Wachovia Introduces Federal PLUS Loan for Graduate and Professional Students
May 5, 2006 - Posted in Financial Aid, Student LoanEducation Finance, one of the top-10 student-loan providers in the nation today introduced the Federal PLUS Loan for graduate and professional students.
Similar to the existing Federal PLUS Loan for parents of undergraduate students, the new Graduate PLUS program will allow graduate and professional students to cover 100 percent of their total education costs, less other financial aid received. Loan payments can be deferred while students are enrolled at least half-time.
This loan is available with special discounts from Wachovia, including an immediate reduced fixed interest rate of 7.9 percent (reduced from 8.5 percent) and a 3 percent rebate of accrued interest 180 days after disbursement. To retain this interest rate reduction on a Wachovia-held Graduate PLUS Loan, the borrower must simply make the first 12 scheduled payments on time. Automatic payments are not required to qualify for these rebates.
“We’re very excited to offer graduate students a new tool to help them reach their goals,” said Mitch Hogins, Chief Operating Officer, Wachovia Education Finance. “Whether a student is working toward a business, law, or medical degree, the Graduate PLUS Loan is an excellent option. And because this loan is federally insured, even students with limited credit histories can normally qualify.”
The new Graduate PLUS Loan adds to Wachovia’s suite of loan products designed to aid graduate and professional students. Wachovia also offers the Federal Stafford Loan and private loans such as the Wachovia Education Loan(SM).
Students may apply for a Graduate PLUS Loan by requesting or downloading a paper Master Promissory Note, or by applying entirely online at http://www.wachovia.com/education. Approved loans will be available for disbursement on or after July 1, 2006.
More information about the Graduate PLUS Loan from Wachovia is available online at http://www.wachovia.com/education or by calling 800-338-2243.
About Wachovia Education Finance
Wachovia Education Finance is the education loan division of Wachovia Corporation . Wachovia Education Finance does business with over 4,000 schools in all 50 states and several U.S. territories. Education loan products and financial aid services are available online at http://wachovia.com/education.
About Wachovia
Wachovia Corporation is one of the nation’s largest diversified financial services companies, providing 13.4 million household and business relationships with a broad range of banking, asset management, wealth management and corporate and investment banking products and services. Wachovia operates as Wachovia Bank through 3,159 offices in 16 states from Connecticut to Florida and west to Texas, and, until merger integration activity is completed, will continue to be known as Western Financial Bank in California. Two core businesses operate under the Wachovia Securities brand name: retail brokerage in 49 states and in Latin America, and corporate and investment banking in selected industries nationwide. Globally, Wachovia serves clients through more than 40 international offices. Online banking is available at http://wachovia.com/; online brokerage products and services at http://wachoviasec.com/, and investment products and services at http://evergreeninvestments.com/. Wachovia had assets of $541.8 billion, market capitalization of $90.2 billion and stockholders’ equity of $49.8 billion at March 31, 2006.
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