Marvin Said:

Husband cosigned ex-wife's private student loan. She's not paying. Can he file BK to relieve his obligation?

We Answered:

the divorce decree was not enough here...as your husband would have had to have contacted the loan financier and with the divorce decree in hand (and his ex for verification) would have had to have had his name taken off as a cosigner. unfortunately, now that the account is deliquent, you both have a lot less options here. he (and unfortunatel you) are paying for poor planning and the vindictiveness of a cunning ex wife. ex's can hurt you emotionally, they can hurt you physically, and they can hurt you financially. talk to a financial planner, and contact the judge and the loan company now!

Deanna Said:

i would like to refinance my motorcycle loan.?

We Answered:

Instead of refinancing, just pay extra each month in order to reduce the interest.

Reginald Said:

Deduction of Student loan interest, did i lose the it?

We Answered:

yes you lost it.

Allison Said:

Deduction of Student Loan interest, did I lose the deduction?

We Answered:

There are four requirements to deducting student loan interest:

The taxpayer must have paid interest on a qualified student loan for the year. A qualified student loan is any loan the taxpayer took out to pay for higher education expenses of themselves or a dependent. Since your new loan is a consolidation loan, it probably does not meet the definition of a qualified student loan.

The taxpayer's filing status must not be married filing separately.

The deduction is subject to income restrictions.

The taxpayer or the taxpayer's spouse may not be claimed as a dependent on someone else's tax return.

You may still be able to deduct your daughter's higher educational expenses. But probably not the loan interest.

John Said:

What should I do about this loan? Mortgage vs student loans?

We Answered:

Student loans are not amortized like mortgages. Student loans are more like car loans such that you pay the same amount of principal each month plus the total interest divided by the the number of months in the loan term. People can avoid paying the extra interest by paying more principal when they refinance the loan. If your student loans are allowed to be refinanced at a small expense, Dad might be right in his suggestion to use your profit from the sale of the house to pay down the principal of your private student loan. But you are idea is correct too, sort of. It would be best to get a second mortgage and use that money to pay off the student loans, because you can deduct that interest from your taxes. I just don't suggest you wait until you have the house paid off before you do it.