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

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?

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Tags: 8 Years, Citibank, Consolidate Loan, Federal Loan, Federal Student Loan, Interest Rate, Loan Personal, Pay Taxes, Personal Loan

This entry was posted on Sunday, September 28th, 2008 at 8:17 am and is filed under United States. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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

1. bostonianinmo Says:
   October 1st, 2008 at 9:24 am

   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.

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