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Keith Said:If I transfer government student loans to a private loan business, can I still write off interest on taxes?
We Answered:Nope, as the loan won't be a student loan any more but a personal loan.
If you can get and keep that rate until the loans are paid off then that would be the way to go even with the loss of the student loan interest deduction. Even if you're in the highest tax bracket and can deduct all of your student loan interest (unlikely on both counts) your 6.8% works out to 4.42% after tax at best. You've beat that soundly at 2.7% so go for it as long as it can't increase to some higher rate in the future before it's paid in full.
Julia Said:current student loan consolations rate?
We Answered:Your interest rate will be based on your actual loan, the actual formula is:
Outstanding Balance Interest Rate Calculation
$4,400 8% $4,400 x .08 = $352
$2,200 4% $2,200 x .04 = $88
$6,500 10% $6,500 x .10 = $650
$13,100 (Total Combined Balance)
(Results of Calculations) $1,090
• Step 2:
Divide the total combined balance of all loans by the sun of the calculations
$1,090 / $13,100 = .083206 or 8.321%
Round the results of step 2 to the nearest 1/8 of 1%
8.321% is rounded to 8.375%
Your Fixed Interest Rate:
8.375% is your NEW weighted average interest rate for your consolidation loan.
Most companies will be able to accomidate 45k over 20 years. The thing to pay attention to is the incentives for auto with drawal and on time payments. Make sure what ever company you choose will allow you to keep the reductions if the loans are sold.
Hope this helped
Feel free to contact me
Clayton Said:Help!! I need federal student stafford loan current rate information!!?
We Answered:Please read the description of each plan and the instructions for each data entry page carefully.
Budget calculator Determine expenses and income in order to create a budget for college.
Current interest rates For Stafford loans first disbursed between July 1, 1998, and June 30, 2006, the interest rate for the period July 1, 2006, through June 30, 2007, is 7.14% for loans in repayment and 6.54% during in-school, grace, and deferment periods. Similarly, for PLUS loans disbursed between July 1, 1998, and June 30, 2006, the interest rate is now 7.94%.
The interest rate for new Stafford loans first disbursed on or after July 1, 2006, is a fixed 6.80%. The interest rate for new PLUS loans is a fixed 7.90%. For Direct consolidation loan interest rates, see that rate page for information.
Description of repayment plans There are four repayment plans: standard, extended, graduated, and income contingent. How much you pay and how long you take to repay your loans will vary depending on the repayment plan you choose. Consolidation loans also have varying repayment plans. Use the links below to determine your repayment amounts under each of the different plans.
Standard, extended, and graduated repayment plan calculator
Income contingent repayment plan calculator
Direct consolidation loan calculator
Marshall Said:What is the current interest rate for student loans?
We Answered:Sallie Mae has an interest rate table at http://www.salliemae.com/get_student_loa… -
Jacqueline Said:Am I able to get the interest rate on my student loan lowered?
We Answered:csalt7 and Andria are correct.
When you consolidate federal Stafford loans, as part of the terms and conditions of the consolidation loan, the interest rates from all of the loans you are consolidating are averaged to come up with the new interest rate which remains fixed for the life of the loan. As one of the answerers I mentioned said, the only way to reduce the interest rate would be through borrower benefits offered through the lender, so you should contact Wells Fargo to see if any benefits are available and if so, how to go about qualifying for that particular benefit.
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