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Another thing you might consider is the deductibility of interest on student loans from your federal income tax. I believe you can deduct up to 2,500 a year from your fereal income tax for interest paid on student loans. So if you're going to be deducting the interest anyway, I believe that the lower rate may not really helpful while the principal reduction will lower your payments. Be careful with this deduction however, I believe the phase-out for taking it is an AGI around 50,000.\

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