3/28/2006

Knoxville, TN:  Edamerica is pleased to partner with American Education Services (AES) in West Virginia to participate in the aesBEST loan program. Effective immediately, Edamerica will offer enhanced benefits to its zero origination fee Stafford loan, especially for borrowers in West Virginia.

“I’m very excited that I can now offer the outstanding benefits and features of this program,” says Mary Bryan, district marketing director. “Since the upfront and back-end benefits are the best in the industry, I’m looking forward to visiting with my friends at the WV schools and discussing the personal and caring service that Edamerica and I will offer to them and their students.”  

The aesBEST program means no up-front costs for borrowers, because AES pays the 1% guarantor default fee, and Edamerica pays the 2% origination fee on behalf of borrowers. Back-end benefits include a 2% interest rate reduction after 36 consecutive, on-time payments and a .25% interest rate reduction when borrowers make loan payments via auto-debit. Best of all, there’s a 1% credit to loan principal at graduation.

“We extend our congratulations to Edamerica for their willingness to lower the cost of borrowing for West Virginia students,” says Elaine M. Chiles, director, AES, WV Office. “We thank Edamerica for their tenacity and perseverance in making this happen.”

Bryan will be promoting aesBEST benefits on behalf of Edamerica, which now offers a zero fee Stafford loan nationwide, as well as a new GradPLUS loan for graduate and professional students. Edamerica’s GradPLUS loan rate is 7.5% versus the standard GradPLUS rate of 8.5%. Edamerica works with AES and other guarantors in West Virginia at the school’s discretion. AES benefits are not applicable at non-AES schools.

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Edamerica is the 10th largest provider of education loans in the United States.  Edamerica has helped over a million students and families realize their dreams of higher education by offering low-cost postsecondary student loan and benefit programs nationwide. Edamerica is an Edfinancial Services lender.