Wachovia Student Loans

Wachovia was previously a private bank who offered a great line in student loans. They have joined forces and become part of Wells Fargo, one of the largest and strongest financial services companies in America. If you are a student who needs to borrow more money, but has run out of federal student loan options, Wachovia may be the perfect solution for you.

A Wachovia student loan can help to cover the cost of tuition, books, a computer, your room and board, and so much more. They are able to offer both fixed and variable rate student loans with a number of enticing options which include:

  • A variable rate student loan as low as 3.4% APR. This is of course subject to qualification.
  • You may also qualify for additional rate discounts up to a maximum of 1%. There is a 0.25% discount to borrowers who graduate and took out their loans after July 1, 2008. There is an additional 0.25% discount for any borrowers who choose to have their payments automatically deducted from a personal checking or savings account.

However, should you cancel the automatic payment you will lose your discount until the automatic payment is once again reinstated. There are also certain discounts up to 0.5% if the borrower has a cosigner who owns any number of designated Wells Fargo account. There is no requirement to make any payments whilst you are still studying and the repayment period begins six months after you leave school or graduate. You are able to borrow up to a maximum amount of $25,000 per year

There are a number of different options for a Wachovia (Wells Fargo) student loan such as:

The Wells Fargo Collegiate Loan - This loan is best suited to students who are looking to cover their college expenses at the lowest cost. This loan is available in both a variable or fixed rate product, although the variable rate can be as low as 3.4% APR.

The maximum loan amount will be equal to the maximum cost of education, minus any other financial aid you have received. No payments need to be made during school, and a cosigner may be required with this type of loan. However, a cosigner is also likely to lower the offered interest rate and this in addition to the normal interest rate discounts.

The Wells Fargo Education Connection Loan - This type of loan is best suited to a student who is looking for additional funding to cover their college expenses that have not been met by their other student loans. This loan is only ever recommended to students once they have exhausted all other options of educational funding.

The maximum loan amount is up to $25,000 per school year and you can secure a variable rate loan for as low as 5.68 APR%.

The Wells Fargo Student Loan for Career and Community Colleges - This loan is intended for students attending career training or community college. The loan, once again, has both fixed and variable rate options, with variable rates as low as 5.24% APR.

The maximum loan amounts are up to $10,000 per school year for two-year programs and up to $20,000 per school year for four-year programs.

The Wells Fargo Student Loans for Parents - This loan is intended for a parent, family member, or friend who would like to help cover the costs of a student's education. Both fixed and variable rates are offered, with variable rates as low as 4% APR. Once again a maximum amount of $25,000 per school year is available.

Wachovia has built a solid reputation for providing private student loans. However, this reputation has been further enhanced now that their student loans come under the Wells Fargo umbrella. As you can quite clearly see, Wells Fargo offer a wide variety of loans at extremely competitive rates. However, with that said, a student should always consider the lowest cost options first such as, federal student loans, grants and scholarships.

Only once all these options have been exhausted is it recommended that an individual applies for a private student loan. Students should also be aware that Wells Fargo and other private lenders are no longer able to originate federal student loans, and these are now directly available from the US Department of Education.