it would be a great help if any one has a loan with either bank
2007-07-24 11:02:58 · 8 answers · asked by Curious 1 in Education & Reference ➔ Financial Aid
Check out the customer service hall of shame on MSN Money (Sorry Yahoo guys, I still like www.finance.yahoo.com better; no worries.): Bank of America was the worst financial institution and the second worst company over all.
The loans are the same, so service is the only variable. Do you really want to be "upsold" and asked if you want to enroll in credit protection everytime you interact the B of A? Go with Wachovia or another competitor. Not Chase, there bank on line isn't reliable enough. I had Bankone that was converted to Chase - it took weeks, and weeks, and weeks to get my online stuff to work again. If the internet part is important - go with Washington Mutual. Their website is great.
2007-07-24 11:17:00 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Choosing the bank where you get your federal stafford loans is not something you need to concern about.
All federal loans have the same interest rate and same terms as dictated by the government.
The only thing you really need to concern yourself with is if Bank of America or Wachovia have easier application processes. However, both are online banks so applying should be as easy as getting online.
2007-07-24 11:07:33 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Although all Stafford loans have a 6.8% fixed interest rate, different banks offer different incentives that amount to considerable savings (ie. waiving 1-3% origination fee). I've personally gone with Wells Fargo over BofA or Wachovia, but there are lots of options. www.simpletuiton.com offers a comparison of over 40 lenders, and here is an article explaining the importance of looking for the right lender:
http://smartmoney.foxnews.com/college/finaid/index.cfm?story=studentloans&hpagenda=1 Hope this helps, and beware of internet scammers offering loans!
2007-07-25 11:25:26 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If you are taking a Stafford loan out, it will be through the government and you apply for it by filling out the FAFSA at www.fafsa.ed.gov. But if you are asking for just an additional student loan on top of your Stafford loan, I would actually go with Wells Fargo. They have a pretty good student loan program. And no matter what, do not go with Sallie Mae. They have horrible customer service and they are impossible to deal with.
2007-07-24 13:24:54 · answer #4 · answered by purpledaisy102 2 · 0⤊ 0⤋
The correct answer is.........Though interest rates are the same, you are looking for GREAT customer service. Wachovia has been rated #1 in the latst six years. They also offer a much better package when it comes to borrower benefits. You received more benefits in the first two years then almost any other lender out there.
Also, lenders on Simple Tuition have PAID for their spot on their site. It has nothing to do with good service. The other link also recommends a lender that has been mentioned alot in the recent financial aid industry scandals.
2007-07-27 18:00:12 · answer #5 · answered by John 3 · 0⤊ 0⤋
wachovia is where a cousin got hers and, honestly, she's going to Stanford. Congrads on going there and I completly believe wachovia is the better choice.
GOOD LUCK!
2007-07-24 11:07:16 · answer #6 · answered by Mrs. Crosby 87! 4 · 1⤊ 0⤋
Bank of America. I've used them previously for student loans and have no complaints.
2007-07-24 12:12:16 · answer #7 · answered by Anonymous · 0⤊ 1⤋
bank of america =D hope i helped
2007-07-24 11:05:13 · answer #8 · answered by Alekhine A 2 · 0⤊ 1⤋
bank of america definitely.
2007-07-24 11:05:48 · answer #9 · answered by 1chunx4u 4 · 0⤊ 1⤋