New Posts New Posts RSS Feed - Paying my CIBC forever! How can I reduce?
  FAQ FAQ  Forum Search   Register Register  Login Login

Forum LockedPaying my CIBC forever! How can I reduce?

 Post Reply Post Reply
Author
skippingrock View Drop Down
Newbie
Newbie
Avatar

Joined: 08/March/2010
Location: BC
Points: 1
Post Options Post Options   Thanks (0) Thanks(0)   Quote skippingrock Quote  Post ReplyReply Direct Link To This Post Topic: Paying my CIBC forever! How can I reduce?
    Posted: 08/March/2010 at 11:49am
Hello, I've got a CIBC Student load from the early '90s and I seem to have been paying this loan forever.  The loan was for around $12,000 and I still owe around $5200.  It seems to be taking forever to pay this loan down.  Last year about $800 was applied to the principal and was paying $220 in interest.  This is a ridiculous amount of interest.  

I am thinking of just biting the bullet and using my Line of Credit to pay off the rest of the student loan.  Has anyone else had experiences with this and have any suggestions?  I have been paying my loan regularly and haven't defaulted.  I think I've used my total interest relief.

I am wondering if there are any programs that I can take advantage of to reduce my debit before I go and pay it off.  I would much rather reduce it and then pay it with my LOC.  I also have two smaller loans at NSLSC and BCSL with a total around ~$11,000.  I know, not much compared to some, but I'm at the point where I'm not sure if it is better to just pay one or all off with my LOC or continue to just pay it as I am.

But if there is some sort of Loan Forgiveness Program for CIBC, BC, or Fed loans or some way to reduce the interest on my CIBC loan I'd love to hear about them.

Cheers, Andrew.
Back to Top
Sponsored Links


Back to Top
administrator View Drop Down
Admin Group
Admin Group
Avatar

Joined: 25/January/2003
Points: 1765
Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 08/March/2010 at 1:34pm
There is a new RAP program.  Check for info on the Canlearn.ca site... 
 
Administrator

-------------

Mark O'Meara

Back to Top
Fed-Up View Drop Down
Newbie
Newbie


Joined: 17/February/2010
Location: Ontario, Canada
Points: 39
Post Options Post Options   Thanks (0) Thanks(0)   Quote Fed-Up Quote  Post ReplyReply Direct Link To This Post Posted: 09/March/2010 at 5:29am
I called the number on the web-site to enquire about the RAP program. I was told verbally that if you are in default you do not qualify.
 
I then asked why it doesn't state that on the web-site and I received an answer to the effect of "it's the government who puts the web-site up and the information on it, we have no control over what they write."
 
 
Back to Top
 Post Reply Post Reply
  Share Topic   

Forum Jump Forum Permissions View Drop Down

Forum Software by Web Wiz Forums® version 11.08
Copyright ©2001-2017 Web Wiz Ltd.