You might want to talk to an accountant about the tax implications, P-C. If you can keep getting the student loand interest deduction it might be worthwhile to keep the loan for a while. But I'm not sure how that really breaks down. Or, of course, how the financial considerations balance against your satisfaction of having school all paid for and out of the way.
Mal: Then I call it a win. What's the problem? Inara: Should I start with the part where you're stranded in the middle of nowhere, or the part where you have no clothes?
'Trash'
Spike's Bitches 35: We Got a History
[NAFDA] Spike-centric discussion. Lusty, lewd (only occasionally crude), risque (and frisque), bawdy (Oh, lawdy!), flirty ('cuz we're purty), raunchy talk inside. Caveat lector.
-t - Mar 22, 2007 11:21:50 am PDT #1940 of 10003
I am a woman of various inclinations and only some of the time are they to burn everything down in frustration
Polter-Cow - Mar 22, 2007 11:27:05 am PDT #1941 of 10003
What else besides ramen can you scoop? YOU CAN SCOOP THIS WORLD FROM DARKNESS!
If you can keep getting the student loand interest deduction it might be worthwhile to keep the loan for a while.
It's not worth anything, since I was just taking the standard deduction. Hell, even the loan interest deduction I was allowed to take was less than the interest I actually paid. And I'm not sure whether that actually mattered since I did just take the standard deduction in the end. I've had the loan for over a year, so it's done the good for my credit. The loan interest rate is 6.89%, and I'm only a few thousand dollars away from paying it all off.
Ginger - Mar 22, 2007 11:41:13 am PDT #1942 of 10003
"It didn't taste good. It tasted soooo horrible. It tasted like....a vodka martini." - Matilda
If that's your only debt, P-C, pay it off. There's no easier way to make 6.89% on your money.
Vortex - Mar 22, 2007 11:43:53 am PDT #1943 of 10003
"Cry havoc and let slip the boobs of war!" -- Miracleman
If you make over 65K, you can't take the deduction.
Polter-Cow - Mar 22, 2007 11:46:44 am PDT #1944 of 10003
What else besides ramen can you scoop? YOU CAN SCOOP THIS WORLD FROM DARKNESS!
If that's your only debt, P-C, pay it off. There's no easier way to make 6.89% on your money.
That is my only debt, yep. And I probably could have paid it off months ago, but I've just been afraid to take that plunge. But having a job is cool.
If you make over 65K, you can't take the deduction.
Aha! That's good to know.
P.M. Marc - Mar 22, 2007 12:04:18 pm PDT #1945 of 10003
So come, my friends, be not afraid/We are so lightly here/It is in love that we are made; In love we disappear
If you make over 65K, you can't take the deduction.
That's no longer true. It changed a few years ago (three, maybe?).
Of course, Paul's is paid off as of this month, so it's moot for us from here on.
Pete, Husband of Jilli - Mar 22, 2007 12:12:00 pm PDT #1946 of 10003
"I've got a gun! I've got a mother-flippin' gun!" - Moss, The IT Crowd
Thanks for all the b-day wishes.
Me? I spent the lunchtime watching 300 again.
Who's up for some late Saturday evening or Sunday lunchtime Halo fragging?
-t - Mar 22, 2007 12:24:11 pm PDT #1947 of 10003
I am a woman of various inclinations and only some of the time are they to burn everything down in frustration
The student loan interest deduction doesn't require itemizing,but it is limited to 2500/year, so we're not talking about a ton of money. I think it comes off your income rather than out of your tax liability, so it's impact might be hard to judge. But it's probably not going to make a huge difference either way.
You'll still have a cushion of savings if you pay off the loan, right? If that's the case, go right ahead, pay it off.
Polter-Cow - Mar 22, 2007 12:28:46 pm PDT #1948 of 10003
What else besides ramen can you scoop? YOU CAN SCOOP THIS WORLD FROM DARKNESS!
Oh yeah, I will still have savings. I oversave like whoa, I think.
JZ - Mar 22, 2007 12:31:31 pm PDT #1949 of 10003
See? I gave everybody here an opportunity to tell me what a bad person I am and nobody did, because I fuckin' rule.
P-C, I hate you. Will you be our accountant, please?
t /so incapable of dealing with money like a grown-up