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Paying my CIBC forever! How can I reduce?

Printed From: CanadaStudentDebt.ca
Category: Dealing with the Banks!
Forum Name: CiBC and Edulinx Horror Stories
Forum Description: Problems with CIBC and Edulinx!
URL: https://www.canadastudentdebt.ca/forum_posts.asp?TID=5692
Printed Date: 29/March/2024 at 8:34am
Software Version: Web Wiz Forums 12.07 - https://www.webwizforums.com


Topic: Paying my CIBC forever! How can I reduce?
Posted By: skippingrock
Subject: Paying my CIBC forever! How can I reduce?
Date Posted: 08/March/2010 at 7:49am
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.



Replies:
Posted By: administrator
Date Posted: 08/March/2010 at 9:34am
There is a new RAP program.  Check for info on the Canlearn.ca site... 
http://www.canlearn.ca/eng/after/repaymentassistance/rpp.shtml -
 
http://www.canlearn.ca/eng/after/repaymentassistance/rpp.shtml


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Administrator
Mark OMeara
Author of Let Go and Heal: Recovery from Emotional Pain
https://LaughSingWrite.com - http://bit.ly/heal2024


Posted By: Fed-Up
Date Posted: 09/March/2010 at 1:29am
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."
 
 



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