Re consolidating consolidated student loan

Take Advantage of Tax Deductions As tax time rolls around, you may be wondering if you can take a student loan interest deduction.

Perhaps you have a child that is going to college, and you're wondering how the interest deductions work.

Often this gets complicated by the real life scenarios that can take place.

That being said, due to the complexity of the IRS tax code and student loan interest deductions, please visit the IRS website for the most accurate and up to date student loan interest deductions.

While it’s not as drastic as debt settlement or debt management, debt consolidation has its own pitfalls that you need to be aware of.Borrowers must have a minimum of two NJCLASS loans with an outstanding minimum balance of ,000.NJCLASS Consolidation loans with balances less than ,000 carry a 25-year repayment term.Borrowers, who would like to apply for a NJCLASS consolidation loan, should login using to start a NJCLASS Consolidation application.Funds are limited and are on a first come first serve basis.

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In other words, if the student lives in a luxury apartment that is twice the cost of campus living, that portion of the student loan would not be eligible to deduct. According to the IRS, student loan interest is defined as the interest you paid during the calendar year on what are called qualified student loans.

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