September 7, 2016
My friend is in the Medical field and currently owes a lot of money. She has these loans from UAS (United Accounting Services, LLC) that are broken into 7 different loans. The lending institution is GSED Trust. And each of the 7 loans are around 20,000. And the minimum payment for each of the loans are around $175 each month. The interest rates are in the range of 9.9 to 10% annually. She is currently going through her residency program (3year) from school (just started) and just juggling to pay her rent and student loans.
I have several questions. One, is there a way to consolidate all seven loans into 1 loan? Second, how do you keep the interest rate fixed because these loans are all variable interest. What are her options? What is the best method to go about this.
May 3, 2014
We have addressed this subject here: https://studentloansherpa.com/student-loan-plan-managing-student-loans-residency/
I’d note that refinancing and consolidating are pretty much the same thing and it would combine all 7 loans into one.
As for the fixed vs variable rate, both options are available with just about every consolidation company. The interest rate on the fixed rate loans is a little higher, but it comes with the security of knowing that it won’t go up.
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