OSAP and Interest

    3 February 2006, the wee hours

The interest rate on my OSAP loan is 7.75% (Variable). Does that seem high to you? I’m not sure why it took my 15 months to actually look this up. In hindsight, I think I could have got a loan at a much lower rate than that, paid off my OSAP in its entirety, and paid back the new loan at the lower rate. (For those of you who will have to pay back your loans soon that is something to seriously consider.) I’m almost all paid off. So far I have paid about $350 in interest. (I think when I am all done I’ll be at about $370 in interest.) That really isn’t so bad. Still, I look forward to not having the National Student Loan Centre take my money away.

 

Comments

  1. it IS high. I just made my first payment 3 days ago. I am going to pay back that thing ASAP. 7.75% is about 3% above prime. Anybody with a salary of $25,000+ can get a loan from a bank at a lower rate than that.

    Thank you government.

Don't be shy, you can comment too!

 
Some things to keep in mind: You can style comments using Textile. In particular, *text* will get turned into text and _text_ will get turned into text. You can post a link using the command "linktext":link, so something like "google":http://www.google.com will get turned in to google. I may erase off-topic comments, or edit poorly formatted comments; I do this very rarely.