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FAO: Money Nerds [LIBOR Index related]
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| tubularbills |
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!? |
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| Capitalizt |
| 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. |
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| tubularbills |
| that's all i needed to know, thanks. |
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| dj_alfi |
| oh, i thought it was monkey nerds :( |
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