Updated: October 26, 2020

Best Private Student Loans for Parents

Savingforcollege.com evaluates a full range of private student loans and has developed a methodology for ranking them based on a set of objective criteria. Below is our current list of the ten best private student loans available for parents of undergraduate and graduate students. Be sure to pursue your other options, such as scholarships, grants, work-study, and federal student loans, before turning to private student loans to fill any funding gaps you may face.

Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Variable APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Advertising Disclosure
×

Borrow responsibly
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.

This loan must be used to pay for eligible student expenses at participating degree-granting schools. The student cannot be a borrower or cosigner and is not responsible for repaying the loan. The borrower, cosigner, and student must be U.S. citizens or U.S. permanent residents. If the school issues a refund directly to the student, the borrower and cosigner (if applicable) are still responsible for repaying that amount. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.

1 APRs for the Principal and Interest Repayment Option may be higher than APRs for the Interest Repayment Option. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. APRs assume a $10,000 loan to a person borrowing for a freshman student.

2 Loan amount cannot exceed the cost of attendance less financial aid received as certified by the school. Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half time.

3 Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note—first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.

4 Borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month and may be suspended during periods of forbearance or deferment, if available for the loan.

5 This promotional benefit is provided at no cost to borrowers with loans that first disburse between July 1, 2018 and April 30, 2021. Borrowers who reside in, attend school in, or borrow for a student attending school in Maine are not eligible for this benefit. No cash value. Terms and Conditions apply. Please visit chegg.com/studystarter/termsandconditions for complete details. This offer expires one year after issuance.

6 Borrowers and cosigners with an available FICO® Score and a Sallie Mae-serviced loan with a current balance greater than $0, may receive their score quarterly after the first disbursement of their loan. The FICO® Score provided to you is the FICO® Score 8 based on TransUnion data. FICO® Scores and associated educational content are provided solely for your own non-commercial personal review, use and benefit. This benefit may change or end in the future. FICO® is a registered trademark of the Fair Isaac Corporation in the United States and other countries.

Sallie Mae loans are made by Sallie Mae Bank.

Information advertised valid as of 10/1/2020.

SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION.

4.25% - 12.35%
1.25% - 11.10%
10 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.25% - 12.35%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.25% - 11.10%
Terms
10 years
Fees
No fees
Offers
Autopay discount (0.25%) and Cosigner release
Parents Student Loan Rating
Advertising Disclosure
×

College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

(1)The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.

Information advertised valid as of 9/1/2020. Variable interest rates may increase after consummation.

 

 

3.49% - 12.97%
1.24% - 11.93%
5 years to 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
3.49% - 12.97%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.24% - 11.93%
Terms
5 years to 15 years
Fees
Late fees
Offers
Autopay discount (0.25%)
Parents Student Loan Rating
5.74% - 14.74%
4.37% - 13.74%
15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
5.74% - 14.74%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.37% - 13.74%
Terms
15 years
Fees
No fees
Offers
Autopay discount (0.25%)
Parents Student Loan Rating
Advertising Disclosure
4.60% - 11.26%
1.87% - 11.16%
5 years, 10 years, 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.60% - 11.26%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.87% - 11.16%
Terms
5 years, 10 years, 15 years
Fees
No fees
Offers
Autopay discount (0.25%), Current customer discount (0.125%), and Cosigner release
Parents Student Loan Rating
3.50% - 6.99%
Not Available
10 years, 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
3.50% - 6.99%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Not Available
Terms
10 years, 15 years
Fees
No fees
Offers
Autopay discount (0.25%), Full Deferment repayment option, and Cosigner release
Parents Student Loan Rating
Advertising Disclosure
4.69% - 7.83%
2.13% - 7.44%
5 years, 10 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.69% - 7.83%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
2.13% - 7.44%
Terms
5 years, 10 years
Fees
Late fees
Offers
Autopay discount (0.25%), Current customer discount (0.25%), and Multi-Year Option
Parents Student Loan Rating
Advertising Disclosure
×

All Wells Fargo private student loans have a minimum monthly payment of $50.

2.

Borrow up to the cost of education loan amount is dependent on the loan product, other financial aid, creditworthiness, and other factors. Aggregate and annual loan limits may apply. The cost of attendance is determined and certified by the educational institution.

3.

Wells Fargo Student Loan for Parents borrowers are required to make full payments as soon as the loan is disbursed. However, you can also choose to make interest-only payments while the student beneficiary is enrolled in school. The interest-only payment feature allows you to make minimum interest payments during only the first 48 months of the repayment period as long as the student beneficiary is enrolled in school at least half time, including at the time of your request. Interest-only periods do not need to be consecutive and will be applied for up to 12 months at a time. To avoid interruption of the interest-only payment option, you must submit a renewal request to extend the interest-only period every 12 months from the date when interest-only payments begin. Wells Fargo may ask for verification that the student is enrolled at least half-time with every interest-only payment request and renewal request. During the interest-only period, actual accrued interest may be more or less than the scheduled payment amount. After each interest-only period, you will make full principal-and-interest payments. Any unpaid interest during the interest-only period could increase the amount of your monthly payment substantially or extend the repayment period for your loan, even if you have a fixed interest rate. Consider making more than the minimum payment during the interest-only period to begin reducing the principal balance.

4.

Discount eligible during application: You may qualify for a relationship interest rate discount if you or your cosigner (if applicable) have any of the following with Wells Fargo prior to your Final Loan Disclosure being issued:

  • Portfolio by Wells Fargo® program checking account — 0.50% discount
    Portfolio by Wells Fargo® program checking accounts: Private Bank Checking, Private Bank Dividend Checking, Private Bank Interest Checking, Wells Fargo Portfolio Checking, Wells Fargo Prime Checking.
  • A qualifying Wells Fargo consumer checking account — 0.25% discount
    Wells Fargo consumer checking accounts: Complete Advantage® Checking, Crown Banking® Checking, Custom Management® Checking, Opportunity Checking®Premium Membership® Checking, Way2Save® Checking, Wells Fargo College Checking®, Wells Fargo Everyday Checking, Wells Fargo Preferred Checking, Wells Fargo At WorkSM Checking.
  • A prior federal or private student loan made by Wells Fargo — 0.25% discount (prior Wachovia federal student loans are not eligible).

