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Who is Wachovia Education Finance?
We are the student loan division of Wachovia Corporation (NYSE:WB), one of the largest providers of financial services to retail, brokerage, and corporate customers throughout the East Coast and the nation. Wachovia has more than 2,600 financial centers, 800 retail brokerage offices, and assets of $401 billion.
For over 20 years, we have helped hundreds of thousands of students and parents make their education dreams a reality. By providing smart and affordable financing solutions, we’ve grown to be one of the nation's top ten student loan providers. For friendly service, fast funds, and great savings, choose Wachovia Education Finance.
Federal Stafford Loan
The Federal Stafford Loan from Wachovia Education Finance is an affordable, low-interest loan designed for undergraduate and graduate students.
Program Benefits "What Are the Interest Rates and Fees?"
Low variable interest rate
Make no payments until six months after you graduate or drop below half-time enrollment
No co-borrower required
Save up to 5.53% of your original loan amount with the Triple Payback rewards program*
Apply online for faster funds
Online Master Promissory Note
To receive a Federal Stafford Loan, you will need to complete and submit a signed Master Promissory Note (or MPN). Your MPN can be completed and signed entirely online for fast processing.
Don’t Forget the FAFSA!
Before you can receive federal loan funds, you must also complete the FAFSA (Free Application for Federal Student Aid). If you have not completed this application, visit www.fafsa.ed.gov or call 800-4-FED-AID (800-443-3243) for more information.
Apply Now for a Stafford Loan
More About the Stafford Loan
More About Triple Payback
* This program may be modified or discontinued at any time without notice. Program changes will not affect loans that qualify for the benefit prior to the time of the change. Other terms and conditions apply. Visit educaid.com for complete details and eligibility requirements.
Federal Stafford Loan
The Federal Stafford Loan from Wachovia Education Finance is a low-interest, government-insured education loan designed for undergraduate and graduate students.
Program Benefits "What Are the Interest Rates and Fees?"
Low variable interest rate
Make no payments until six months after you graduate or drop below half-time enrollment
No co-borrower required
Save up to 5.53% of your original loan amount with the Triple Payback rewards program*
Apply online for faster funds
* This program may be modified or discontinued at any time without notice. Program changes will not affect loans that qualify for the benefit prior to the time of the change. Other terms and conditions apply. Visit educaid.com for complete details and eligibility requirements.
Subsidized vs. Unsubsidized
Depending on your level of financial need, you may be eligible to borrow a “Subsidized” or an “Unsubsidized” Stafford Loan, and in some cases, both. With Subsidized Stafford Loans, the government pays the interest that accrues on the loan while you are enrolled, during your six-month grace period, and during deferment. Your school of attendance will determine your eligibility for these loan types.
Low Variable Interest Rate tc "What Are the Interest Rates and Fees?"
These interest rates apply from July 1, 2004 to June 30, 2005, are adjusted annually on July 1, and cannot exceed 8.25%.
4.70% while in school, during grace, or deferment.
5.30% for loans in repayment.
Borrowing Limits and Repayment
Loan amounts vary depending on your year in school and whether you are considered a financially dependent or independent student. Normally, you will have up to 10 years to repay your Stafford Loan.
| Annual Federal Stafford Loan Limits | | Subsidized Stafford | Unsubsidized Stafford | Combined | | Year 1 | $2,625 | $4,000 | $6,625 | | Year 2 | $3,500 | $4,000 | $7,500 | | Year 3, 4 & 5 | $5,500 | $5,000 | $10,500 | | Graduate/Professional | $8,500 | $10,000 | $18,500 |
Apply Now for a Stafford Loan
More About Triple Payback
Federal PLUS Loan
The Parent Loan for Undergraduate Students (PLUS) from Wachovia Education Finance is an affordable, low-interest loan designed to help parents pay for their child’s undergraduate education.
Program Benefits "What Are the Interest Rates and Fees?"
Record-low variable interest rate
Borrow up to total cost of attendance minus other aid received
Eligibility is not based on household income, all parents may apply
Save up to 5.91% of your original loan amount with the Triple Payback rewards program*
Apply online for faster funds
Online Master Promissory Note
To receive a Federal PLUS Loan, you will need to complete and submit a signed Master Promissory Note (or MPN). Your MPN can be completed and signed entirely online for fast processing.
Ask About the FAFSA
Before you can receive this loan, your child’s school may require that he or she complete the FAFSA (Free Application for Federal Student Aid). Contact your financial aid office for more details.
