I have been reviewing lender lists today and it appears that Wachovia is no longer offering the 0.25% interest rate reduction when payments are made automatically from a borrower's checking account.
Here is what their website currently states, however, the footnote indicates "These 2008-09 academic
year benefit programs may be modified or discontinued at any time
without notice."
-----------------------------------
Wachovia Gives You a Great Way to Save:
Wachovia customers enjoy a 0.25% interest rate reduction when payments are made using auto-debit.1
This exclusive repayment reward plan can help you to stay on track with your monthly payments and enjoy big savings over the life of your loan.
Ready to apply?
Use our fast online application or call us toll-free at (877) 689-0763.
1These 2008-09 academic year benefit programs 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. Interest rate benefits terminate upon loan default and/or loan transfer to the guarantor or insurer. Auto-debit must be used for regularly scheduled payments of principal and interest to earn 0.25% rate reduction.
Stafford Loans originated by Wachovia Education Finance Inc.
--------------------------------------
Here were just a few of the lender lists where Wachovia appeared on a 2009-10 Stafford lender list without offering any borrower benefits:
When will their website be updated to reflect this new reality? It would seem the verbiage on their website described below needs to be updated since there are NO savings available on their Stafford loans. Since almost all other Stafford lenders offer this 0.25% interest rate reduction benefit, it would seem that this is a material fact that borrowers might want to know about before applying for a Wachovia Stafford loan (same footnote as above):
Comments
You can follow this conversation by subscribing to the comment feed for this post.