Trying to figure out if the best move for me right now would be to try to get a bank loan or line of credit to consolidate some debt...
Here are the details of my situation.
I have about $46000 in student debt right now -
$30 000 on a student line of credit from the bank (RBC) at 4% interest, and $16 000 due to OSAP at 5.5% interest.
The OSAP was originally about $20 000 (less than a year ago) but I have had a very well paying contract for the past 4 months, and I've been paying it down agressively.
I also have about $5000 in savings. I also have a part time job, which will help me with expenses and whatnot until I can get something else full-time, but the hours there can vary greatly from week to week.
Currently my line of credit is still interest-only payments, but that's going to change soon.
As I said, I've been working on agressively paying down my OSAP, but with my current contract ending soon, I'm going to be pulling back on that plan for a while. I will still pay extra when I can, but I need to make sure my living expenses are covered first, each month. As long as the LOC is still interest-only, I shouldn't have trouble making the payments but once it goes into full repayment that could be an issue.
Thoughts?
thanks!