Apply Now for a PLUS Loan
More About the PLUS Loan
More About Triple Payback
* This program may be modified or discontinued at any time without notice. Program changes will not affect loans that qualify for the benefit prior to the time of the change. Other terms and conditions apply. Visit educaid.com for complete details and eligibility requirements.
Federal PLUS Loan
The Federal PLUS Loan (Parent Loan for Undergraduate Students) is an affordable, low-interest loan designed for parents. The current variable interest rate is 6.10%
Program Benefits "What Are the Interest Rates and Fees?"
Record-low variable interest rate
Borrow up to total cost of attendance minus other aid received
Eligibility is not based on household income, all parents may apply
Save up to 5.91% of your original loan amount with the Triple Payback rewards program*
Apply online for faster funds
* This program may be modified or discontinued at any time without notice. Program changes will not affect loans that qualify for the benefit prior to the time of the change. Other terms and conditions apply. Visit educaid.com for complete details and eligibility requirements.
Cover the Total Cost of Education
Parents can borrow up to a student's total cost of education minus student financial aid awarded. This total cost can include tuition and fees, room and meals, books and supplies, transportation, and more.
Easy to Apply
All parents of dependent students are welcome to apply! And, if you have concerns about your credit, don't worry. Our ParentPLUS counselors are trained to assist with credit issues and help you get approved.
Apply Now for a PLUS Loan
More About Triple Payback
Federal Consolidation Loan
A Federal Consolidation Loan can combine your student loans into one loan with reduced monthly payment, a low fixed interest rate, and an extended repayment period.
Program Benefits "What Are the Interest Rates and Fees?"
Reduce your monthly payment
Lock in a new low interest rate
Single loan and in-school consolidation are available
One convenient monthly statement
No additional fees to consolidate
Consolidate during your grace period for an even lower rate
Consolidate $10,000 or more and reduce your new interest rate by 1% with incentives
Apply online for faster funds
Apply Now for a Consolidation Loan
More About Consolidation
Federal Consolidation Loan
A Federal Consolidation Loan can combine your student loans into one loan with reduced monthly payment, a low fixed interest rate, and an extended repayment period.
Program Benefits "What Are the Interest Rates and Fees?"
Reduce your monthly payment
Lock in a new low interest rate
Single loan and in-school consolidation are available
One convenient monthly statement
No additional fees to consolidate
Consolidate during your grace period for an even lower rate
Consolidate $10,000 or more and reduce your new interest rate by 1% with incentives
Apply online for faster funds
Low Fixed Interest Rate
Your new interest rate will be based on the weighted average of the interest rates on the loans being consolidated (rounded up to the nearest 1/8 of 1.00%). This interest rate will be fixed and cannot exceed 8.25%.
If haven’t begun repayment on your Stafford Loans, take advantage of your low “in-grace” interest rate by consolidating now. This can help you lock in an even lower fixed rate.
Enter to Win $5,000
Consolidate with Wachovia and you’ll also be automatically entered to win our $5,000 Consolidation Sweepstakes!
Apply Now for a Consolidation Loan
Wachovia Education LoanSM
The Wachovia Education Loan is designed to cover costs beyond the reach of federal aid programs. This flexible alternative education loan is designed for undergraduates, graduate and professional students, and foreign students. Students who qualify for our best terms enjoy these benefits:
Program Benefitst "What Are the Interest Rates and Fees?"
Zero origination fees and flexible repayment options
Competitive interest rate
$500 to $45,000 available annually with no aggregate limit
Interest rate reduction of 0.50% available with auto debit loan payments
Funds may be used for prior academic periods or years
No payments required for up to five years
Apply Now for a Wachovia Education Loan
Triple Payback from Wachovia Education Finance
When you begin repayment our Stafford or PLUS loans, you can save up to 4.70% on Stafford and up to 5.03% on PLUS! With the Triple Payback rewards program, you will enjoy great savings when consecutive, scheduled payments are made on time using auto debit.*
More About Triple Payback
* This program may be modified or discontinued at any time without notice. Program changes will not affect loans that qualify for the benefit prior to the time of the change. Other terms and conditions apply. Visit educaid.com for complete details and eligibility requirements.
Triple Payback from Wachovia Education Finance
With our Triple Payback rewards program, both Stafford and PLUS borrowers can enjoy great savings during repayment.1
Choose Cash Rebates or Principal Reduction
When you begin repayment on our Stafford or PLUS loans, you can receive rebates equaling 3.5% of your original loan amount by making consecutive scheduled loan payments on time using auto debit.2
Immediate 1% rebate at the start of repayment
Extra 1% rebate after your first 12 payments
Additional 1.5% rebate after your first 24 payments
Auto Credit for Increased Savings
These rebates are automatically credited to your outstanding loan balance, increasing the effective savings up to 5.53% for Stafford and 5.91% for PLUS based on current interest rates.3 Or, cash rebates are available upon request.4
Easy to Qualify
New Stafford and PLUS borrowers with loans funded by Wachovia Education Finance for more than one academic period and disbursed on or after July 1, 2004 are eligible.
