Do you want to go to school and you just out of cash to do that? Don’t panic yet, the Wells Fargo is an amazing platform that offers loans to students. Below we have all the information you need to know about Wells Fargo loan.
To guide you through this article, we’ve highlighted the topics that will be treated in this article and they are as thus
- Wells Fargo Student Loans Review
- Wells Fargo Application Process
- Interest, Rates and Terms
- How to Refinance With Wells Fargo
- Wells Fargo Student Loans For Parents
It offers private student loans for undergraduate and graduate-level students, as well as parents who want to help pay for education costs that aren’t covered by federal loans and financial aid.
Wells Fargo also offers student loan refinancing of both federal and private student loans
Wells Fargo Student Loans Review
They offers student loans and student loan refinancing, which it calls private consolidation. Wells Fargo has provided student loans since the mid-1960s.
By either name, it means replacing one or more student loans with a single lower-rate loan. Wells Fargo is one of a handful of lenders that allow borrowers to refinance loans without earning a college degree.
It also offers multiple options to lower payments in case of financial hardship.
Their application criteria are;
- You must have good to excellent credit
- Or cosigner who meets the credit and income requirements.
- You should be at least 18 years old.
- You should be an American citizen or a permanent resident of the US.
- You are assigned a dedicated student loan advisor.
- More flexible repayment options for struggling borrowers than other lenders.
- One of the few lenders to offer loans to borrowers enrolled less than half-time.
- Fewer repayment term lengths than other lenders.
- You can’t see if you’ll qualify and what rate you’ll get without a hard credit check.
Wells Fargo Application Process
All applications for Wells Fargo undergraduate private student loans and loan programs are submitted through its website.
Borrowers need to provide information on their degree program and school, personally identifying information, and the amount needed for the loan.
Wells Fargo will review applications and then make a decision on approval within a few business days. If you meet the eligibility criteria, you’ll need to provide the following to apply:
- Your full name, date of birth, Social Security number, and a valid form of ID, such as your driver’s license or passport.
- Your home address, email address, and phone number.
- Details about your school if you’re a student.
- Details about your employment and income if applying as a cosigner, a parent, or consolidating your debt.
Interest, Rates, and terms
Fixed and variable rate loan options are available from Wells Fargo for its student loans. Variable rates range from 4.80 percent to 12.22 percent APR, while fixed rates range from 5.49 percent to 12.68 percent.
Here are the rate ranges for each loan product at Wells Fargo:
|Loan product||Variable rate||Fixed rate|
|Undergraduate student loans||4.80% – 10.72%||5.49% – 10.93% APR|
|Graduate student loans||5.64% – 12.22% APR||5.88% – 12.68% APR|
|Career and community college loans||7.02% – 12.25% APR||7.24% – 12.45% APR|
|Parent loan||6.24% – 12.74% APR||6.74% – 12.99% APR|
|Consolidation loan||3.75% – 9.74% APR||3.99% – 9.99% APR|
Though rates from Wells Fargo tend to be higher than other lenders in its class, it does offer a variety of rate discount opportunities to its current customers:
- Customer discount: Current Wells Fargo customers with a “Portfolio by Wells Fargo” relationship get a 0.50 percent discount on student loans.
- Checking account: Customers with a Wells Fargo checking account qualify for a 0.25 percent discount on student loans.
- Existing or prior student loans: Anyone with an existing or previous student loan from the lender qualify for a 0.25 percent discount.
- Autopay discount: Borrowers who sign up for autopay get a 0.25 percent discount.
- Private Student Loans and Method of Application
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- Getting the Best Student Loans Without a Cosigner
How to Refinance With Wells Fargo
You can apply for a Wells Fargo refinanced student loan on its website. Before deciding on a student loan refinance lender, compare multiple student loan refinance options to make sure you’re getting the best rate you qualify for.
In addition to interest rates, compare lenders’ repayment options, and the flexibility they offer borrowers who are struggling to make payments.
To qualify for refinancing with Wells Fargo, you’ll have to meet the company’s credit, employment, and debt-to-income requirements.
If you’ve just started out on your career and haven’t established a history of credit and earnings that qualifies you to refinance, you can apply with a cosigner.
Your interest rate will depend on your (or your cosigner’s) credit score and the repayment term you select. Wells Fargo lets you or your cosigner check refinancing rates you’re prequalified for without affecting your credit score.
Wells Fargo Student Loans For Parents
The Wells Fargo Student Loan for Parents allows parents, family members, or friends to help students cover education-related expenses so they can focus on their studies without having to worry about financing their education
Also, parents have the same streamlined application process as students, with fast approval for the most qualified borrowers.
Parent borrowers may also make interest-only monthly payments for up to 48 months after the loan is funded, with full interest and principal payment amounts following that.
1. How do Wells Fargo interest rates compare to other student loans?
The interest rates for Wells Fargo student loans can beat out a federal PLUS Loan, but they don’t necessarily outshine other lenders.
2. Should you refinance your Wells Fargo student loan?
Chances are, you can get a better rate on your student loans somewhere other than Wells Fargo. This combined with low customer satisfaction is a solid reason to refinance your student loan.
3. Who can take out a Wells Fargo student loan/who is it good for?
Wells Fargo is a solid option for existing Wells Fargo customers seeking generous repayment options or private student loan consolidation. Borrowers with existing accounts at the bank may qualify for discounts on their rate.
4. What to do if the application is rejected?
Call Wells Fargo’s customer service department if you’re rejected for loan. Get some explanation as to why your application was turned down. Lenders do encounter processing errors on occasion, and it’s possible a mistake was made.
While Wells Fargo student loans are available to undergraduates, graduates, and more. But it may not be the right fit for everyone.
The interest rates are higher than comparable private student loan lenders, and there is some inflexibility with repayment term lengths.
However, Wells Fargo makes the process of applying for a new or refinanced student loan straightforward. And fast approval may be worth it to many borrowers.
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