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Jan. 1 is Key Date for Student Financial Aid Eligibility RANCHO CORDOVA, Calif. - Students planning to attend college during the 2005-06 school year should submit a Free Application for Federal Student Aid (FAFSA) as soon as possible after Jan. 1 for the best chance of receiving financial assistance. The FAFSA establishes students' eligibility for all federal (and most state or college-based) aid programs and determines how much parents will need to contribute. "Virtually every college-bound student is eligible for some form of financial aid," said Doris Grose, president of Wachovia Education Finance. "The best aid packages are awarded to those students who apply the earliest." The FAFSA is available from any financial aid office, the public library, by telephone at 800-4FED-AID (800-433-3243) or online at www.fafsa.ed.gov. If students do not submit a FAFSA, they will not be eligible for any federal aid, including grants, work-study assistance or government loans. "It is very important that all students complete a FAFSA and submit it as soon as possible after Jan.1 to keep all of their options open," said Grose. "One of the largest myths about student financial aid is that only those who can prove need are eligible. The truth is that all students should submit a FAFSA, as they may not be aware of the financial opportunities available to them on a school-by-school basis. It's also important to remember that the FAFSA qualifies students for work-study programs and federal loans in addition to qualifying them for grants." The most popular types of financial aid are those that are "free" and do not have to be repaid, like grants, scholarships and Federal Work Study programs. These are often awarded on a first-come, first-served basis. There are also government loan programs for students and parents. The Stafford Loan for students does not have to be repaid until after graduation. The PLUS loan for parents is not based on assets or income so all parents are eligible to apply. And lastly, there are private loans to help meet costs above government loan program caps. Completing the FAFSA is quick, easy and free. Benefits of applying online include:
Established in 1984 as Educaid, Wachovia Education Finance 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. Wachovia Education Finance 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. In addition to the corporate office in Rancho Cordova, Calif., the company also has regional offices in Florida, Texas, Ohio and Delaware. More information can be found 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, with retail operations from Connecticut to Florida and west to Texas, and retail brokerage operations nationwide. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve approximately 14 million client relationships (including households and businesses), primarily in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, serves clients in 49 states and Washington, D.C. Global services are offered through 33 international offices. Online banking and brokerage products and services also are available through wachovia.com. Wachovia had assets of $436.7 billion, stockholders' equity of $33.9 billion and market capitalization of $61.4 billion at Sept. 30, 2004. SouthTrust had assets of $53.8 billion and stockholders' equity of $4.7 billion at Sept. 30, 2004. |
About Wachovia