Interest rates
Printed From: CanadaStudentDebt.ca
Category: Other Topics
Forum Name: Describe your Debt Load!
Forum Description: Post stories of your debt and how it affects you and your family
URL: https://www.canadastudentdebt.ca/forum_posts.asp?TID=1712
Printed Date: 26/March/2026 at 10:41pm
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Topic: Interest rates
Posted By: owe2much
Subject: Interest rates
Date Posted: 25/October/2004 at 3:33pm
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I'm going to give National Bank a call to see if they will reduce my interest rate on my student load to 5 or 6%. I hope they will go along with it. My wife and I are in the process of trying to make our payments on our student loans. It seems like the bank doesn't want us to pay them as they don't seem to want to discuss any possibilities of decresing the interest rate or taking the loan out for a longer time. We both put in for debt reduction and so far I was turned down for my provincial loan, although I called the bank on saturday and asked for my balances, account numbers and payments. These numbers did not agree with anything. Both of the National loans are lower than I expected,around $10,000 less, so I figure that the debt reduction went through on them. The Provincial loan did not change. My interest rate is at (8.5% floating) now and my wife's is at (11.25% fixed). We are going to try and get them to lower this rate to prime or 1% above. The payments they told us now are 1/3 of what they were initially. I'm kinda thinking that these payments are just interest, but Im not sure. I should know better in a couple days. Has anyone here negotiated a better interest rate?
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Replies:
Posted By: eshelton
Date Posted: 04/November/2004 at 5:35pm
Your interest rate seems really high. I'm paying between 3 - 5%
to Scotiabank and to HRDC. I didn't negotiate - that's just what
they gave me.
You should get some kind of monthly statement showing what the status
is on all your loans. Balance oweing, interest paid, principal,
etc. Hopefully, some sort of paper trail will clear up the
confusion of what's going on here.
Debt reduction - rules are too bloody complicated for my understanding.
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"A proof is a proof. What kind of a proof? It's a proof. A proof is a proof. And when you have a good proof, it's because it's proven." - Jean Chretien
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