Student loan question

[SOONER44EVER]

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]

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]

that's damn near loanshark rates.

[JohnnyMack]

A point a month is too high.

[boomersooner28]

uhhh, most student loan rates are about 3-4%, see if you can get that refinanced with sallie mae.

Thats crazy.

[SOONER44EVER]

I'll tell her. I knew something was awry. :mad:

[soonerboomer93]

as much as i dislike sallie mae, my student loan rate is a heck of a lot lower then that

[SOONER44EVER]

I wanted to pay cash but I was a little short of the 11K for one semester!! :eek:

[SoonerStormchaser]

Holy crap!

YOU GOT SERVED!

[oufan1]

What is your payment? Is it a federally guaranteed loan or a student loan through Chase alone?

[okienole3]

I have private student loans from law school that are only 8 percent.

[SOONER44EVER]

What is your payment? Is it a federally guaranteed loan or a student loan through Chase alone?
Through Chase alone.

[oufan1]

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]

per the chase site... http://www.chasestudentloans.com/student-loan-resources/interest-rates.html