View Full Version : Student loan question
SOONER44EVER
1/23/2007, 09:07 PM
My wife just got a student loan statement from Chase Bank.
APR 12.305%
Amount financed $1800
Finance charge $3375
When it is paid off I will have paid $5175 on an $1800 loan. Does that seem really out of whack?
Vaevictis
1/23/2007, 09:10 PM
Depends on how long you've held/will hold the loan and how much you paid/pay towards principal each year.
Also, 12% is bloody high. I've got credit cards with lower rates -- non-introductory, too. If you haven't already refinanced, look into doing so -- I think Congress just passed a bill lowering the rates, you might want to wait until after it's law (assuming Bush signs it...)
1stTimeCaller
1/23/2007, 09:11 PM
that's damn near loanshark rates.
JohnnyMack
1/23/2007, 09:13 PM
A point a month is too high.
boomersooner28
1/23/2007, 09:18 PM
uhhh, most student loan rates are about 3-4%, see if you can get that refinanced with sallie mae.
Thats crazy.
SOONER44EVER
1/23/2007, 09:23 PM
I'll tell her. I knew something was awry. :mad:
soonerboomer93
1/23/2007, 09:23 PM
as much as i dislike sallie mae, my student loan rate is a heck of a lot lower then that
SOONER44EVER
1/23/2007, 09:28 PM
I wanted to pay cash but I was a little short of the 11K for one semester!! :eek:
SoonerStormchaser
1/23/2007, 09:33 PM
Holy crap!
YOU GOT SERVED!
oufan1
1/23/2007, 09:36 PM
What is your payment? Is it a federally guaranteed loan or a student loan through Chase alone?
okienole3
1/23/2007, 09:39 PM
I have private student loans from law school that are only 8 percent.
SOONER44EVER
1/23/2007, 09:40 PM
What is your payment? Is it a federally guaranteed loan or a student loan through Chase alone?
Through Chase alone.
oufan1
1/23/2007, 09:43 PM
Thats the reason for the higher rate then but it is still way to high...
I have private student loans from law school that are only 8 percent.
This rate is much more realistic for a private loan
oufan1
1/23/2007, 09:50 PM
per the chase site... http://www.chasestudentloans.com/student-loan-resources/interest-rates.html
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