distressedpremed Posted May 10, 2017 Report Share Posted May 10, 2017 Hey guys, I consolidated my NSLSC loans about three weeks ago with my Line of Credit (I am officially very, very very poor). This was about 3 weeks ago. I haven't heard anything from the NSLSC with regards to any emails confirming the payment has gone through. No updates on the NSLSC account page for me. Has anyone else heard anything? Just want to make sure I'm not charged any ridiculous interest on this. Thanks! Link to comment Share on other sites More sharing options...
gsmith Posted May 10, 2017 Report Share Posted May 10, 2017 Call them. Mine got updated within 2 weeks and a letter saying "congratulations you paid it all off" Link to comment Share on other sites More sharing options...
distressedpremed Posted May 10, 2017 Author Report Share Posted May 10, 2017 Call them. Mine got updated within 2 weeks and a letter saying "congratulations you paid it all off" Yeah it just says "no active loans" in my account...haven't heard anything at all. Thanks man - I'll give you them a call tomorrow Link to comment Share on other sites More sharing options...
distressedpremed Posted May 10, 2017 Author Report Share Posted May 10, 2017 Just FYI to anyone else - give them a call. They can tell you if the loan's been paid in full or not. Wait time is approximately 1-2 weeks post payment processing. Hope it helps! Link to comment Share on other sites More sharing options...
schmitty Posted May 12, 2017 Report Share Posted May 12, 2017 Yeah definitely call them. My payment went through (as seen online) in about 2 business days. Link to comment Share on other sites More sharing options...
leviathan Posted June 15, 2017 Report Share Posted June 15, 2017 Just be aware that interest payments on your LOC are not tax deductable while your govt student loan is. Might be cheaper to not consolidate. Link to comment Share on other sites More sharing options...
rmorelan Posted June 15, 2017 Report Share Posted June 15, 2017 Just now, leviathan said: Just be aware that interest payments on your LOC are not tax deductable while your govt student loan is. Might be cheaper to not consolidate. I have done the math with that - and it almost always STILL works out cheaper to consolidate. The interest spread is just too high. Link to comment Share on other sites More sharing options...
leviathan Posted June 15, 2017 Report Share Posted June 15, 2017 Just now, rmorelan said: I have done the math with that - and it almost always STILL works out cheaper to consolidate. The interest spread is just too high. I consolidated mine, but my MD Management advisor told me that I shouldn't have done it! I never did the math, but the difference in interest seems too much to not be a better option. Link to comment Share on other sites More sharing options...
rmorelan Posted June 15, 2017 Report Share Posted June 15, 2017 Just now, leviathan said: I consolidated mine, but my MD Management advisor told me that I shouldn't have done it! I never did the math, but the difference in interest seems too much to not be a better option. errr I would love to see their math on that Link to comment Share on other sites More sharing options...
leviathan Posted June 15, 2017 Report Share Posted June 15, 2017 1 minute ago, rmorelan said: errr I would love to see their math on that Something tells me I should look into getting a new advisor... Link to comment Share on other sites More sharing options...
rmorelan Posted June 15, 2017 Report Share Posted June 15, 2017 1 minute ago, leviathan said: Something tells me I should look into getting a new advisor... ha, I mean of course I could be wrong but the math was pretty simple. and I do generally require advisors to know how to do math Link to comment Share on other sites More sharing options...
bearded frog Posted June 15, 2017 Report Share Posted June 15, 2017 It would depend on the amount of student loan, and the interest rate of your LOC and student loan, so it might be worth it for some and not for others. Link to comment Share on other sites More sharing options...
rmorelan Posted June 15, 2017 Report Share Posted June 15, 2017 1 hour ago, bearded frog said: It would depend on the amount of student loan, and the interest rate of your LOC and student loan, so it might be worth it for some and not for others. Other than the amount consumed by the LOC and thus loss of flexibility, why would the amount matter? what am I missing? Link to comment Share on other sites More sharing options...
bearded frog Posted June 17, 2017 Report Share Posted June 17, 2017 Actually I think it depends on your tax bracket actually, if your tax rate is higher or lower than the additional interest plus prime on your student loan. If you consolidate your interest goes down but you lose out on the tax deduction for that portion of your overall debt, so there is math involved :(. Link to comment Share on other sites More sharing options...
shady Posted June 21, 2017 Report Share Posted June 21, 2017 On 2017-06-17 at 1:37 PM, bearded frog said: Actually I think it depends on your tax bracket actually, if your tax rate is higher or lower than the additional interest plus prime on your student loan. If you consolidate your interest goes down but you lose out on the tax deduction for that portion of your overall debt, so there is math involved :(. Not so much It's a credit, not a deduction. So doesn't depend on bracket (except for the silly case of Ontario surtax on income >$84k income, which would lead to a tiny increase in their value) Link to comment Share on other sites More sharing options...
NLengr Posted June 21, 2017 Report Share Posted June 21, 2017 It also depends on the province. For Canada-Newfoundland Student loans, the provincial loan portion is tax exempt, so you only pay interest on the federal portion of the loan, which changes the interest spread in the calculations. Link to comment Share on other sites More sharing options...
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