HOW AM I GOING TO PAY FOR COLLEGE?

fThe big day has finally arrived. You've chosen your school and planned your classes, but how can you access and manage the money you've worked so hard to save? No matter what your funding needs may be, we can help you get your college financial life up and running.

Education Loans and Financial Aid

Financing college can be a big job. Wachovia can help. We offer great information on college admissions, budgeting and the entire financial aid process. And when you’re ready to apply for a loan, you’ll enjoy online loan applications, fast access to funds, and great ways to save during repayment.

Wachovia Education Finance

Federal Stafford Loan for Students

Federal PLUS Loan for Parents

Managing Your Savings

Start by researching your options at least three months prior to paying your initial college costs. Find out how you need to cash out or withdraw money from your college savings account. You should also consult your Financial Advisor and tax advisor to see what kinds of tax exemptions you or your parents can claim.

Wachovia Savings Account Products

Wachovia Securities IRA Products

Introduction to Budgeting

You're going to need to create a budget, especially since your income may not be steady. Outline your one-time expenses like tuition, books, room and board, and any other fees. Then record those expenses that are recurring, such as food, entertainment, transportation, clothing, and even insurance. It's easy to overlook the everyday items, so be thorough in your preparation.

Budgeting Guide

Spending Plan Worksheet

Money Management 101

Once you have an idea of your budget, you can begin to plan your money management. You need to set up a banking account system that will not only be convenient, but easy to manage. Choose a financial institution that is close to where you are living, but don't limit yourself by proximity—online financial services, such as banking and bill payment, allow you to access your accounts from anywhere you have Internet access. You need to weigh the competition on their accounts and features. Look for accounts geared toward college students.

Article: Starting Out: Begin Funding For Your Financial Security

Wachovia Branch and ATM Locator

• Checking
  Look for a checking account with no monthly service fee and online management tools so you don't have to run to the bank every other day. Keep in mind that making withdrawals from out of network ATMs can be accompanied by charges, which in time, can really start to drain your account. Carry a Check Card—it's safer than cash, and it allows you to quickly see your purchases online or at your bank's ATM. If you have an Internet connection from your room, you can view your accounts and track your spending whenever it's convenient for you.

            Wachovia Free Student Checking

            Wachovia Online Banking

• Savings
  If you want to keep your money earning more through the school year, consider an interest bearing savings account for college students. You may want to link your account to your checking for overdraft protection.
              Wachovia Savings Account Products

Electives

No financial management course load would be complete without factoring in your insurance and credit needs.

• Insurance
  Check to see if your insurance for health, car, and rent are covered on your parents plan. Most extended plan coverage is only good through a certain age or timeframe. Don't let your insurance lapse at any cost. If you're carrying insurance for the first time, look for multiple plan discounts.

             Wachovia Insurance Products

• Credit
  Having a credit card is a great way to start building a strong credit history, however, if it is used incorrectly can be equally devastating to your credit. Only use your credit card for emergencies or for an interim purchase. For instance, you may choose to buy your books on your credit card and then make a lump sum payment at the end of the month from your college savings account. Watch out for getting into the habit of using your credit card instead of paying cash. If you like the convenience of carrying one card, then definitely get a Check Card for your college checking account.
              Wachovia Check and ATM Cards

Wachovia Securities is the trade name used by two separate, registered broker-dealers and non-bank affiliates of Wachovia Corporation providing certain retail securities brokerage services: Wachovia Securities, LLC, Member NYSE/SIPC, and Wachovia Securities Financial Network, LLC, Member FINRA /SIPC.

All loans and lines of credit are subject to credit approval, acceptable collateral and available equity, and are originated by Wachovia Bank, National Association, Wachovia Mortgage, FSB, Wachovia Financial Services, Inc.,or Wachovia Bank of Delaware, National Association. Products are not available in all states and are subject to change without notice. Certain restrictions apply.



Only deposit products are FDIC-insured.

Insurance and annuity products are offered through non-bank affiliates of Wachovia Corporation and are underwritten by unaffiliated insurance companies.

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Related Links

•Projected tuition cost calculator
•College Savings Worksheet
•Student Center
•Education Loans

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