PERSONAL FINANCE FAQS

The federal government requires that we send your loan proceeds directly to the school. You should contact your financial aid office to find out what their disbursement procedures and policies are.

The federal government requires that loans be issued in at least two disbursements in most cases. For semester-based schools, the first disbursement is to be issued at the beginning of the loan period and the second no earlier than the midpoint. With a school that operates on the quarter system, loans may be issued from two to four disbursements. Your school determines the loan period and disbursement dates.

To find out, use Access Accounts. Simply click on the "Borrower Login" link under " Access Accounts" found on our home page. You'll be prompted to create a User ID and Password and then to click on the "Log In" button.

Once you've signed on, a list of the loan(s) for which you've applied will appear. Click on the name of the appropriate loan. A chart with information about that loan will appear. Scroll down to "Loan Transactions.” If we've received the refund, a notice to that effect will show up in the Loan Transactions section.

To estimate your accrued interest, multiply your loan amount by your interest rate then divide it by 365 days. Access our online calculators for help determining your interest. (If you need to double-check your loan amount and interest rate, use Access Accounts.) Remember, Subsidized Stafford Loans do not begin accruing interest until you begin repayment.

To find out, use Access Accounts on the "Borrower Login" link found on our home page. If you haven’t already done so, you'll be prompted to create a User ID and Password and then to click on the "Log In" button.

Once you've signed on, a list of the loan(s) for which you've applied will appear. Click on the name of the appropriate loan. A chart with information about that loan will appear. The last item on the chart is the "Unpaid Interest Balance." This is your accrued interest.

The way to calculate your interest is as follows:

• Multiply your current principal balance by the interest rate.
• Then multiply that amount by 92.
• Next, divide by 365.25 days.

The result is your quarterly interest payment. (If you choose to make monthly interest payments, divide your quarterly interest amount by 3.)

Go to our Stafford Calculator for more information.

We do not currently send payment books for interest-only payments, but you can find your interest repayment schedule on your disclosure statement. If you have not received a disclosure, we can send you a copy. Contact us at (877) 689-0763 or send us email at wef.customerassistance@wachovia.com.

Student loans are nontransferable, because your cost of attendance and loan eligibility at your new school may be different from a previous school. You will need to request that we cancel any pending disbursements and reapply for a new loan at your new school. Be sure to contact the financial aid office at your new school to find out what they require from transfer students, such as financial aid transcripts.

An origination fee of 1.5 percent normally applies to Stafford Loans, and an origination fee of three percent applies to PLUS Loans. This fee is required by federal law and is paid to the U.S. Department of Education to fund the Federal Family Education Loan Program (FFELP). The lender deducts it in equal proportions from each disbursement.

At Wachovia, we waive the 1.5 percent origination fee on behalf of our Stafford Loan customers.

There is also a federal default fee (or guarantee fee) that can be as high as one percent. The lender is required to pay an insurance premium to the guaranty agency to obtain insurance coverage on your loan. This premium insures the lender against loss in the event that you default on a loan. It also serves as insurance for you. The government fully pays off the loan if you die, become disabled, etc. Some guaranty agencies charge a lower fee or no fee. The premium is deducted in equal proportions from each disbursement.