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Debt Relief – Insolvency – Bankruptcy Information » Student Loan Help » who gets to claim the interest on this loan?

who gets to claim the interest on this loan?

I took out 2 loans to pay for college. One was a federal loan with a 3.5% interest rate for $28K, this loan is in my name. The other was a sallie mae student signature loan for $36k at about 10%, this is in my fathers name, even though I make the payments. My father refinanced the loan to a better rate of 8.5% with a Line of Credit loan, and then refinanced again with a home equity loan with an interest rate of 6.9%, which is what it is in now. First -is this equity loan deductible? or has it lost its “deductability” because it is no longer a real student loan? Second- if so, can I claim it on my taxes? because I make the payments? or does it have to be claimed by my father? third- any suggestions on getting a lower interest rate? I paid $4k toward the equity loan and only about $750 went to princeble and over $3k went to interest! this is destroying me…

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One Response to "who gets to claim the interest on this loan?"

  1. mister ed says:
    as for the taxes you can not claim since it is not in you name — and second i think you will have hard time finding loan iwht interest rate less than 6.9!!!

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