0
Can you get a personal loan at a lower rate than your consolidated student loan and still use the interest as a tax write off?
Wiki User
∙ 14y ago
That depends on the country you live in, of course. Assuming the United States, it would appear that line of credit extensions and the interest thereof are in fact tax deductable, however I would suggest consulting a professional, or at least drop the 30 bucks for a copy of turbotax. Interestingly enough, the cost of the software it's self is tax deductable.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
Personal loans should have a lower interest rate than student loans.?
Personal loans should have a lower interest rate than student loans.
Can you pay a consolidated student loan with high interest with a new student loan at lower rates?
Probably, but you are unlikely to be granted a large enough loan to refinance your consolidated loans. Yearly loan amounts are usually capped to your need for the current loan period (a year, usually) and you might not be able to borrow more than your current yearly educational outlay. But that depends on how large your conslidated loan is.
What is the use of a consolidate mortgage?
A consolidated mortgage is used to combine two or more outstanding mortgages. The mortgages may or may not be the same property. Sometimes a consolidated mortgage results in lower interest rates.
What purpose does a student bank account serve?
A student bank account offers the student loans and overdrafts with either no interest or at a lower interest than a non-student requiring a loan or overdraft. The purpose takes into account that a student will be earning lower amounts of money than a person who is in full time employment.
Can you combine car loans on different vehicles?
Only if you get what is called a consolidated loan. Depending on you situation. You can consolidate all you bills into one monthly payment at a usually lower price than what they would normally amount to in a month. Depending on the interest rate you would then decide which debts you threw in there. example.......Obviously if you were paying 3.5 percent a personal loan and consolidated your debt you would not want to add that particular debt at a higher interest rate.
Personal loans should have a lower interest rate than student loans.?
Personal loans should have a lower interest rate than student loans.
Can you pay a consolidated student loan with high interest with a new student loan at lower rates?
Probably, but you are unlikely to be granted a large enough loan to refinance your consolidated loans. Yearly loan amounts are usually capped to your need for the current loan period (a year, usually) and you might not be able to borrow more than your current yearly educational outlay. But that depends on how large your conslidated loan is.
What is the use of a consolidate mortgage?
A consolidated mortgage is used to combine two or more outstanding mortgages. The mortgages may or may not be the same property. Sometimes a consolidated mortgage results in lower interest rates.
What purpose does a student bank account serve?
A student bank account offers the student loans and overdrafts with either no interest or at a lower interest than a non-student requiring a loan or overdraft. The purpose takes into account that a student will be earning lower amounts of money than a person who is in full time employment.
Can you combine car loans on different vehicles?
Only if you get what is called a consolidated loan. Depending on you situation. You can consolidate all you bills into one monthly payment at a usually lower price than what they would normally amount to in a month. Depending on the interest rate you would then decide which debts you threw in there. example.......Obviously if you were paying 3.5 percent a personal loan and consolidated your debt you would not want to add that particular debt at a higher interest rate.
What is the low interest student loan consolidation?
Low interest rate student loan consolidation is when a company takes 2 or more student loans that an individual may have acquired and combines them into one lump sum with a single payment at a lower interest rate.
How do you obtain another student loan to supplement your Stafford loan?
Consider obtaining a private loan, also known as an alternative student loan. According to http://www.onesimpleloan.com/private_loans.asp, "Compared to federal student loans, private student loans typically have slightly higher interest rates. However, the interest rates on private student loans are substantially lower than conventional credit products such as personal loans, credit cards and even home equity loans."
How to Consolidate Debt?
IntroductionDebt consolidation can be a useful tool for people who have debts with more than one creditor. Consolidating debts is a way to combine and refinance them so that the individual has fewer payments to make each month. Often consolidation will also help to lower the overall monthly amount of money the individual pays out toward the overall debt. Many types of debt can be consolidated, including student loan debt and consumer credit card debt.Consolidating Student Loan DebtPeople with student loan debt tend to have numerous loans, often with different lenders and with different interest rates. Federal student loans should only be consolidated through federal loan consolidation programs. They tend to offer better interest rates, as well as more flexible payment options. Even if you have only one federal student loan, it can often be refinanced for a better interest rate.There are a few banks who specialize in consolidating private student loans. The main benefit to consolidating these loans is to reduce the number of individual payments needing to be made each month. Often the terms of private student loan consolidations are similar to the original loan terms � very high or variable interest rates.Consumer Credit Card DebtOne of the easiest ways to consolidate credit card debt is to transfer the outstanding balances to a new card. The new card should offer a low introductory interest rate, and charge a minimal transfer fee. The old card accounts should be closed to help eliminate accruing new debt. Transferring balances from one card to the next can be repeated until the balance is eventually paid off.Alternative Consolidation MethodsTaking out a personal loan or home equity loan can be another way to consolidate debt. Interest rates on personal or home equity loans are often significantly lower than those offered for student loans or credit cards. Thus, paying off student loans or credit cards with a personal or home equity loan can yield a lower interest rate, and one fixed, monthly payment. It is an alternative means of debt consolidation that is certainly worth investigating.
Where can low interest student loans be applied for online?
Different banks provide varying interest rates on student loans. Some loans are a lower percentage but require a longer payback period. The best way to compare student loan interest rates is to look at multiple online bank pages.
College Loan Interest Rates?
College loan interest rates vary and are based on numerous factors, including whether or not the loan the student is applying for is a private or federal student loan. Students who apply for private loans are typically subject variable interest rates. Whereas, students who apply for federal student loans are subject to fixed student loan interest rates.College Loan Interest Rates For Private Loans vs. Federal LoansMost private student loans feature variable interest rates versus fixed interest rates. However, students can apply for a fixed private student loan. Since variable interest rates on private loans fluctuate from year-to-year students can expect their payments to fluctuate as well. Students who apply for private student loans with variable interest rates can expect their payments to fluctuate as interest rates fluctuate.Students Can Lower Their College Loan Interest Rates With Consolidation LoansStudents who apply for and secure federal student loans have the comfort of knowing that the interest rates for their student loans will be fixed. Having a fixed interest rate can be beneficial. However, that does not mean that students can never attempt to lower their college loan interest rates. In fact, students who have two or more federal student loans can apply for a federal student consolidation loan to lower their interest rate on their federal student loans.New Federal College Loan Interest Rates Are Announced Each Year on July 1Students who are interested in consolidating their loans can take advantage of new interest rates that are announced on July 1. Students who are in high interest rate loans can apply for a consolidation loan in any year when lower rates are announced. New interest rates are announced each year on July 1 apply only to federal loans and not private student loans. Students interested in this option must consolidate and lock in a lower interest rates before a new interest rate is announced the following year.For students who are applying for student loans or are in repayment, having a full understanding of college loan interest rates can help you decide whether to consolidate or apply for a fixed or variable interest private loan.
What would be the benefit of consolidating your private and federal student loans?
One benefit of consolidating your private and federal student loans is that it would lower your monthly payments. Another benefit of consolidating student loans is that the variable interest rate on the loan can be switched to a fixed interest rate.
What are the benefits of student loan consolidation?
Some of the benefits of student loan consolidation is the opportunity to lower the interest rates and pay all the bills each month with one payment.
