Media Contact:
Jennifer Darwin
(704) 383-8149
Wachovia Education Finance:
Chris Farrell
(916) 631-5564
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October 01, 2004
NEW TEXT MESSAGING FROM EDUCAID, WACHOVIA'S EDUCATION FINANCE DIVISION, PROVIDES FASTER ACCESS TO STUDENT LOAN FUNDS
RANCHO CORDOVA, Calif. -Educaid, Wachovia's Education Finance Division, announced the launch of its new text messaging service for communicating with students, speeding up the student loan application process, and providing faster access to funds.
Sending and receiving messages on cell phones and other hand held devices is a communication tool rapidly increasing in use, especially among people 25 years of age and younger.
"Using the power of cell phone technology, we are able to deliver important loan information and updates to students," stated Doris Grose, President of Educaid. "We have reengineered our communication methods to dramatically improve our ability to reach students, regardless of where they are. Now, students will be notified via their cell phones that their loan applications need additional information, and schools can be confident that their students will be receiving their funds faster than ever before."
"We're very excited to offer this latest advancement as part of our customer service," indicated Ms. Grose. "Now, more than ever before, we make it simple to reach students anytime, anywhere."
Educaid was rated first in technology and customer service in a recent survey of college financial aid offices conducted by one of the nation's top consulting firms. "Being the leader in applying text messaging technology to the student loan process is an example of why we look to Educaid for superior technology and customer service solutions," stated Sarah Bauder, Associate Director of Financial Aid at the University of Maryland, College Park.
About Educaid, Wachovia Education Finance
Established in 1984, Educaid, Wachovia's Education Finance Division, is one of the top 10 student loan providers in the United States, and does business with over 4,000 schools in all 50 states and in U.S. territories. In addition to the corporate office in Rancho Cordova, California, the company also has regional offices in Florida, Texas, Ohio and Delaware. More information can be obtained by visiting Educaid.com.
About Wachovia
Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation, with assets of $418.4 billion, market capitalization of $58.3 billion and stockholders' equity of $32.6 billion at June 30, 2004. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 12 million client relationships (including households and businesses), primarily in 11 East Coast states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, serves clients in 49 states. Global services are offered through 32 international offices. Online banking and brokerage products and services also are available through Wachovia.com.
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