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Originally Posted by JA Yawd Bwoy  Is Wachovia betther than SLM? Century Air is a SLM user, does this mean that I cannot use Wachovia there? because the best loan company out there is what I am looking for because like you said about the first year at a regional I want it to be atleast manageable! Oh wait, what about college? Is it possible to take two loans out at a time? Wow all this financial talk is creeping me out  , I'm goin to bed!  |
I think they are about the same. From looking at Wachovia they do not have any origination fees or any other fees. Most places, I think SLM included, charges you a certain amount so while you make borrow 10k you may only get 9500. Also, the Wachovia seemed to have a better rate for the credit score I have, may not for you. Both offer longer pay periods of 15-20 years, but I would not suggest taking that long to pay off. It makes it managable for the first few years then as your salary increases you simply pay more, get it paid off early and save lots of interest.
Loans are scary and being in debt sucks. But look at it this way. If you went to college and then to grad school or med school you would easily be 100K+ in debt and still have no gaurantee to make a large sum of money your first few years out. I have friends who have that kind of debt and are making 30-40k a few years out, so it does not matter what you do, debt will most likely be a part of it. Also, that 100k+ translates into over 200K in loan payments, so it is not just flight lessons that will cost you a large sum in interest. We all don't have a silver spoon or a well paying job that offeres the required flexibility.
You have the right mindset though, get it done right at the best price and youll be fine.