Only one qualifying relationship discount will apply. You will receive the applicable discount for the life of the loan.

Discount eligible during repayment: You may qualify for a 0.25% interest rate discount if you set up automatically withdrawn payments (ACH), directly with Wells Fargo Education Financial Services (EFS), from a designated deposit account. This discount does not apply to bill pay or automatic transfers not set up directly with Wells Fargo EFS. If the automatic payment is canceled at any time after repayment begins, the discount will be lost until automatic payment is reinstated. The 0.25% interest rate reduction is effective the day after the first payment is made using automatic withdrawal during the repayment period. Discount helps reduce the amount of interest paid over the life of the loan(s). The automatic payment discount may not change your current payment amount depending on the type of loan(s) you receive, but may reduce the number of payments or reduce the amount of your final payment. ACH payments and discount will discontinue upon entering forbearance periods. Wells Fargo reserves the right to modify or discontinue interest rate discount program(s) for future loans or to discontinue loan programs at any time without notice. For details, including eligibility requirements, visit us at wellsfargo.com/student or call 1-800-658-3567.

5.

The lowest annual percentage rate (APR) includes a customer interest rate discount of 0.25% for having a prior student loan with Wells Fargo or a qualified Wells Fargo consumer checking account. Variable interest rates are based on an index, plus a margin. The Index is equal to the Prime rate published in The Wall Street Journal. The APR for a variable rate loan may increase during the life of the loan if the index increases. This may result in higher monthly payments. Rates are current as of 07/15/2020 and are subject to change without notice. Wells Fargo reserves the right to change rates, terms, and fees at any time. Your actual APR will depend upon your credit transaction and credit history, and will be determined when a credit decision is made.

6.

Annual Percentage Rates and payments are representative samples for educational purposes only and may not reflect our current or actual loan rate offers or available percentage rates. Your actual APR will depend upon your credit transaction and your credit history and will be determined when a credit decision is made.

7.

Availability may be affected by your mobile carrier's coverage area. Your mobile carrier's message and data rates may apply.

Deposit products offered by Wells Fargo Bank, N.A. Member FDIC.

6.74% - 12.99%
3.99% - 10.49%
15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
6.74% - 12.99%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
3.99% - 10.49%
Terms
15 years
Fees
No fees
Offers
Autopay discount (0.25%), Current customer discount (0.50%), and Cosigner release
Parents Student Loan Rating
2.99% - 4.95%
2.88% - 4.84%
5 years, 7 years, 10 years, 15 years, 20 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
2.99% - 4.95%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
2.88% - 4.84%
Terms
5 years, 7 years, 10 years, 15 years, 20 years
Fees
Late fees
Offers
Autopay discount (0.25%), Referral rewards program ($200), and only available for Texas residents
Parents Student Loan Rating
4.60% - 6.85%
Not Available
10 years, 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.60% - 6.85%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Not Available
Terms
10 years, 15 years
Fees
No fees
Offers
Autopay discount (0.25%) and Full Deferment repayment option
Parents Student Loan Rating
4.99% - 4.99%
Not Available
10 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.99% - 4.99%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Not Available
Terms
10 years
Fees
Late fees
Offers
Autopay discount (0.25%) and Single fixed rate option
Parents Student Loan Rating
Lender
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Variable APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Repayment Terms
Our Rating
Advertising Disclosure
×

College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

(1)The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.

Information advertised valid as of 9/1/2020. Variable interest rates may increase after consummation.

 

 

3.49% - 12.97%
1.24% - 11.93%
5 years to 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
3.49% - 12.97%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.24% - 11.93%
Terms
5 years to 15 years
Fees
Late fees
Offers
Autopay discount (0.25%)
Parents Student Loan Rating
Advertising Disclosure
×

Borrow responsibly
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.

This loan must be used to pay for eligible student expenses at participating degree-granting schools. The student cannot be a borrower or cosigner and is not responsible for repaying the loan. The borrower, cosigner, and student must be U.S. citizens or U.S. permanent residents. If the school issues a refund directly to the student, the borrower and cosigner (if applicable) are still responsible for repaying that amount. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.

1 APRs for the Principal and Interest Repayment Option may be higher than APRs for the Interest Repayment Option. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. APRs assume a $10,000 loan to a person borrowing for a freshman student.

2 Loan amount cannot exceed the cost of attendance less financial aid received as certified by the school. Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half time.

3 Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note—first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.

4 Borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month and may be suspended during periods of forbearance or deferment, if available for the loan.

5 This promotional benefit is provided at no cost to borrowers with loans that first disburse between July 1, 2018 and April 30, 2021. Borrowers who reside in, attend school in, or borrow for a student attending school in Maine are not eligible for this benefit. No cash value. Terms and Conditions apply. Please visit chegg.com/studystarter/termsandconditions for complete details. This offer expires one year after issuance.

6 Borrowers and cosigners with an available FICO® Score and a Sallie Mae-serviced loan with a current balance greater than $0, may receive their score quarterly after the first disbursement of their loan. The FICO® Score provided to you is the FICO® Score 8 based on TransUnion data. FICO® Scores and associated educational content are provided solely for your own non-commercial personal review, use and benefit. This benefit may change or end in the future. FICO® is a registered trademark of the Fair Isaac Corporation in the United States and other countries.

Sallie Mae loans are made by Sallie Mae Bank.

Information advertised valid as of 10/1/2020.

SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION.

