FAO: Money Nerds [LIBOR Index related]

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-- FAO: Money Nerds [LIBOR Index related]

Posted by tubularbills on Apr-05-2008 15:24:

FAO: Money Nerds [LIBOR Index related]

Anyone here know of the LIBOR index? i got a letter from my Iowa Student Loans about how my interest rates are going up (to almost 11% OMG), but if i resubmit my promisary note w/ this amendment, i can have the LIBOR index percentage rate which is lower (abour 6.5%). wtf is this? scam? real? will the LIBOR index go up to like 35% in a month after i do this?

edit,

LIBOR = London Interbank Offered Rate

so why is IOWA messing w/ LONDON!?

Posted by Capitalizt on Apr-05-2008 15:58:

It is legit. It's a common pool of money that banks often borrow from for things like student loans...You will usually pay the LIBOR rate + 1-2% for a good student loan. I dunno why they borrow from london instead of new york, but apparently it was the lowest rate they could get, so go ahead and take it.

Posted by tubularbills on Apr-05-2008 16:04:

that's all i needed to know, thanks.

Posted by itsamemario on Apr-05-2008 19:47:

oh, i thought it was monkey nerds