COLUMBUS, Ohio, June 19 /PRNewswire/ -- Donald A. Winkler, Chairman and
Chief Executive Officer of Finance One Corporation, announced today that its
Bank One Education Finance Group business unit has joined with Servus
Financial Corporation of Herndon, Va. to offer a new education loan program,
called "Education One," effective today.
"Education One" is a variable-rate unsecured consumer loan which is being
offered to colleges and universities and to retail customers. The loans
utilize the Prime rate plus a variable rate depending on the specific type of
loan.
"Education One" loans will be marketed directly to consumers with a one-
year introductory rate of 7.90%, while "Education One Campus" loans will be
offered to colleges and universities via school financial aid offices. Both
"Education One" and "Education One Campus" loans cover undergraduate expenses,
including tuition, room and board, books, fees and computers; loans for
graduate expenses; loans of up to $7,500 specifically designated for
computers; and consolidation loans, in which a student may combine outstanding
Title IV Loans, as well as other education loans received. The loans will be
serviced by a third-party provider, Servus Financial Corporation.
For the borrower, all that is needed is a five-minute, no-obligation phone
call, during which time his or her credit can be pre-approved. Once a loan
application is approved, and enrollment and income are verified, a loan
disbursement check can be sent to the borrower in many cases within 24 hours
of final approval.
Bank One has provided student loans for over 30 years through its various
branches, and since 1996 its Education Finance Group has operated as a single,
national business. In a $30 billion government loan program, Bank One is
currently the third-largest student lender in the U.S., and is on the
preferred lender list for over 400 schools. Bank One currently offers Federal
Stafford Loans (subsidized and unsubsidized), as well as PLUS Loans, Federal
Consolidation Loans, and private alternative loans.
Finance One Corporation is a subsidiary of BANC ONE CORPORATION
headquartered in Columbus, Ohio, and manages assets of approximately $28
billion. It is the one of the largest finance companies in the United States
and has eight business units engaged in consumer, indirect, commercial and
mortgage lending markets.
BANC ONE CORPORATION (NYSE: ONE) had managed total assets of $146.7
billion, total assets of $116.3 billion and common equity of $10.4 billion at
March 31, 1998. BANC ONE operates over 1,300 banking centers in 12 states,
and also owns several additional corporations that engage in a full range of
financial services. Information about BANC ONE's financial results and its
products and services can be accessed on the Internet at:
http://www.bankone.com; through InvestQuest at http://www.investquest.com; or
through Fax-on-demand at: 614-844-3860.
Servus Financial Corporation, headquartered in Herndon, Virginia, is a
dynamic financial services company committed to providing innovative financial
products and services to a wide range of customers and clients. By means of
cutting-edge technology, coupled with the highest quality customer service
standards, Servus works with corporate partners like Bank One to develop
strategic alliances to offer loan options to a diverse customer marketplace.
Note: Students and parents who would like more information about EDUCATION
ONE may call 1-888-661-8663, Ext. 807.
SOURCE BANC ONE CORPORATION
 back to top
Related links:
http://www.bankone.com
Company News On-Call: http://www.prnewswire.com or
fax, 800-758-5804, ext. 084675
CONTACT:
P. Michael Mc Dermott of Finance One
Corporation, 614-213-5284; or Sheila Consaul of Servus Financial
Corporation, 703-904-1474
|