4.25% - 12.35%
1.25% - 11.10%
10 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.25% - 12.35%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.25% - 11.10%
Terms
10 years
Fees
No fees
Offers
Autopay discount (0.25%) and Cosigner release
Parents Student Loan Rating
5.74% - 14.74%
4.37% - 13.74%
15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
5.74% - 14.74%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.37% - 13.74%
Terms
15 years
Fees
No fees
Offers
Autopay discount (0.25%)
Parents Student Loan Rating
Lender
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Variable APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Repayment Terms
Our Rating
Advertising Disclosure
4.60% - 11.26%
1.87% - 11.16%
5 years, 10 years, 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.60% - 11.26%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.87% - 11.16%
Terms
5 years, 10 years, 15 years
Fees
No fees
Offers
Autopay discount (0.25%), Current customer discount (0.125%), and Cosigner release
Parents Student Loan Rating
Advertising Disclosure
4.69% - 7.83%
2.13% - 7.44%
5 years, 10 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.69% - 7.83%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
2.13% - 7.44%
Terms
5 years, 10 years
Fees
Late fees
Offers
Autopay discount (0.25%), Current customer discount (0.25%), and Multi-Year Option
Parents Student Loan Rating
Advertising Disclosure
×

All Wells Fargo private student loans have a minimum monthly payment of $50.

2.

Borrow up to the cost of education loan amount is dependent on the loan product, other financial aid, creditworthiness, and other factors. Aggregate and annual loan limits may apply. The cost of attendance is determined and certified by the educational institution.

3.

Wells Fargo Student Loan for Parents borrowers are required to make full payments as soon as the loan is disbursed. However, you can also choose to make interest-only payments while the student beneficiary is enrolled in school. The interest-only payment feature allows you to make minimum interest payments during only the first 48 months of the repayment period as long as the student beneficiary is enrolled in school at least half time, including at the time of your request. Interest-only periods do not need to be consecutive and will be applied for up to 12 months at a time. To avoid interruption of the interest-only payment option, you must submit a renewal request to extend the interest-only period every 12 months from the date when interest-only payments begin. Wells Fargo may ask for verification that the student is enrolled at least half-time with every interest-only payment request and renewal request. During the interest-only period, actual accrued interest may be more or less than the scheduled payment amount. After each interest-only period, you will make full principal-and-interest payments. Any unpaid interest during the interest-only period could increase the amount of your monthly payment substantially or extend the repayment period for your loan, even if you have a fixed interest rate. Consider making more than the minimum payment during the interest-only period to begin reducing the principal balance.

4.

Discount eligible during application: You may qualify for a relationship interest rate discount if you or your cosigner (if applicable) have any of the following with Wells Fargo prior to your Final Loan Disclosure being issued:

  • Portfolio by Wells Fargo® program checking account — 0.50% discount
    Portfolio by Wells Fargo® program checking accounts: Private Bank Checking, Private Bank Dividend Checking, Private Bank Interest Checking, Wells Fargo Portfolio Checking, Wells Fargo Prime Checking.
  • A qualifying Wells Fargo consumer checking account — 0.25% discount
    Wells Fargo consumer checking accounts: Complete Advantage® Checking, Crown Banking® Checking, Custom Management® Checking, Opportunity Checking®Premium Membership® Checking, Way2Save® Checking, Wells Fargo College Checking®, Wells Fargo Everyday Checking, Wells Fargo Preferred Checking, Wells Fargo At WorkSM Checking.
  • A prior federal or private student loan made by Wells Fargo — 0.25% discount (prior Wachovia federal student loans are not eligible).

Only one qualifying relationship discount will apply. You will receive the applicable discount for the life of the loan.

Discount eligible during repayment: You may qualify for a 0.25% interest rate discount if you set up automatically withdrawn payments (ACH), directly with Wells Fargo Education Financial Services (EFS), from a designated deposit account. This discount does not apply to bill pay or automatic transfers not set up directly with Wells Fargo EFS. If the automatic payment is canceled at any time after repayment begins, the discount will be lost until automatic payment is reinstated. The 0.25% interest rate reduction is effective the day after the first payment is made using automatic withdrawal during the repayment period. Discount helps reduce the amount of interest paid over the life of the loan(s). The automatic payment discount may not change your current payment amount depending on the type of loan(s) you receive, but may reduce the number of payments or reduce the amount of your final payment. ACH payments and discount will discontinue upon entering forbearance periods. Wells Fargo reserves the right to modify or discontinue interest rate discount program(s) for future loans or to discontinue loan programs at any time without notice. For details, including eligibility requirements, visit us at wellsfargo.com/student or call 1-800-658-3567.

5.

The lowest annual percentage rate (APR) includes a customer interest rate discount of 0.25% for having a prior student loan with Wells Fargo or a qualified Wells Fargo consumer checking account. Variable interest rates are based on an index, plus a margin. The Index is equal to the Prime rate published in The Wall Street Journal. The APR for a variable rate loan may increase during the life of the loan if the index increases. This may result in higher monthly payments. Rates are current as of 07/15/2020 and are subject to change without notice. Wells Fargo reserves the right to change rates, terms, and fees at any time. Your actual APR will depend upon your credit transaction and credit history, and will be determined when a credit decision is made.

6.

Annual Percentage Rates and payments are representative samples for educational purposes only and may not reflect our current or actual loan rate offers or available percentage rates. Your actual APR will depend upon your credit transaction and your credit history and will be determined when a credit decision is made.

7.

Availability may be affected by your mobile carrier's coverage area. Your mobile carrier's message and data rates may apply.

Deposit products offered by Wells Fargo Bank, N.A. Member FDIC.

6.74% - 12.99%
3.99% - 10.49%
15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
6.74% - 12.99%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
3.99% - 10.49%
Terms
15 years
Fees
No fees
Offers
Autopay discount (0.25%), Current customer discount (0.50%), and Cosigner release
Parents Student Loan Rating
Lender
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Variable APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Repayment Terms
Our Rating
Advertising Disclosure
×

Borrow responsibly
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.

This loan must be used to pay for eligible student expenses at participating degree-granting schools. The student cannot be a borrower or cosigner and is not responsible for repaying the loan. The borrower, cosigner, and student must be U.S. citizens or U.S. permanent residents. If the school issues a refund directly to the student, the borrower and cosigner (if applicable) are still responsible for repaying that amount. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.

