OK here is the deal. I have 20K in student loans remaining at 5.5% and have some emergency funds saved up. I am beginning to see some extra cash building up in my savings account on top of my emergency fund...should i just pay off the student loans with that extra money thats being saved up? i already have the emergency fund set up so thats no prob.

FYI, i am paying 25 bucks additional each month on top of my install amount so as it is i m paying a bit extra towards principal but going by 1st paragraph, would it make sense from income tax stand point to pay off the student loans with additional savings? I am in 25% income tax bracket. Please advise.

You need to talk to a reputable accountant or tax adviser.

Even if I was qualified to give the kind of advice you are asking for, I would strongly discourage you from posting all the personal financial info needed to properly answer that question here.