If I consolidate my student loan with a personal loan can I still write off the interest?
December 18th, 2009 | by |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?
Tags: 8 years, citibank, federal student loan, interest rate, personal loan
By bostonianinmo on Dec 18, 2009
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.