1 APRs for the Principal and Interest Repayment Option may be higher than APRs for the Interest Repayment Option. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. APRs assume a $10,000 loan to a person borrowing for a freshman student.

2 Loan amount cannot exceed the cost of attendance less financial aid received as certified by the school. Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half time.

3 Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note—first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.

4 Borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month and may be suspended during periods of forbearance or deferment, if available for the loan.

5 This promotional benefit is provided at no cost to borrowers with loans that first disburse between July 1, 2018 and April 30, 2021. Borrowers who reside in, attend school in, or borrow for a student attending school in Maine are not eligible for this benefit. No cash value. Terms and Conditions apply. Please visit chegg.com/studystarter/termsandconditions for complete details. This offer expires one year after issuance.

6 Borrowers and cosigners with an available FICO® Score and a Sallie Mae-serviced loan with a current balance greater than $0, may receive their score quarterly after the first disbursement of their loan. The FICO® Score provided to you is the FICO® Score 8 based on TransUnion data. FICO® Scores and associated educational content are provided solely for your own non-commercial personal review, use and benefit. This benefit may change or end in the future. FICO® is a registered trademark of the Fair Isaac Corporation in the United States and other countries.

Sallie Mae loans are made by Sallie Mae Bank.

Information advertised valid as of 10/1/2020.

SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION.

4.25% - 12.35%
1.25% - 11.10%
10 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.25% - 12.35%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.25% - 11.10%
Terms
10 years
Fees
No fees
Offers
Autopay discount (0.25%) and Cosigner release
Parents Student Loan Rating
Advertising Disclosure
×

College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

(1)The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.

Information advertised valid as of 9/1/2020. Variable interest rates may increase after consummation.

 

 

3.49% - 12.97%
1.24% - 11.93%
5 years to 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
3.49% - 12.97%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.24% - 11.93%
Terms
5 years to 15 years
Fees
Late fees
Offers
Autopay discount (0.25%)
Parents Student Loan Rating
5.74% - 14.74%
4.37% - 13.74%
15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
5.74% - 14.74%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.37% - 13.74%
Terms
15 years
Fees
No fees
Offers
Autopay discount (0.25%)
Parents Student Loan Rating
Lender
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Variable APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Repayment Terms
Our Rating
Advertising Disclosure
×

Borrow responsibly
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.

This loan must be used to pay for eligible student expenses at participating degree-granting schools. The student cannot be a borrower or cosigner and is not responsible for repaying the loan. The borrower, cosigner, and student must be U.S. citizens or U.S. permanent residents. If the school issues a refund directly to the student, the borrower and cosigner (if applicable) are still responsible for repaying that amount. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.

1 APRs for the Principal and Interest Repayment Option may be higher than APRs for the Interest Repayment Option. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. APRs assume a $10,000 loan to a person borrowing for a freshman student.

2 Loan amount cannot exceed the cost of attendance less financial aid received as certified by the school. Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half time.

3 Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note—first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.

4 Borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month and may be suspended during periods of forbearance or deferment, if available for the loan.

5 This promotional benefit is provided at no cost to borrowers with loans that first disburse between July 1, 2018 and April 30, 2021. Borrowers who reside in, attend school in, or borrow for a student attending school in Maine are not eligible for this benefit. No cash value. Terms and Conditions apply. Please visit chegg.com/studystarter/termsandconditions for complete details. This offer expires one year after issuance.

6 Borrowers and cosigners with an available FICO® Score and a Sallie Mae-serviced loan with a current balance greater than $0, may receive their score quarterly after the first disbursement of their loan. The FICO® Score provided to you is the FICO® Score 8 based on TransUnion data. FICO® Scores and associated educational content are provided solely for your own non-commercial personal review, use and benefit. This benefit may change or end in the future. FICO® is a registered trademark of the Fair Isaac Corporation in the United States and other countries.

Sallie Mae loans are made by Sallie Mae Bank.

Information advertised valid as of 10/1/2020.

SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION.

4.25% - 12.35%
1.25% - 11.10%
10 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.25% - 12.35%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.25% - 11.10%
Terms
10 years
Fees
No fees
Offers
Autopay discount (0.25%) and Cosigner release
Parents Student Loan Rating
Advertising Disclosure
4.60% - 11.26%
1.87% - 11.16%
5 years, 10 years, 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.60% - 11.26%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.87% - 11.16%
Terms
5 years, 10 years, 15 years
Fees
No fees
Offers
Autopay discount (0.25%), Current customer discount (0.125%), and Cosigner release
Parents Student Loan Rating
Advertising Disclosure
×

All Wells Fargo private student loans have a minimum monthly payment of $50.

2.

Borrow up to the cost of education loan amount is dependent on the loan product, other financial aid, creditworthiness, and other factors. Aggregate and annual loan limits may apply. The cost of attendance is determined and certified by the educational institution.

3.

Wells Fargo Student Loan for Parents borrowers are required to make full payments as soon as the loan is disbursed. However, you can also choose to make interest-only payments while the student beneficiary is enrolled in school. The interest-only payment feature allows you to make minimum interest payments during only the first 48 months of the repayment period as long as the student beneficiary is enrolled in school at least half time, including at the time of your request. Interest-only periods do not need to be consecutive and will be applied for up to 12 months at a time. To avoid interruption of the interest-only payment option, you must submit a renewal request to extend the interest-only period every 12 months from the date when interest-only payments begin. Wells Fargo may ask for verification that the student is enrolled at least half-time with every interest-only payment request and renewal request. During the interest-only period, actual accrued interest may be more or less than the scheduled payment amount. After each interest-only period, you will make full principal-and-interest payments. Any unpaid interest during the interest-only period could increase the amount of your monthly payment substantially or extend the repayment period for your loan, even if you have a fixed interest rate. Consider making more than the minimum payment during the interest-only period to begin reducing the principal balance.

