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  1. #1
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    Iowa Student Loan

    Anyone out there have a private loan they are repaying with ISL? I got some mail from them yesterday and they are jacking up my variable rate from 8.06% to 11.29% using COF Index.

    I've got another option which involves using a 3 month average of the London Interbank Offered Rate (LIBOR Index) which is currently at 3.45% but after adding that with some other margin the end rate would be 5.65%.

    Does anyone know if any reason I would NOT go with the lower rate? And yes, before you tell me to get a fixed rate I will tell you that the only option ISL allows for consolidation of private loans was to do a variable rate.


    While on live TV, Ford used a vulgar term to describe a private part of the female anatomy, adding that he was “happily married” and “got more than enough to eat at home.”

  2. #2
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    Re: Iowa Student Loan

    That was 1000! Way to go.



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    Re: Iowa Student Loan

    Does that other option float along with the LIBOR index?


    Exaggeration is a BILLION times worse than understating.

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    Re: Iowa Student Loan

    Thanks for the post... I use ISL for private student loans and dont like the shop they are running. I'll be checking into this for my loans as well.



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    Re: Iowa Student Loan

    Same here. What a crap business ISL is...



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    Re: Iowa Student Loan

    wow i just realized mine are up to 11% as well. I didn't receive the letter or email. Those are some very high rates compared to what i remember them being



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    Re: Iowa Student Loan

    I have no problems with them. I have fixed 2.25 interest rates so I can't say I'm in a huge hurry to pay them off.


    Exaggeration is a BILLION times worse than understating.

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    Re: Iowa Student Loan

    I got the same thing - I only have 1800 left so I was going to just go with the lower rate for now, and hopefully get it paid off before anything bad happens.

    One thing about it, how much worse could the rate get than 11%? I mean that's nuts.




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    Re: Iowa Student Loan

    Quote Originally Posted by BryceC View Post

    One thing about it, how much worse could the rate get than 11%? I mean that's nuts.
    Exactly. Hell, I can get a personal loan through my bank for a better rate than that.



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    Re: Iowa Student Loan

    Quote Originally Posted by wartknight View Post
    I have no problems with them. I have fixed 2.25 interest rates so I can't say I'm in a huge hurry to pay them off.
    Those are probably federal dollars. If you have private dollars, no way could you get rates locked in with ISL.

    My federal loans are locked in at like 2.5% so I'm in no hurry to get those paid off.



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    Re: Iowa Student Loan

    Quote Originally Posted by cycloneworld View Post
    Exactly. Hell, I can get a personal loan through my bank for a better rate than that.
    I have a credit card with a 10% rate. I'd just transfer it there first.




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    Re: Iowa Student Loan

    Thanks for the post, I just called and checked my interest rate. I consolidated with them at 7.65 locked.

    Think I will call my bank today and see about getting a better rate and get this paid off quicker.

    Thanks for the inspiration!



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    Re: Iowa Student Loan

    Keep in mind the possible deductibility of your student loans. Depending on your tax bracket, that MAY make keeping it as a student loan a better option...MAY.


    Exaggeration is a BILLION times worse than understating.

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    Re: Iowa Student Loan

    Quote Originally Posted by wartknight View Post
    I have no problems with them. I have fixed 2.25 interest rates so I can't say I'm in a huge hurry to pay them off.
    On private loans? Are you sure you dont mean federal. If you have 2 1/4 on private loans please pm me to let me know who your lender is.



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    Re: Iowa Student Loan

    Quote Originally Posted by wartknight View Post
    Does that other option float along with the LIBOR index?
    It says that it's based on the 3 month average of the LIBOR index as published daily during the previos calendar quarter by the British Banker's Association plus the LIBOR margin (LIBOR + 2.20% = 5.65% currently). Variable rate will change quarterly on the first day of Jan, April, July and Oct of each year.


    While on live TV, Ford used a vulgar term to describe a private part of the female anatomy, adding that he was “happily married” and “got more than enough to eat at home.”

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