Student Line of Credits

[dmont08]

I was just wondering if anyone knew if other banks would buy out Line of Credits from other banks. When I started college a few years ago, I just went with CIBC because thats the bank I dealt with at the time. But now, after a few years of getting hit with insane interest rates, I found that places like ScotiaBank offer lower interest rates than CIBC does on student LOCs (4.75% compared to my current 5.25%).

Are any other banks better than 4.75%?

[john29]

Pretty much all banks are better than 4.75% at the moment. I think most are at prime+1% at this time which is (2.25%+1%), such as RBC, BMO, etc.

I have no idea if they'd buy out your LOC at CIBC.