Overall save up to 7.03% with Wachovia off the original loan amount when you combine subsidized fees with the principal and interest rate reductions
- Instant 0.5% savings on the federal origination fee
- Instant 1% savings with zero default fees when using a guarantor that does not charge the fee
- Automatic 1% principal reduction at disbursement. The benefit is retained when the first 12 month payments are made on time. Late is defined as any payment received 15+ days beyond the payment due date.
- Benefit Rehabilitation – A borrower who misses one of the first 12 payments can re-earn the principal reduction benefit by completing a financial tutorial and making the remainder of the first 12 payments on time
- 0.25% interest rate reduction with auto debit payments - The ACH benefit can be turned on or off (repeatedly if applicable) at the borrower’s discretion.