I really don't suggest getting private loans with so many other options. One reason is you will be at the mercy of your lender and they do do not have to consolidate your loan or give any kind of deferments. Also, the current economy has eliminated the private student debt consolidation market for now.
One piece of good news is that the $700 billion bailout bill restored a college tax break that had previously expired. You can deduct up to $4,000 in college tuition and fees if you make less than $65,000 for single filers. A $2,000 deduction if your income is between $65,000 and $80,000 or 4,000 for those making $130,000 and who are married and filing jointly. You'll get the $2,000 deduction for incomes between $130,000 and $160,000. These deductions can be filed whether you are itemizing or not.
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