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Tax rates and other debt also matter -
If you have a car loan, credit card debit, or almost any other debt (besides a mortgage) you are probably better off paying off the other debt.

If you no longer qualify for the student loan interest deduction, and you can get one of the retirement savings credits, you might be better off putting the money into a Roth or traditional IRA, claiming the credit and using any extra in your tax refund to pay down the loans.

If it were me, and I was getting enough to pay off one of the loans, I would probably tend to do that, unless I could substantially change my tax situations.
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