Greetings all. I am down to final two debts (and my largest), and wanted some advice on the order of payoff. "Smallest debt first" aside, which makes the most sense financially?

I have a:

- Home Equity Line of Credit of $61,753k, at 4.25% interest (variable, but hasn't changed in over 2 years) . FWIW, it was used to purchase a 2nd home (rental property) and build a basement apartment in said home, currently being rented out). Minimum monthly payment is $790.

- Student Loan - $26,421.36 left, locked at 3.25%. Minimum monthly payment is $290.

I was originally going to pay off the HELOC first, since it is a variable rate loan, but someone recommended I do the student loan first, since the HELOC is tax deductable, whereas the student loan isn't for me due to my income. I don't like having the HELOC close to maxed out (64k max), but it does go down bit by bit each month with the routine payments.

Technically once the HELOC drops about another 33k, my Loan to Value on the rental propertygoes below 80%, and the the interest rate on the HELOC goes from 4.25% to 2.75%.

Right now we have 2 incomes, but will be down to just mine starting in September.

Either way, it should take me about 14 months to pay off both.

With 2 incomes through September 1st, we can put about 11k/month towards debt.

With 1 income after September 1st, we'll be able to do about 7-8k a month towards debt.

Taxwise, or just in general, which makes the most sense to get rid of first?

Thanks for the advice.