4.

Discount eligible during application: You may qualify for a relationship interest rate discount if you or your cosigner (if applicable) have any of the following with Wells Fargo prior to your Final Loan Disclosure being issued:

  • Portfolio by Wells Fargo® program checking account — 0.50% discount
    Portfolio by Wells Fargo® program checking accounts: Private Bank Checking, Private Bank Dividend Checking, Private Bank Interest Checking, Wells Fargo Portfolio Checking, Wells Fargo Prime Checking.
  • A qualifying Wells Fargo consumer checking account — 0.25% discount
    Wells Fargo consumer checking accounts: Complete Advantage® Checking, Crown Banking® Checking, Custom Management® Checking, Opportunity Checking®Premium Membership® Checking, Way2Save® Checking, Wells Fargo College Checking®, Wells Fargo Everyday Checking, Wells Fargo Preferred Checking, Wells Fargo At WorkSM Checking.
  • A prior federal or private student loan made by Wells Fargo — 0.25% discount (prior Wachovia federal student loans are not eligible).

Only one qualifying relationship discount will apply. You will receive the applicable discount for the life of the loan.

Discount eligible during repayment: You may qualify for a 0.25% interest rate discount if you set up automatically withdrawn payments (ACH), directly with Wells Fargo Education Financial Services (EFS), from a designated deposit account. This discount does not apply to bill pay or automatic transfers not set up directly with Wells Fargo EFS. If the automatic payment is canceled at any time after repayment begins, the discount will be lost until automatic payment is reinstated. The 0.25% interest rate reduction is effective the day after the first payment is made using automatic withdrawal during the repayment period. Discount helps reduce the amount of interest paid over the life of the loan(s). The automatic payment discount may not change your current payment amount depending on the type of loan(s) you receive, but may reduce the number of payments or reduce the amount of your final payment. ACH payments and discount will discontinue upon entering forbearance periods. Wells Fargo reserves the right to modify or discontinue interest rate discount program(s) for future loans or to discontinue loan programs at any time without notice. For details, including eligibility requirements, visit us at wellsfargo.com/student or call 1-800-658-3567.

5.

The lowest annual percentage rate (APR) includes a customer interest rate discount of 0.25% for having a prior student loan with Wells Fargo or a qualified Wells Fargo consumer checking account. Variable interest rates are based on an index, plus a margin. The Index is equal to the Prime rate published in The Wall Street Journal. The APR for a variable rate loan may increase during the life of the loan if the index increases. This may result in higher monthly payments. Rates are current as of 07/15/2020 and are subject to change without notice. Wells Fargo reserves the right to change rates, terms, and fees at any time. Your actual APR will depend upon your credit transaction and credit history, and will be determined when a credit decision is made.

6.

Annual Percentage Rates and payments are representative samples for educational purposes only and may not reflect our current or actual loan rate offers or available percentage rates. Your actual APR will depend upon your credit transaction and your credit history and will be determined when a credit decision is made.

7.

Availability may be affected by your mobile carrier's coverage area. Your mobile carrier's message and data rates may apply.

Deposit products offered by Wells Fargo Bank, N.A. Member FDIC.

6.74% - 12.99%
3.99% - 10.49%
15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
6.74% - 12.99%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
3.99% - 10.49%
Terms
15 years
Fees
No fees
Offers
Autopay discount (0.25%), Current customer discount (0.50%), and Cosigner release
Parents Student Loan Rating
Lender
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Variable APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Repayment Terms
Our Rating
Advertising Disclosure
×

Borrow responsibly
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.

This loan must be used to pay for eligible student expenses at participating degree-granting schools. The student cannot be a borrower or cosigner and is not responsible for repaying the loan. The borrower, cosigner, and student must be U.S. citizens or U.S. permanent residents. If the school issues a refund directly to the student, the borrower and cosigner (if applicable) are still responsible for repaying that amount. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.

1 APRs for the Principal and Interest Repayment Option may be higher than APRs for the Interest Repayment Option. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. APRs assume a $10,000 loan to a person borrowing for a freshman student.

2 Loan amount cannot exceed the cost of attendance less financial aid received as certified by the school. Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half time.

3 Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note—first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.

4 Borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month and may be suspended during periods of forbearance or deferment, if available for the loan.

5 This promotional benefit is provided at no cost to borrowers with loans that first disburse between July 1, 2018 and April 30, 2021. Borrowers who reside in, attend school in, or borrow for a student attending school in Maine are not eligible for this benefit. No cash value. Terms and Conditions apply. Please visit chegg.com/studystarter/termsandconditions for complete details. This offer expires one year after issuance.

6 Borrowers and cosigners with an available FICO® Score and a Sallie Mae-serviced loan with a current balance greater than $0, may receive their score quarterly after the first disbursement of their loan. The FICO® Score provided to you is the FICO® Score 8 based on TransUnion data. FICO® Scores and associated educational content are provided solely for your own non-commercial personal review, use and benefit. This benefit may change or end in the future. FICO® is a registered trademark of the Fair Isaac Corporation in the United States and other countries.

Sallie Mae loans are made by Sallie Mae Bank.

Information advertised valid as of 10/1/2020.

SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION.

4.25% - 12.35%
1.25% - 11.10%
10 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.25% - 12.35%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.25% - 11.10%
Terms
10 years
Fees
No fees
Offers
Autopay discount (0.25%) and Cosigner release
Parents Student Loan Rating
3.50% - 6.99%
Not Available
10 years, 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
3.50% - 6.99%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Not Available
Terms
10 years, 15 years
Fees
No fees
Offers
Autopay discount (0.25%), Full Deferment repayment option, and Cosigner release
Parents Student Loan Rating
Advertising Disclosure
×

All Wells Fargo private student loans have a minimum monthly payment of $50.

2.

Borrow up to the cost of education loan amount is dependent on the loan product, other financial aid, creditworthiness, and other factors. Aggregate and annual loan limits may apply. The cost of attendance is determined and certified by the educational institution.

