Wachovia used to be one of the major players in the national financial market. It was the fourth-largest financial institution by assets in 2008, with a diversified portfolio that included financial services from wealth management to student loans. In 2008, as a result of the recession, Wells Fargo acquired Wachovia. This acquisition resulted in Wachovia’s programs and services transferring in name to Wells Fargo, and effectively shut down Wachovia’s student lending program.
Otherwise, Continue Reading about Wachovia’s old Student Loan Program
Wachovia student loans were a popular option for students in need of private sources of funding to cover college costs. The program was fairly straightforward, and operated much in the way any other major private lender did. They offered a variety of private loan options, as well as a private student loan consolidation program. After acquiring Wachovia, Wells Fargo has become a more prominent player in the lending space.
Standard Procedure with Loans
As with many private loans, Wachovia student loans followed a pretty standard application process: as a student borrower, you usually had to have a cosigner, and would have to wait for a period of time before being approved for the loan. As far as this history lesson goes, we cannot say much that is unique about Wachovia student loans.
Since you can’t get a student loan from Wachovia anymore, it’s time to look elsewhere for your borrowing options. If you’re looking for money for college, it’s best to exhaust your federal borrowing options before turning to private student loans. Federal loans are more borrower friendly, generally have lower interest rates, and have far more favorable repayment terms as opposed to private student loans. It’s also important to look into grants and scholarships, as these are “free money” forms of aid you don’t have to repay a
grant, which makes it a great way to pay for college.
If you’re looking for a private student loan, check out our student loan comparison tool. We have a variety of lenders featured on our site, and our tool lets you compare a variety of different private loans from different lenders side-by-side. You can use the tool to determine which private loan option is right for you and when you find the right loan, you can apply for it directly through our tool.