Apply Now for a Stafford Loan
Apply Now for a PLUS Loan
1. This program may be modified or discontinued at any time without notice. Program changes will not affect loans that qualify for the benefit prior to the time of the change. Borrower is responsible for payment of applicable taxes. Other terms and conditions apply. Visit educaid.com for complete details and eligibility requirements.
2. Auto debit must be active by third month of repayment in order to qualify.
3. Future savings may vary. Effective savings rate is based on the total interest saved over the length of the loan when the rebate is applied to principal reduction. Estimated Stafford savings assume a 54-month deferment period and an interest rate of 2.77% prior to repayment, 3.37% during repayment. Estimated
PLUS savings assume an interest rate of 4.17%. Further assumes that borrowers will make remaining loan payments on time.
4. Cash rebates total 3.5% when all 36 consecutive, scheduled payments are made on time using auto debit. Cash payments must be requested within 30 days of receiving notice of each rebate.
Triple Payback from Wachovia Education Finance
With our Triple Payback rewards program, Stafford borrowers can enjoy great savings during repayment. 1
Choose Cash Rebates or Principal Reduction
When you begin repayment on your Stafford Loan, you can receive rebates equaling 3.5% of your original loan amount by making consecutive scheduled loan payments on time using auto debit.2
Immediate 1% rebate at the start of repayment
Extra 1% rebate after your first 12 payments
Additional 1.5% rebate after your first 24 payments
Auto Credit for Increased Savings
These rebates are automatically credited to your outstanding loan balance, increasing your effective savings up to 5.53%.3 Or, cash rebates are available upon request. 4
Easy to Qualify
New Stafford borrowers with loans funded by Wachovia Education Finance for more than one academic period and disbursed on or after July 1, 2004 are eligible.
Apply Now for a Stafford Loan
1. This program may be modified or discontinued at any time without notice. Program changes will not affect loans that qualify for the benefit prior to the time of the change. Borrower is responsible for payment of applicable taxes. Other terms and conditions apply. Visit educaid.com for complete details and eligibility requirements.
2. Auto debit must be active by third month of repayment in order to qualify.
3. Future savings may vary. Effective savings rate is based on the total interest saved over the length of the loan when the rebate is applied to principal reduction. Estimated Stafford savings assume a 54-month deferment period and an interest rate of 4.70% prior to repayment, 5.30% during repayment.
4. Cash rebates total 3.5% when all 36 consecutive, scheduled payments are made on time using auto debit. Cash payments must be requested within 30 days of receiving notice of each rebate.
Triple Payback from Wachovia Education Finance
With our Triple Payback rewards program, PLUS borrowers can enjoy great savings during repayment.1
Choose Cash Rebates or Principal Reduction
When you begin repayment on your PLUS Loan, you can receive cash rebates equaling 3.5% of your original loan amount by making consecutive scheduled loan payments on time using auto debit.2
Immediate 1% rebate at the start of repayment
Extra 1% rebate after your first 12 payments
Additional 1.5% rebate after your first 24 payments
Auto Credit for Increased Savings
These rebates are automatically credited to your outstanding loan balance, increasing your effective savings up to 5.91%.3 Or, cash rebates are available upon request.4
Easy to Qualify
New PLUS borrowers with loans funded by Wachovia Education Finance for more than one academic period and disbursed on or after July 1, 2004 are eligible.
Apply Now for a PLUS Loan
1. This program may be modified or discontinued at any time without notice. Program changes will not affect loans that qualify for the benefit prior to the time of the change. Borrower is responsible for payment of applicable taxes. Other terms and conditions apply. Visit educaid.com for complete details and eligibility requirements.
2. Auto debit must be active by third month of repayment in order to qualify.
3. Future savings may vary. Effective savings rate is based on the total interest saved over the length of the loan when the rebate is applied to principal reduction. Estimated PLUS savings assume an interest rate of 6.10%. Further assumes that borrowers will make remaining loan payments on time.
4. Cash rebates total 3.5% when all 36 consecutive, scheduled payments are made on time using auto debit. Cash payments must be requested within 30 days of receiving notice of each rebate.
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