View Full Version : Private loan 64k


m3toocool
Hey everyone i am in a little pickle, but better now that i have a job...lol

So i have a reconsolidated loan that is at $63000 at a 6.0% Variable rate through wells fargo. Now i make 65k a year at my new job. This is the only debt i have, I use an AMex so i don’t monthly credit card bills. My question is what is the best way to quickly pay this off. Should i just pay the minum and put money in to stocks or saving and wait till i have cash or should i start paying more then the monthly "$550 dollar or so payment its been.

My next question is that wells Fargo said they won’t give me a 1080 for my taxes. Can i still write off the interest even after i reconsolidated



Thanks everyone

~Brand

zimma13
They might not supply you with an actual 1098, but it might just be a letter. Either way they legally need to tell you how much you paid in interest. You'll pay well in excess of the maximum $2,500 you can deduct on your taxes for years to come.

I recommend paying as much over the minimum you can to get them paid off.