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Most student loans already provide tax benefits to borrowers who are in the repayment period. The interest you pay can be deducted on your annual taxes up to $2,500 per year depending on your adjusted gross income. When you are looking to refinance your student loan, make sure the new loan terms still allow you to claim this deduction. This is especially true if you decide to combine your student loan with another type of loan for repayment. Check with a tax adviser to get more information on the student loan interest tax deduction on refinanced loans.
|Jennifer Mathes, Ph.D.|