The volatile economy makes it even more important for borrowers these days to look for ways that can help them pay off their debt, but will enable them to have enough cash for other expenses. The Wachovia Student Loans Consolidation can provide that service that provides better payment terms and more savings from loan payments.
Wachovia, one of the highly respected providers in the market today, has a diverse portfolio of products and services ranging from personal investments to wealth management. It also provides services aimed at borrowers who have multiple federal student loans and would want to bundle them into a single loan in order to avail of various benefits that fit these financial needs.
The benefits of consolidation potentially include paying lower monthly payments and a lock in on a low fixed interest rate for the life of the loan.
What Is Involved In Consolidating Your Student Loans?
Consolidating student loans involves combining all federal student loans the borrower has incurred to pay for the cost of education into a single loan, which essentially results to just one monthly payment. This reduces the hassle of making separate payments for the multiple loans every month.
The borrower can also avail of lower rates as consolidated loans are subject to fixed interest rates based on weighted average of the combined loans -- but not to exceed 8.25 per cent. That could translate to more savings as it could slash monthly loan payments by up to 50 per cent.
Is There A Minimum Amount I Have To Refinance?
Wachovia's terms might slightly vary with other providers due to market competition, but generally, the requirements are the same. It requires a minimum of $10,000 debt to qualify for consolidation and borrowers who have defaulted on their loans cannot avail of the service.
Borrowers are no longer subject to additional credit checks. Students who were still enrolled by the time they submitted their application for consolidation before July 1, 2006 were able to qualify. Beyond that date means only those who have dropped before half-time enrollment and those who have graduated college are only qualified. Married individuals may no longer jointly combine their federally sponsored loans beyond this date as well.
How Many People Have Used Government Funding To Help Finance Their Education?
The federal government has provided funding to approximately 60 million students in America to finance their college education since 1965 through the Federal Family Education Loan (FFEL) program. Recent changes however, have required all student loans beyond July 1, 2010 be done through direct lending program.
By consolidating their loans through Wachovia Student Loans Consolidation, borrowers may take advantage of lower rates and flexible payment terms, which could provide them some relief and more control of their hard-earned cash in these turbulent times.
If you have a student debt load made up of multiple loans, you should definitely look into student loans consolidation.