Author Topic: [Canada] Should I consolidate loans?  (Read 1088 times)

Le0

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[Canada] Should I consolidate loans?
« on: December 18, 2016, 10:01:28 PM »
For the record, because I'm sure the answer is somewhere in this forum already - search isn't working at least not for me.

My question is about consolidating loans.

We have two student loans, ones OSAP the other is a TD Student Line of Credit. Between the Two there is $27,000.

We also have a regular line of credit with $9000.

Bring us to a grand total for about 36000 of debt.

I did a quick online calculator on CIBC's website that said I'd pay ~ $2500 over 5 years in interest, and payments would be $165 a week.

This is completely doable, I'd likely be able to put extra on each month. Does it make sense to consolidate like this?

Le0

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Re: [Canada] Should I consolidate loans?
« Reply #1 on: December 19, 2016, 07:34:59 AM »
In general then you would only do it if the rates were lower and you pay less interest over time AND if it was going to streamline your debt repayment.

I'll look for interest rates.