Waaah!!!!!

iVillage Member
Registered: 04-07-2003
Waaah!!!!!
2
Mon, 11-15-2004 - 2:13pm
I just found out yesterday that the interest rate on my CIBC student loan is a whopping 12%. I was thinking all this time I was paying Prime + 2.5%, when in actual fact, I selected the FIXED rate of prime + 5% on the day of consolidation, 5 years ago. Ugh. And I can't change it - I'm stuck.

That means on a balance of $16,000+, I am accruing interest at over $5 PER DAY. That just makes my stomach turn. I currently pay $207/month, which means only about $50 of that goes toward the principal. Ick.....

Just when I think I see that light.....










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iVillage Member
Registered: 04-23-2003
In reply to: unicorn21
Mon, 11-15-2004 - 4:36pm
I'm hearin ya--my student loans are at 9% consolidated. Don't want to fess up to how much I owe but it's alot. My dh consolidated his about 2 years ago w/ 5%. Don't forget to deduct that interest from your taxes!!! It'll help out a little.
iVillage Member
Registered: 02-19-2004
In reply to: unicorn21
Mon, 11-15-2004 - 4:48pm
Someone said this doesn't work for Canadian loans, but your profile says Ohio. You can reconsolidated consolidated loans and get a lower interest rate. I just did this less than a year ago. I guess the rules used to say you couldn't do this (consolidate one, previously consolidated loan), but they changed last year. My rate was over 8% and now it is less than 4%. The company I did it is ACS and I've posted a link on here somewhere. Let me know if you want me to repost it.

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