3.

Wells Fargo Student Loan for Parents borrowers are required to make full payments as soon as the loan is disbursed. However, you can also choose to make interest-only payments while the student beneficiary is enrolled in school. The interest-only payment feature allows you to make minimum interest payments during only the first 48 months of the repayment period as long as the student beneficiary is enrolled in school at least half time, including at the time of your request. Interest-only periods do not need to be consecutive and will be applied for up to 12 months at a time. To avoid interruption of the interest-only payment option, you must submit a renewal request to extend the interest-only period every 12 months from the date when interest-only payments begin. Wells Fargo may ask for verification that the student is enrolled at least half-time with every interest-only payment request and renewal request. During the interest-only period, actual accrued interest may be more or less than the scheduled payment amount. After each interest-only period, you will make full principal-and-interest payments. Any unpaid interest during the interest-only period could increase the amount of your monthly payment substantially or extend the repayment period for your loan, even if you have a fixed interest rate. Consider making more than the minimum payment during the interest-only period to begin reducing the principal balance.

4.

Discount eligible during application: You may qualify for a relationship interest rate discount if you or your cosigner (if applicable) have any of the following with Wells Fargo prior to your Final Loan Disclosure being issued:

  • Portfolio by Wells Fargo® program checking account — 0.50% discount
    Portfolio by Wells Fargo® program checking accounts: Private Bank Checking, Private Bank Dividend Checking, Private Bank Interest Checking, Wells Fargo Portfolio Checking, Wells Fargo Prime Checking.
  • A qualifying Wells Fargo consumer checking account — 0.25% discount
    Wells Fargo consumer checking accounts: Complete Advantage® Checking, Crown Banking® Checking, Custom Management® Checking, Opportunity Checking®Premium Membership® Checking, Way2Save® Checking, Wells Fargo College Checking®, Wells Fargo Everyday Checking, Wells Fargo Preferred Checking, Wells Fargo At WorkSM Checking.
  • A prior federal or private student loan made by Wells Fargo — 0.25% discount (prior Wachovia federal student loans are not eligible).

Only one qualifying relationship discount will apply. You will receive the applicable discount for the life of the loan.

Discount eligible during repayment: You may qualify for a 0.25% interest rate discount if you set up automatically withdrawn payments (ACH), directly with Wells Fargo Education Financial Services (EFS), from a designated deposit account. This discount does not apply to bill pay or automatic transfers not set up directly with Wells Fargo EFS. If the automatic payment is canceled at any time after repayment begins, the discount will be lost until automatic payment is reinstated. The 0.25% interest rate reduction is effective the day after the first payment is made using automatic withdrawal during the repayment period. Discount helps reduce the amount of interest paid over the life of the loan(s). The automatic payment discount may not change your current payment amount depending on the type of loan(s) you receive, but may reduce the number of payments or reduce the amount of your final payment. ACH payments and discount will discontinue upon entering forbearance periods. Wells Fargo reserves the right to modify or discontinue interest rate discount program(s) for future loans or to discontinue loan programs at any time without notice. For details, including eligibility requirements, visit us at wellsfargo.com/student or call 1-800-658-3567.

5.

The lowest annual percentage rate (APR) includes a customer interest rate discount of 0.25% for having a prior student loan with Wells Fargo or a qualified Wells Fargo consumer checking account. Variable interest rates are based on an index, plus a margin. The Index is equal to the Prime rate published in The Wall Street Journal. The APR for a variable rate loan may increase during the life of the loan if the index increases. This may result in higher monthly payments. Rates are current as of 07/15/2020 and are subject to change without notice. Wells Fargo reserves the right to change rates, terms, and fees at any time. Your actual APR will depend upon your credit transaction and credit history, and will be determined when a credit decision is made.

6.

Annual Percentage Rates and payments are representative samples for educational purposes only and may not reflect our current or actual loan rate offers or available percentage rates. Your actual APR will depend upon your credit transaction and your credit history and will be determined when a credit decision is made.

7.

Availability may be affected by your mobile carrier's coverage area. Your mobile carrier's message and data rates may apply.

Deposit products offered by Wells Fargo Bank, N.A. Member FDIC.

6.74% - 12.99%
3.99% - 10.49%
15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
6.74% - 12.99%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
3.99% - 10.49%
Terms
15 years
Fees
No fees
Offers
Autopay discount (0.25%), Current customer discount (0.50%), and Cosigner release
Parents Student Loan Rating
Lender
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Variable APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Repayment Terms
Our Rating
5.74% - 14.74%
4.37% - 13.74%
15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
5.74% - 14.74%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.37% - 13.74%
Terms
15 years
Fees
No fees
Offers
Autopay discount (0.25%)
Parents Student Loan Rating
Advertising Disclosure
4.69% - 7.83%
2.13% - 7.44%
5 years, 10 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.69% - 7.83%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
2.13% - 7.44%
Terms
5 years, 10 years
Fees
Late fees
Offers
Autopay discount (0.25%), Current customer discount (0.25%), and Multi-Year Option
Parents Student Loan Rating
2.99% - 4.95%
2.88% - 4.84%
5 years, 7 years, 10 years, 15 years, 20 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
2.99% - 4.95%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
2.88% - 4.84%
Terms
5 years, 7 years, 10 years, 15 years, 20 years
Fees
Late fees
Offers
Autopay discount (0.25%), Referral rewards program ($200), and only available for Texas residents
Parents Student Loan Rating
Lender
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Variable APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Repayment Terms
Our Rating
Advertising Disclosure
×

Borrow responsibly
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.

This loan must be used to pay for eligible student expenses at participating degree-granting schools. The student cannot be a borrower or cosigner and is not responsible for repaying the loan. The borrower, cosigner, and student must be U.S. citizens or U.S. permanent residents. If the school issues a refund directly to the student, the borrower and cosigner (if applicable) are still responsible for repaying that amount. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.

