Tax Deduction Implications
When it comes to tax implications, ignore the old argument that says you shouldn't pre-pay loans because you lose the tax deduction on the interest you save.
Let's say you don't prepay, and spend $1,000 on interest. Sure, that $1,000 gives you a $280 tax deduction (if you are in the 28% tax bracket)...but you still spent another $720 on interest you could have saved by prepaying!
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