<p>For anyone or any family that’s used either of these two banks, how have they been dealing with student loans/college loans? For the expected contribution (EC) they list on the financial aid statement, that is usually the amount to take out, correct?</p>
<p>Stafford loans are pretty generalized and they have a fixed rate. And the Stafford loans interest rates decrease over time annually. However, for the EC, would you recommend taking out a student loan or a parent loan?</p>
<p>I know Wells Fargo has an option of “college loans”, more specifically called the Wells Fargo Collegiate Loan. ([Wells</a> Fargo Student Loans -Wells Fargo Collegiate® Loan](<a href=“Wells Fargo Bank | Financial Services & Online Banking”>Wells Fargo Bank | Financial Services & Online Banking)) This loan has a variable rate, but also with several benefits. As opposed to the Parent Plus Loan (<a href=“https://www.wellsfargo.com/student/parent/plus/[/url]”>https://www.wellsfargo.com/student/parent/plus/</a>), where the interest rate is higher among other things.</p>
<p>On the other hand, Bank of America offers the federal loans as well.</p>
<ul>
<li>Any preference over the banks?</li>
<li>Preference over student loans for the EC? aka “college loans”
or parent loans? aka Parent Plus loan vs. private loans</li>
<li>Are there any fees/restrictions in opening a college student account/parent account? (Meaning, opening fee, maintaining a minimum amount in an account, etc)</li>
</ul>
<p>Any thoughts, opinions, comments are welcome! Thanks in advance!</p>