Yes, as I was saying the 12% is a variable rate loan. I had originally recieved the loan from my bank at around 4-5%, but Sallie Mae bought out the loan and proceeded to alter the interest rate. Sallie Mae is probably the most messed up place to deal with, I am not suprised they had an accounting scandal earlier this year! The rate is something I am going to try and get changed, but its like talking to bricks when calling them.
And yes, I truly don't know what people with young kids are going to be doing in 5-10 years down the road. At this rate you will be paying over 60k a year! There has to be some cap at some point, I just dont see any reason for such high costs. BC is sitting on over a billion dollar endowment, and they still find reason for increase!
Thanks
Tim
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