<p>So, when I’ll be done with college I’ll have about $33000 in loan. Now my parents told me to live with them to in my first year or two. That way I can save money and pay off the loan within that time span instead of paying interest on that loan for 15 years. I was just wondering if there is any benefit (like tax cut/ tax refund etc) of paying off student loans long term vs paying it off in short term? Does paying it off within a year or two have any cons? Obviously it has a pro that I won’t have to pay too much interest and no loans. Anything else?</p>
<p>Getting your loan paid off early has no cons other than having to live back at home. Though, you might have interest to deduct on a student loan, few kids can take advantage of that because most of you don’t have enough other deductions to take more than the standard deduction. </p>
<p>I know a lot of kids doing this, some because they have no choice since they can’t afford to live on their own. Ironic, because a number of them took out the loans so they could go away to school. Now four years later, they have to live at home to pay back those very loans.</p>
<p>Pay the loan off as quickly as you can. You’ll be forever grateful that you did!</p>
<p>If you want to apply for a mortgage at any point during the next 15 years, the amount of money that you owe on Student Loans will likely reduce the amount you are eligible for on your mortgage.</p>
<p>Pay the loans off early and thank your parents for their generous offer allowing you to move back home!</p>