Press Releases

SACRAMENTO, Calif. – Wachovia Education Finance, will be moving its corporate headquarters from Sacramento to Rancho Cordova in June 2004. Wachovia Education Finance, the seventh largest provider and third-largest holder of student loans in the nation, will house more than 200 employees at its new headquarters, located on White Rock Road.

"We're excited about our new location,” said Ricardo Ramirez, the division’s Chief Financial Officer. “We’re continuing to grow as a division, and our new site supports the growth we expect in the future.”

Wachovia Education Finance, was established in 1984 at 21^st and L Streets in downtown Sacramento and moved to the Cannery Business Park on C Street in 1987. In 1998, they were acquired by First Union National Bank who then merged with Wachovia in September 2001 to become the fourth-largest bank in the U.S.

With a national sales team and five regional offices, Wachovia Education Finance, does business with more than 4,000 schools in all 50 states, Canada, and in other U.S. territories.  The Rancho Cordova offices will house Wachovia Education Finance's servicing, loan processing, customer service, technical systems, accounting, strategic projects, risk, training, data entry and marketing efforts.

Wachovia Education Finance’s loan offerings include:

• Federal Stafford Loan, the most popular government-guaranteed loan for undergraduate and graduate students.
• Federal PLUS Loans, a government-guaranteed loan to help parents cover education costs beyond their child's financial aid award.
• Federal Consolidation Loans for borrowers in repayment to consolidate existing education loans into one loan with a low fixed interest rate and extended repayment terms.
• Select Loans, a low-cost private education loan for undergraduate and graduate students designed to cover costs beyond the reach of federal aid programs.

About Wachovia Education Finance

Established in 1984 as Educaid, today Wachovia Education Finance is one of the top 10 student loan providers in the United States. Wachovia Education Finance now 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 $411 billion, market capitalization of $61.7 billion and stockholders’ equity of $33.3 billion at March 31, 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 provided through 32 international offices. Online banking and brokerage products and services also are available through Wachovia.com.