1 APRs for the Principal and Interest Repayment Option may be higher than APRs for the Interest Repayment Option. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. APRs assume a $10,000 loan to a person borrowing for a freshman student.

2 Loan amount cannot exceed the cost of attendance less financial aid received as certified by the school. Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half time.

3 Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note—first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.

4 Borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month and may be suspended during periods of forbearance or deferment, if available for the loan.

5 This promotional benefit is provided at no cost to borrowers with loans that first disburse between July 1, 2018 and April 30, 2021. Borrowers who reside in, attend school in, or borrow for a student attending school in Maine are not eligible for this benefit. No cash value. Terms and Conditions apply. Please visit chegg.com/studystarter/termsandconditions for complete details. This offer expires one year after issuance.

6 Borrowers and cosigners with an available FICO® Score and a Sallie Mae-serviced loan with a current balance greater than $0, may receive their score quarterly after the first disbursement of their loan. The FICO® Score provided to you is the FICO® Score 8 based on TransUnion data. FICO® Scores and associated educational content are provided solely for your own non-commercial personal review, use and benefit. This benefit may change or end in the future. FICO® is a registered trademark of the Fair Isaac Corporation in the United States and other countries.

Sallie Mae loans are made by Sallie Mae Bank.

Information advertised valid as of 10/1/2020.

SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION.

4.25% - 12.35%
1.25% - 11.10%
10 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.25% - 12.35%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.25% - 11.10%
Terms
10 years
Fees
No fees
Offers
Autopay discount (0.25%) and Cosigner release
Parents Student Loan Rating
5.74% - 14.74%
4.37% - 13.74%
15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
5.74% - 14.74%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.37% - 13.74%
Terms
15 years
Fees
No fees
Offers
Autopay discount (0.25%)
Parents Student Loan Rating
Not Available
Not Available
5 years, 7 years, 10 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Not Available
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Not Available
Terms
5 years, 7 years, 10 years
Fees
Late fees
Offers
Full Deferment repayment option
Parents Student Loan Rating
Lender
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Variable APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Repayment Terms
Our Rating
Advertising Disclosure
4.69% - 7.83%
2.13% - 7.44%
5 years, 10 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.69% - 7.83%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
2.13% - 7.44%
Terms
5 years, 10 years
Fees
Late fees
Offers
Autopay discount (0.25%), Current customer discount (0.25%), and Multi-Year Option
Parents Student Loan Rating
Advertising Disclosure
×

All Wells Fargo private student loans have a minimum monthly payment of $50.

2.

Borrow up to the cost of education loan amount is dependent on the loan product, other financial aid, creditworthiness, and other factors. Aggregate and annual loan limits may apply. The cost of attendance is determined and certified by the educational institution.

3.

Wells Fargo Student Loan for Parents borrowers are required to make full payments as soon as the loan is disbursed. However, you can also choose to make interest-only payments while the student beneficiary is enrolled in school. The interest-only payment feature allows you to make minimum interest payments during only the first 48 months of the repayment period as long as the student beneficiary is enrolled in school at least half time, including at the time of your request. Interest-only periods do not need to be consecutive and will be applied for up to 12 months at a time. To avoid interruption of the interest-only payment option, you must submit a renewal request to extend the interest-only period every 12 months from the date when interest-only payments begin. Wells Fargo may ask for verification that the student is enrolled at least half-time with every interest-only payment request and renewal request. During the interest-only period, actual accrued interest may be more or less than the scheduled payment amount. After each interest-only period, you will make full principal-and-interest payments. Any unpaid interest during the interest-only period could increase the amount of your monthly payment substantially or extend the repayment period for your loan, even if you have a fixed interest rate. Consider making more than the minimum payment during the interest-only period to begin reducing the principal balance.

4.

Discount eligible during application: You may qualify for a relationship interest rate discount if you or your cosigner (if applicable) have any of the following with Wells Fargo prior to your Final Loan Disclosure being issued:

  • Portfolio by Wells Fargo® program checking account — 0.50% discount
    Portfolio by Wells Fargo® program checking accounts: Private Bank Checking, Private Bank Dividend Checking, Private Bank Interest Checking, Wells Fargo Portfolio Checking, Wells Fargo Prime Checking.
  • A qualifying Wells Fargo consumer checking account — 0.25% discount
    Wells Fargo consumer checking accounts: Complete Advantage® Checking, Crown Banking® Checking, Custom Management® Checking, Opportunity Checking®Premium Membership® Checking, Way2Save® Checking, Wells Fargo College Checking®, Wells Fargo Everyday Checking, Wells Fargo Preferred Checking, Wells Fargo At WorkSM Checking.
  • A prior federal or private student loan made by Wells Fargo — 0.25% discount (prior Wachovia federal student loans are not eligible).

Only one qualifying relationship discount will apply. You will receive the applicable discount for the life of the loan.

Discount eligible during repayment: You may qualify for a 0.25% interest rate discount if you set up automatically withdrawn payments (ACH), directly with Wells Fargo Education Financial Services (EFS), from a designated deposit account. This discount does not apply to bill pay or automatic transfers not set up directly with Wells Fargo EFS. If the automatic payment is canceled at any time after repayment begins, the discount will be lost until automatic payment is reinstated. The 0.25% interest rate reduction is effective the day after the first payment is made using automatic withdrawal during the repayment period. Discount helps reduce the amount of interest paid over the life of the loan(s). The automatic payment discount may not change your current payment amount depending on the type of loan(s) you receive, but may reduce the number of payments or reduce the amount of your final payment. ACH payments and discount will discontinue upon entering forbearance periods. Wells Fargo reserves the right to modify or discontinue interest rate discount program(s) for future loans or to discontinue loan programs at any time without notice. For details, including eligibility requirements, visit us at wellsfargo.com/student or call 1-800-658-3567.

5.

