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10-06-2007, 12:45 AM
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I really want to pay off my student loan debt...
...- but is it better to draw it out over 30 years for tax purposes I have the financial ability to pay off my six figure law school loans within five years. I hate debt and want to pay it off quickly. However, I've been advised to draw it out over 30 years for the tax deduction. Is that really that much better?
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10-06-2007, 01:11 AM
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you have to calculate how much interest you will be spending if you draw it out. Chances are you will be paying more by drawing it out. Personally I would pay it off...you can buy a house or something else will the extra money then and still be able to use it for tax deductions. I hate having debt also!
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