Wells Fargo Student Loans: Top Things You Need To Know!

Wells Fargo Student Loans: Top Things You Need To Know!

                Wells Fargo Student Loans: If you are looking for the perfect platform to get the student loans, then you must try Wells Fargo as it is one of the best student loan providers since its establishment.

Wells Fargo provides student loans as well as student loan refinancing, which it also calls private consolidation. Since its establishment in the mid-1960s, Wells Fargo has offered student loans to many people in need.

The interest rates for Wells Fargo’s student loan are average as well as its sole repayment plan is standard all across the industry, which makes it a middling choice on its own. On the other hand, borrowers with current Wells Fargo banking relationships can safeguard discounts, which can further make it one of the most affordable private loan options available in the market. If you’ve exhausted your federal student loan options, then Wells Fargo is the best choice for you.

Want to know more about Wells Fargo? Read the following article until the end in order to know whether Wells Fargo is the best choice for you or not. Here with the help of this article, we are going to review Wells Fargo student loans. 

Wells Fargo

Wells Fargo refers to its student loan refinancing product as private consolidation. In simple terms, it means replacing one or more than one student loan with a single lower-rate loan. Wells Fargo is considered to be one of a handful of lenders that let its borrowers refinance loans deprived of earning a college degree. In addition, it also offers various options in order to lower payments in case of financial hardship.

Wells Fargo’s rates are average for any student lender, but at the same time if you are able to secure a relationship discount through an additional Wells Fargo account, then you might possibly be able to net 0.50%–0.75% off your rate.

Wells Fargo’s relationship discounts are also accessible for all of its student loan products along with that it is also offered for existing checking accounts, Portfolio by Wells Fargo customers as well as repeat student loan borrowers through Wells Fargo.

On the other hand, the Wells Fargo Collegiate student loan is a private option that is available for undergraduate students who attend traditional four-year schools. It is considered to be the best for current Wells Fargo customers who can qualify for discounts. In addition, it is also one of the few loans for borrowers that are enrolled less than half-time in college. There are most of the lenders that require at least half-time or full-time enrolment status. Wells Fargo also has some of the most generous forbearances along with the repayment options available.

Wells Fargo isn’t a worthwhile option for those looking to consolidate federal student loans. That’s for the reason that the bank forbids the consolidation of federal student loans along with the Wells Fargo Private Consolidation Loan, which is bizarre as well as atypical of most lenders.

Wells Fargo student loans are also considered to be a good option for borrowers who worry about facing financial difficulty after completing their graduation. The bank, on the other hand, does offer generous repayment assistance as compared to the other student lenders. You can also request temporary relief from making payments for about up to six months, this also depends on their financial situations. This might take longer than the three-month periods that are generally offered by other lenders. 

Wells Fargo Student Loans Rates, Terms and Fees  

Wells Fargo Student Loans: Top Things You Need To Know!

Wells Fargo covers borrowers at $120,000 on all education-related debt over their lifetimes, which in other terms means that borrowers who hit their caps on undergraduate or else the graduate loans may possibly have trouble in securing added financing for postgraduate programs such as for residencies or internships.

This limit might vary depending on your selected field of study, mainly in health care-related fields. One should contact Wells Fargo in order to verify your lifetime limit. 

Wells Fargo Collegiate Student Loan

  • Loan type: Private student loan
  • Loan amount range: $1,000 to $120,000 (All loans included)
  • Loan terms: 15 years
  • APR range: 5.94% – 11.26% Fixed-rate & 5.04% – 10.93% Variable rate
  • Late fee: Yes
  • Prepayment penalty: None
  • Application fee: None
  • Discounts: 0.25% rate discount with autopay & 0.25%–0.50% relationship discount 

Borrowers who also seek to combine their existing student loans also have a choice between vanilla 15 or 20-year terms. On the other hand, Federal student loans are not eligible for consolidation through Wells Fargo.

Wells Fargo Private Consolidation Loan

  • Loan Type: Refinance/Consolidation
  • Loan amount range: $5,000 – $120,000
  • APR range: 3.99% – 9.99% Fixed-rate & 3.75% – 9.74% Variable rate
  • Late fee: $28
  • Prepayment penalty: None
  • Application fee: None
  • Loan terms: 15 or 20 years
  • Discounts: 0.25% rate discount with autopay

Student Loan Repayment Plans

Wells Fargo comprises of a fully deferred repayment plan for both undergraduate and graduate borrowers that needs no payments almost until six months after you leave the school. Borrowers of Wells Fargo’s Parent, as well as Private Consolidation loans, are also required to start payments straightway after funds are disbursed. Wells Fargo on the other hand also does not charge any prepayment penalties.

Borrowers are also exempted from making payments for up to 48 months under deferred repayment, while they remain enrolled in school. At the same time, Interest will accrue for the duration of the deferment period.

Wells Fargo Advantages and Drawbacks

Pros

  • The users are assigned a dedicated student loan advisor.
  • It is considered to be one of the few lenders to offer loans to borrowers that are enrolled less than half-time.
  • With Wells Fargo, you will find more flexible repayment options for struggling borrowers than other lenders.
  • You will get more payment reduction options for struggling borrowers as compared to other lenders.

Cons

  • Here you will find fewer repayment term lengths than other lenders.
  • Another drawback of Wells Fargo is that one can’t see if you’ll qualify and what rate you’ll get without a hard credit check.

Final Verdict

If you are looking for one of the best loan providing service, then Wells Fargo is the right choice for you. It is one of the best loan providing services that help the students to get a better career by acquiring easy student loans.

In this article, we have discussed many things about Wells Fargo. Hopefully, this information will be beneficial for you.

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Carrie Brunner

About the Author: Carrie Brunner