Payoff student loan or use it as deductable?

My husband and I have around 30K student loan, interest is about 8%.


Right now we are paying monthly payment, sometimes pays extra in the good days, and hoping to pay it off sometime in the next 5-6 years.


But another hand, because student loan could be one of the income tax deductible, so we are not sure if we should keep the student loan as long as it takes and just pay minimum each month.


Which way actually save us money?


Use student loan as deductible each years or pay it off as soon as we can?

Payoff student loan or use it as deductable?
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Reply:The tax deduction decreases the amount of income you pay tax on, it is not necessarily a dollar for dollar deduction on tax paid. For example:





You have $30,000 in student loans at 8% interest


That equates to $2,400 in interest per year (approx)





Suppose you make $90,000 per year (between the 2 of you)


That would equate to a $672 savings in tax.








Obviously, paying off the students loan as quickly as reasonable possible is more beneficial "money wise".





However, dont over extend your self trying to pay off the debt.
Reply:It's always best to pay off your debts.





The deduction is figured as an adjustment to income (lowering your taxable income). You'll have to figure out if the deduction is worth it according to your income.





You can claim the deduction if all of the following apply:





1. You paid interest on a qualified student loan in tax year 2007


2. Your filing status is not married filing separately


3. Your modified adjusted gross income is less than $65,000 ($135,000 if filing jointly)


4. You and your spouse, if filing jointly, cannot be claimed as dependents on someone else's return





Note that the deduction phases out over the life of the loan.