Benefits of Wachovia Student Loans

Wachovia student loans are essentially education loans taken out with Wachovia. That sounds simple enough, right? And while this aspect is pretty easy, the choices you have for student loans are vast. Without a bit of guidance, securing financing for your college career could get a bit sticky.

Wachovia can help you get a student loan in a couple of ways: federal loans and private loans.

Wachovia Student Loans: Federal
Many lenders work with the government to provide students with federal student loans that can cover your tuition costs without sinking you into inescapable debt. The types of federal loans Wachovia can provide include the Federal Stafford Loan, the Federal PLUS Loan and the Federal PLUS Loan for graduate students. Each of these loans has specific requirements, so you will need to read their terms carefully when applying. As with all federal aid, the application process begins by filling out the FAFSA. You don’t complete that step and you can kiss federal aid goodbye, in any form!

Wachovia Student Loans: Private
Wachovia also offers private student loans to help make up the difference in your tuition costs. You should always try to pay your way through school using federal grants, scholarships and loans first before resorting to a private loan. However, if you must do so, Wachovia has a special education loan program that takes the sting out of borrowing.

Wachovia Education Loan
Even though it is a private loan, the Wachovia Education Loan does offer some benefits that are not common to standard loans. For instance, you can borrow up to the amount of your college expenses, less any other financial aid you may have received, of course. You can also cosign with someone so your interest rate will be lower. No fees are charged as well, making more of your repayment money going straight to paying off the loan.

You also do not have to pay a cent during school! It is very much like a federal loan in this regard; however, you will be responsible for the interest that accrued while you were in school. You also have the option of paying while in school if you want to, which can help to lower the overall amount of interest you will need to pay. You also have up to 25 years to repay your Wachovia Education Loan.

Finally, you can apply online quickly and easily. There are no complicated forms to fill out, as this is not a federal loan, and you can get pre-approved within minutes. While you should always pursue federal funding when possible, borrowing from Wachovia is certainly not a bad option.