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Pay off student loan with mortgage money good idea or not?

I have a chance to pay my daughters student loan off with money from a refinance we made a couple years ago. Is there any tax benefit to leave it as a student loan or any benefit at all leaving it as a student loan?

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4 Responses to "Pay off student loan with mortgage money good idea or not?"

  1. Hello Love says:
    if there’s a tax benefit to leave it as a student loan then i need to know! i owe $25,000+.
  2. felipe says:
    your mortage will have a higer interest than the student loan if you want to finish paying off the house i would use it for that since more inteterst goes to the bank and that would be smarter and then you could help your daughter,
    You could also pay halve and halve
    Invest would be another idea, but not right now
  3. Rosenberg says:
    ask your accountant or tax preparer you can deduct the interest from student loans as well as a mortgage, but it has a low cap. My wife maxes hers out fast with a 50,000 student loan. I am all in favor though of paying off any loan as fast as possible.
  4. l_e_i_2004 says:
    Your daughter can deduct up to $2500 from her income on page 1 of her tax return. You also can deduct the mortgage interest on your house if you itemize. You both get a tax benefit by paying the interest. I look at it as free money. I would pay her loan down enough to maximize the tax benefits (she can get an amortization from the direct loan website.) Perhaps pay off her car instead? You don’t get any tax benefits from holding onto a car note.

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