Media Contact:
Jennifer Darwin
(704) 383-8149
Wachovia Education Finance:
Chris Farrell
(916) 631-5564
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October 20, 2003
Educaid Introduces New Loan Services for Parents and Colleges
CHARLOTTE, N.C. - Educaid, Wachovia Corporation's student lending division, is pleased to announce the Educaid ParentPLUS Service, a new and expanded PLUS loan service providing colleges and parents better access to information and prompt loan approval decisions.
The Educaid ParentPLUS Service is designed to expedite PLUS loan approval notifications, assist parents with credit issues and help colleges maintain favorable PLUS approval rates. The program is comprised of a suite of pre-approval services, credit counseling and a dedicated customer service team. Collectively, these services answer the needs of college clients and potential Educaid PLUS borrowers.
"The continuing rise in education costs, combined with the static federal student loan limits, means parents need more financial help than ever before to put their children through college," said Doris Grose, president of Educaid. "Educaid's PLUS loan-with historically low interest rates of 4.22 percent for the 2003-04 academic year and associated Triple Payback repayment savings of up to 4.76 percent savings-is one of the lowest cost financing options available to parents."
The Educaid ParentPLUS Service includes: - PLUS loan pre-approval options for colleges-PLUS by Phone, PLUS by Web, and PLUS by FAX.
- PLUS loan credit counseling services-assists parents with negative credit issues and helps parents become credit approved for an Educaid PLUS loan.
- A dedicated customer service team-works proactively with all Educaid PLUS applicants (beginning with new applications/pre-approvals as of Oct. 1, 2003).
About Educaid
Established in 1984, Educaid is one of the top 10 student loan providers in the United States. Educaid does business with over 4,000 schools in all 50 states, Canada, and other U.S. territories. In addition to the corporate office in Sacramento, Calif., the company also has regional offices located in New Jersey, Florida, Texas, Ohio, Delaware and Southern California. More information can be obtained by visiting www.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 $389 billion and stockholders' equity of $33 billion at Sept. 30, 2003. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 9 million households, including 900,000 businesses, primarily in 11 East Coast states and Washington, D.C. Its broker-dealer, Wachovia Securities, LLC, serves clients in 48 states. Global services are provided through more than 30 international offices. Online banking and brokerage products and services also are available through Wachovia.com.
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