The lowest annual percentage rate (APR) includes a customer interest rate discount of 0.25% for having a prior student loan with Wells Fargo or a qualified Wells Fargo consumer checking account. Variable interest rates are based on an index, plus a margin. The Index is equal to the Prime rate published in The Wall Street Journal. The APR for a variable rate loan may increase during the life of the loan if the index increases. This may result in higher monthly payments. Rates are current as of 07/15/2020 and are subject to change without notice. Wells Fargo reserves the right to change rates, terms, and fees at any time. Your actual APR will depend upon your credit transaction and credit history, and will be determined when a credit decision is made.

6.

Annual Percentage Rates and payments are representative samples for educational purposes only and may not reflect our current or actual loan rate offers or available percentage rates. Your actual APR will depend upon your credit transaction and your credit history and will be determined when a credit decision is made.

7.

Availability may be affected by your mobile carrier's coverage area. Your mobile carrier's message and data rates may apply.

Deposit products offered by Wells Fargo Bank, N.A. Member FDIC.

6.74% - 12.99%
3.99% - 10.49%
15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
6.74% - 12.99%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
3.99% - 10.49%
Terms
15 years
Fees
No fees
Offers
Autopay discount (0.25%), Current customer discount (0.50%), and Cosigner release
Parents Student Loan Rating
2.99% - 4.95%
2.88% - 4.84%
5 years, 7 years, 10 years, 15 years, 20 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
2.99% - 4.95%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
2.88% - 4.84%
Terms
5 years, 7 years, 10 years, 15 years, 20 years
Fees
Late fees
Offers
Autopay discount (0.25%), Referral rewards program ($200), and only available for Texas residents
Parents Student Loan Rating
How do parent loans work?

Once you and your child exhaust college savings and all other resources (e.g., scholarships, grants, etc.), you may need to borrow a student loan to pay for college costs. A parent loan, like a student loan, enables you to borrow money to help pay for your child’s college costs. You will pay back the total amount at a later date, plus fees and interest. For example, if you borrow a $10,000 parent loan with a 5% interest rate and plan to pay it off over 10 years, you will pay $2,728 in interest over the 10 years that you repay the loan, in addition to repaying the $10,000 principal balance. There are two main types of student loans. Federal student loans are loans made by the U.S. federal government that come with many benefits. Private loans are made by a private lender, such as a bank or a credit union. It is often recommended that you turn to federal student loans before private loans.

How can I avoid borrowing parent loans?

Saving for college is a great solution to reducing parent loans, and you can consider opening a 529 college savings plan account. If you haven’t been able to save enough for your child’s college, you can encourage them to apply for as many scholarships as they can. Assist with filling out the FAFSA to apply for grants and work-study opportunities. Talk to your children about choosing an affordable college, staying on track to graduate and reducing expenses as much as possible while they are in school.

What is the difference between federal parent student loans and private student loans?

Federal parent loans are loans made by the U.S. federal government and private loans are made by a private lender, such as a bank or a credit union. The federal loan for parents is called the Federal Parent PLUS Loan. Federal loans, including this one, offer better benefits than private loans, including the possibility of student loan forgiveness, an option to make payments based on your income, and options to postpone payments during times of unemployment and economic hardship.

What is the Federal Parent PLUS Loan?

The Federal Parent PLUS Loan is available to parents of dependent undergraduate students. Interest rates are fixed and will remain the same for the life of the loan. This loan is unsubsidized and interest starts accruing immediately. Repayment may be deferred while the student is enrolled in college on at least a half-time basis and for six months afterwards.

What is required for the Federal Parent PLUS loan?

Unlike federal student loans, the Federal Parent PLUS loan does require a credit check. Requirements are less strict for this loan compared to private parent loans, but borrowers must not have an adverse credit history. No credit scores are required. Students and parents must also not be in default on a federal student loan.

What’s the difference between borrowing parent loans and cosigning a student loan?

A parent loan is in your name, while cosigning a private student loan will be in your child’s name. Parents are expected to pay the parent loan and the student is expected to pay their own private loan. However, even though you are cosigning, you are still equally responsible for repaying the cosigned loan. The cosigned loan also appears as debt on your credit and lowers your debt-to-income ratio. The student is not obligated to repay a parent loan.

What is the difference between fixed and variable interest rates?

A fixed rate does not change, but as a variable rate can increase or decrease. A variable rate may seem desirable because it is often lower than a fixed rate, but it is more of a risk, since it could very well increase. A variable rate can change as often as monthly. A fixed rate offers more predictability.

Who is responsible for repaying a parent loan?

A parent is responsible for repaying a parent loan. When it is time to start repaying a parent loan, some lenders allow the student to refinance parent loans into their own name. Keep in mind that refinancing federal loans into private loans means a loss in irreplaceable benefits, including income-driven repayment, potential loan forgiveness and generous deferment periods. A borrower may not qualify for a refinance, though, so it’s best not to count on this.

How do I choose a lender for borrowing private parent loans?

Consider which lender offers the lowest interest rate and loan terms that work best for you. Some lenders offer other benefits, such as due date flexibility and options to pause payments if you lose your job. Compare reputation and reviews and find the best lender for your situation.

What is required for private parent loans?

Most private student loan lenders require a credit score of at least 650 to be approved. The higher the credit score, the more likely you are to be approved and the lower interest rate you’ll get. Lenders also want to see steady income and a low debt-to-income ratio. Parent loans can also have a creditworthy cosigner to increase the chances of being approved. Cosigning any student loans is extremely risky, since the cosigner is equally responsible for repaying the loan and their credit is negatively impacted by the debt.

Important Disclaimers

Savingforcollege.com may receive a sales commission from some private student lenders and other advertisers, but this does not influence our ratings or reviews. Our opinions are our own. While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.

Exhaust all other resources, such as scholarships and grants, before borrowing student loans. If you need to borrow loans, federal student loans offer many benefits that private student loans do not. Read the fine print and disclaimer from any potential lender and understand how student loans work before borrowing.

Savingforcollege.com does not provide legal, financial, accounting or tax advice. The information and tools published on this website are general in nature and may not apply to your specific circumstances. You should seek specific guidance from a qualified legal, financial, accounting or tax professional.