Wells Fargo is a banking and financial services company that offers private student loans to students in the United States. Founded in 1852, the company is headquartered in San Francisco. Wells Fargo private student loans can help borrowers cover the cost of tuition, room and board, fees, and other educational expenses.
Wells Fargo student loans are available to a range of students, including those attending traditional colleges and universities, career and community colleges, graduate school, law school, and medical school. Wells Fargo also has student loan options available for parents of undergraduate and graduate students. In addition, Wells Fargo offers customers the ability to consolidate or refinance their student loans. This gives borrowers the ability to obtain a new lower, and often fixed, rate loan that can often save borrowers thousands of dollars over the length of the term.
Wells Fargo Private Student Loans
For qualified borrowers, Wells Fargo offers a number of affordable student loan options with interest rates currently ranging from as little as 4.10 percent to as high as 11.26 percent, depending on the borrower’s creditworthiness and the loan terms. They offer both fixed interest rate loans, where the interest rate remains constant, and variable interest rate loans, where the interest rate may fluctuate with the market. Fixed interest rate loans tend to have higher rates, but are guaranteed to remain the same. Variable interest rate loans often have lower initial interest rates, but the interest rate may rise significantly over time. For borrowers under the age of 25 or those without a solid credit score, a co-signer may be required in order to qualify for a student loan with Wells Fargo.
For undergraduate students Wells Fargo offers its Collegiate student loans. These loans are available in an amount from $1,000 up to the full cost of education, including tuition, books, computers, or housing, minus other forms of aid. The total loan limit for this type of loan is $120,000.
The interest rates on the Collegiate loans currently range from 3.87 to 9.88 annual percentage rate (APR) with a variable interest rate loan. Fixed interest rate loans currently range from 5.94 to 11.26 percent APR. Repayment begins six months after students graduate or leave school. Borrowers can take advantage of two separate interest rate discounts of .25 percent each: one for having a previous Wells Fargo student loan or another qualifying account, and one for enrolling in automatic payments.
To qualify for a Collegiate student loan you must be enrolled in an eligible school as an undergraduate student, and be a U.S. citizen, national, permanent resident without conditions, or international student with temporary alien status. You must also have an existing credit history and meet Wells Fargo’s income and employment requirements to qualify for this loan. Otherwise, you will likely need a co-signer.
For graduate, law, and medical students, Wells Fargo offers its Graduate student loan. This loan is available to graduate students who are enrolled in an MBA, law, medical, or other qualified graduate program and who are U.S. citizens or nationals, permanent residents, or international students with temporary resident alien status.
As with Collegiate loans, Graduate loans are available in either fixed or variable rate types, with interest rates ranging from 4.91 to 10.38 percent APR for variable rate loans and 6.84 to 11.67 percent APR for fixed rate loans. Repayment of Graduate loans begins six months after a borrower graduates or otherwise leaves school. The same discounts of .25 percent each are available for having a previous Wells Fargo student loan or qualifying account, and/or enrolling in automatic payment. As with Collegiate loans, borrowers for Graduate loans must have an existing credit history and meet Wells Fargo’s income and employment standards to qualify, or else obtain a co-signer.
Finally, Wells Fargo offers student loans for parents. These loans are available for parents, family members, or friends of students who are enrolled as an undergraduate or graduate student and seeking a degree at an eligible school. To qualify, parents or loved ones must meet credit, employment, and debt-to-income requirements. These loans are available as either variable interest rate loans with APRs between 4.99 and 11.49 percent, or fixed interest rate loans with interest rates between 6.49 and 12.99 percent. The same interest rate discounts are available as for Wells Fargo’s other loans. Repayment options include either beginning immediate repayment or making interest-only repayment for up to 48 months.
You can apply for a student loan through Wells Fargo directly from its website. You will be required to input personal information such as your Social Security number, address, and salary, your college and university enrollment status and information, and the loan amount that you are requesting.
If you are applying with a co-signer, he or she will be required to fill out additional information once you have filled out your application. Wells Fargo will notify you if they require additional information, and will otherwise approve or deny your loan. If approved, the funds will be released automatically to your school. The entire process should take two to three weeks. Wells Fargo does not charge any application, origination, or early repayment fees for its Collegiate loans.
Wells Fargo Refinancing Options
Wells Fargo also offers the option of refinancing student loans through its Wells Fargo Private Consolidation loan. Through these loans, borrowers can combine multiple student loans into one loan or refinance a single loan. In most cases borrowers will be able to obtain a reduced or fixed interest rate and may be able to extend their repayment term.
Private Consolidation loans are available as either variable or fixed rate loans. Variable rate loans currently have interest rates ranging from 4.49 to 9.49 percent APR, while fixed rate loans have interest rates of 6.24 to 10.99 percent APR. Discounts of .25 percent are available for having a previous Wells Fargo student loan or qualifying account, and for enrolling in automatic payment.
There is a limit of $120,000 for this loan, with a lifetime limit of $250,000 for all Wells Fargo education loans. Repayment terms range from 15 to 20 years. For refinanced or consolidated loans, repayments begin immediately upon approval. There is no application or origination fee for these loans, and no penalty for paying off the loan ahead of schedule. Eligibility is based on creditworthiness, along with factors such as income and employment.